New Business Advice

Hi, I have had an idea for a business and am currently in the stages of finding out how much interest there is.

What I wanted to know is where is the best place to go to find out about working full time and running a business on the side?

My idea involves getting children to create their own books etc and whilst I don’t intend on actually being in contact with children (so no checks on me needed at the moment) this could be a possibility going forward.

One thing I will be doing is getting a third party to produce the items and I wasn’t sure how this works when paying tax etc. I will obviously be doing all the work and the cost of the product (that is paid to me) will involve the printing costs but who should I talk to about paying tax etc?

I have basic costs written down and just need to expand on these slightly but any initial advice would be appreciated.

Comments

  • Pennywise
    Pennywise Posts: 13,468
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    who should I talk to about paying tax etc?

    Start with the basics on the gov.uk websites - there is a whole section on starting a business, small business tax, etc.

    Then if you want further information/clarifications/advice, go and talk to an accountant.
  • tacpot12
    tacpot12 Posts: 7,894
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    The printing costs will be a business expense and will be taken into account when calculating your profit. You pay income tax based on your profit.

    There is something called the trading allowance which is an amount of turnover you can have without needing to complete a self-assessment form or pay income tax on your profit. The trading allowance is £1000, so you can avoid self-assessment if you are going to sell less that £1000 of product per year.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Thanks tacpot12. That's good information to know especially when starting up.
  • Robin9
    Robin9 Posts: 12,055
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    One of the in phrases on Dragon's Den is "proof of concept"
    Never pay on an estimated bill
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