What do I need to do to get my own business going?

[Phate]

I agree.

Anyone who has to come to an online forum to ask how to set up a business, clearly has no idea, and needs to do their own research before even thinking about it.

And what part of asking questions is not research? hmm?

 

[aproctor]

Remember there is no such thing as a stupid question, just stupid answers.

 

[[TW]Fox]

Your basic personal tax allowance is something everyone knows, or at least anyone who would make even half a job at running a business...

 

[aproctor]

Your basic personal tax allowance is something everyone knows, or at least anyone who would make even half a job at running a business...

I think he is talking about in terms of running a business i.e. VAT declaration thresholds etc.

Although if i'm wrong i am sure you will point it out mr fox.

 

[Draeger]

I don't think he is, unless he really doesn't know what he's talking about :\. If he doesn't understand personal allowances, he should be shot. If he doesn't understand when a business would have to deal with stuff like VAT, then he should be shot.

Shot?

That's a wee bit harsh, is it not??!!!

 

[[TW]Fox]

I think he is talking about in terms of running a business i.e. VAT declaration thresholds etc.

Although if i'm wrong i am sure you will point it out mr fox.

No, he was asking what his personal allowance was income tax wise - becuase this will obviously dictate how much tax he pays.

Setting up a new business can also be a slow and arduous process. You need patience. If you are in dire financial straits and are really up against it, you dont have this, and working a day job in London then evenings in a bar suggests you have serious financial issues.

Starting a business is not for people with serious financial issues. Get some knowledge (Yourself, not just asking the internet), sort your finances out and THEN, and only then, consider starting a business.

 

[aproctor]

If he doesn't understand when a business would have to deal with stuff like VAT, then he should be shot.

Why?

lots of businessmen have no grasp of micro management and find it easier to outsource, and we all have to start somewhere (echoing my previous post).

 

[aproctor]

No, he was asking what his personal allowance was income tax wise - becuase this will obviously dictate how much tax he pays.

Setting up a new business can also be a slow and arduous process. You need patience. If you are in dire financial straits and are really up against it, you dont have this, and working a day job in London then evenings in a bar suggests you have serious financial issues.

Starting a business is not for people with serious financial issues. Get some knowledge (Yourself, not just asking the internet), sort your finances out and THEN, and only then, consider starting a business.

I think he has a fair point, but for a small start up computer repair business surely you only need a small tool kit and some ram and other odds and sods.

a previous poster (fireman) just said he built it up from word of mouth.

 

[Phate]

snip

I do find it amusing how you can apparently tell that I currently have serious finance issues due to taking on more work.

Ever wondered if it was just for purely extra income? So I can go on more holidays, mod the car etc. Never cross your mind?

 

[Phate]

I think he has a fair point, but for a small start up computer repair business surely you only need a small tool kit and some ram and other odds and sods.

I know pretty much exactly what I need. I just need to price it up.

 

[aproctor]

I do find it amusing how you can apparently tell that I currently have serious finance issues due to taking on more work.

Ever wondered if it was just for purely extra income? So I can go on more holidays, mod the car etc. Never cross your mind?

FIGHT!

 

[Janesy B]

it's only a part time thing, next to no set up costs. A few screwdrivers, multimeter, some software and a few spare components to fault find. Could make a nice bit of extra money on the side.

The thing is if you set up a business as a little bit on the side, it will fail. Something like running a business is a full time job and it seems lke more hassle than its worth

 

[aproctor]

The thing is if you set up a business as a little bit on the side, it will fail. Something like running a business is a full time job and it seems lke more hassle than its worth

I think as long as you don't run before you can walk and take it steady it shouldn't be too much hassle.

 

[Draeger]

The thing is if you set up a business as a little bit on the side, it will fail.

Not entirely correct. See my previous post in this thread.

I see your point but it can work, even if you do it "on the side" as you put it, all depends on how commited and informed you are to getting it off the ground.

 

[[TW]Fox]

I do find it amusing how you can apparently tell that I currently have serious finance issues due to taking on more work

It's a reasonable assumption to make - you post enough personal info in GD to allow conclusions to be drawn. You work 5 days a week, 9-5 in the City. You then come home and work in the evening in a bar. Now you want to setup a business on the side as well.

That's a HECK of a lot of effort just to have some cash to mod your car. How do you even find time to drive it?

 

[Janesy B]

I think as long as you don't run before you can walk and take it steady it shouldn't be too much hassle.

But if i was going through the hassle of setting up my own business, running it and doing most of the work i'd want more than a nice little bit on the side.

 

[aproctor]

It's a reasonable assumption to make - you post enough personal info in GD to allow conclusions to be drawn. You work 5 days a week, 9-5 in the City. You then come home and work in the evening in a bar. Now you want to setup a business on the side as well.

That's a HECK of a lot of effort just to have some cash to mod your car. How do you even find time to drive it?

MEOW!!!

 

[Phate]

It's a reasonable assumption to make - you post enough personal info in GD to allow conclusions to be drawn. You work 5 days a week, 9-5 in the City. You then come home and work in the evening in a bar. Now you want to setup a business on the side as well.

Make all the assumptions you want. Financially I'm rosey at the minute. And even if I wasn't. Mind your business.

That's a HECK of a lot of effort just to have some cash to mod your car. How do you even find time to drive it?

Quite easily as it goes. Theres always time to drive

Aproctor you REALLY aren't helping this

 

[[TW]Fox]

Financially I'm rosey at the minute.

So stop wasting your evenings away working for minimum wage. If you are rosey then your time alone is worth more than a fiver.

And even if I wasn't. Mind your business.

You are joking right? It's everyones business because you make it so. You don't take a dump without posting a thread in GD asking for advice on which cubicle to use.

 

[Jez]

Phate, you don't need to do anything to act as a sole trader. Just make sure you fill your self assessment. Very easy these days, you can do it on-line right up to the 31st of Jan each year, no need for help as long as you take your time. Make sure you keep detailed books as you go along.

I wouldn't worry about the tax for the time being, or any official stuff. Just start advertising and trading and keep a record of money in/out. It really is that simple. When it does come to assessment time do some reading on what you can offset, its amazing what is allowed, you can throw in 10k@40ppm, give yourself a lunch, and even a laundry allowance, you should pay little tax.