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

Jez said:
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.
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solid advice
 
digisatman said:
Did you know this automatically when you were born?
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The various tax bands for 08/09 should be engraved into the brain of anyone with any business interest should they not. Even under PAYE you can clearly see the basic threshold given your coding notice with the huge code on it :p
 
Jonnycoupe said:
Is that setting up your own limited company? Or simply keeping records of any trading you do?
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I cant see any reason why Phate would want to become limited from the offset? I was just talking about trading sole, he doesnt need to do anything.
 
[TW]Fox;12264710 said:
So stop wasting your evenings away working for minimum wage. If you are rosey then your time alone is worth more than a fiver.
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Sod all wrong with earning extra if I can.

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.
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lol. Yeah ok. If you say so.
 
Jez said:
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.
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EXACTLY what I was after. Perfect! Cheers dude. May pester you on msn at some point :p

Thanks again!
 
[TW]Fox;12265041 said:
Of course, my mistake. Thats why you see lawyers and doctors doing extra shifts in bars after work. They don't need the money they just want more to play with...
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Theres a difference between earning what I earn and what a fully fledged quack or a high tort lawyer earns ;) They already have the money to play with

But you do, you cant even cook dinner without asking us what to cook :p
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I suck at cooking and coming up with ideas for cooking. That's common between undomesticated youngsters like me :p
 
I bet those guys (and girl) on Dragons Den don't need the "advice" of The Internets (and all of the cat-calling).

I'd follow Jez's advice and then if it works well move on to a Limited Company.
 
Phate you need to start installing tv aerials !!

Remember that dude who got some hawt bird offering her services as payment? :D
 
[TW]Fox;12265214 said:
Do they earn more than high court lawyers?
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How much does a high court lawyer earn?.

LordSplodge said:
I bet those guys (and girl) on Dragons Den don't need the "advice" of The Internets (and all of the cat-calling).
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I'd be willing to bet they dont.

I'd follow Jez's advice and then if it works well move on to a Limited Company.
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I am going to follow his advice, I can't see it becoming a Limited Company though.
 
Some of the negativity on here is astounding.

I say go for it. Start sole trader, watch the income closely, advertise in supermarkets (using their business cards board) and keep spreading the word round friends and family. Maybe start a referrals thing (i.e. if a satisfied customer likes you, offer them £20 cashback to refer you to someone else)
 
Oh phate. Take out public liability. Dont work on other people's machines in other people's houses without it.
 
Phate said:
I am going to follow his advice, I can't see it becoming a Limited Company though.
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Why do it if you haven't got ambition? Those businesses that succeed are those who are run by people with drive and ambition and the ability to get up after taking a hard knock, dust themselves down and carry on. Having some financial nouse helps too! :p
 
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