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starting a business

(11 Posts)
singyswife Wed 24-May-06 20:16:08

Hi I wonder if anyone can help me. I am looking for details on staring a business. what are the legal requirements etc, can anyone help.

Thank you

SenoraPostrophe Wed 24-May-06 20:19:17

you are best off finding a good accountant and asking him/her. There are a few free advice places you could try, but be wary - any mistakes in taxes etc and you will be liable, not whoever advised you (I know this through bitter experience - in particular don't let anyone talk you into setting up a limited company unless you need one!)

Having said that, setting up as a sole trader is very easy - you just go to the local tax office and fill in a form. it's the paperwork that comes after you need to be a bit careful with!

SenoraPostrophe Wed 24-May-06 20:19:47

ps other legal requirements depend on the business. what is it?

popsycal Wed 24-May-06 20:21:25

ring your local tax office - they will have a new business section
sole trading is easy 0 just the tax forms as SP asays (I am about to fill out my first one and am dreading it)

I also saw an advisor at our local business 'thing' run by the council who were great

the pack that the tax people send you is also really straight forward and informative

singyswife Wed 24-May-06 20:35:06

it is a card making business. personalised cards with personal verses

SenoraPostrophe Wed 24-May-06 20:36:22

ok - no messing about then! you just need the sole trader forms.

Gloworm Wed 24-May-06 20:37:42

<watching thread with interest for future>

singyswife Wed 24-May-06 20:38:21

and thats it? Do I just go to the local centre,. I am going into business with my sil. does this make a difference

SenoraPostrophe Thu 25-May-06 09:48:21

singyswife - yes that is it for now - there is a partnership form and (I think) both of you will need to fill in self-employed forms. the fun bit comes when you have to submit accounts! But it's not hard really - it's only complicated if you have Ltd company.

singyswife Thu 25-May-06 17:51:47

Thank you I will see about it soon. Am a bit concerned about my tax credits though I beleive they would be effected if I made any money. Need to go see someone I think. Thank you for all your help.

Skribble Fri 26-May-06 01:18:57

I would get in touch with your local Business LInk office. You will be able to chat about legal requirements and lots of other strat up advice also. I attended a 4 day course over 4 weeks, covering the basics of tax, vat, registration sole or Ltd, accounting , business plans etc. They will probably have forms in the place to but lots can be done on line.

The basics are register with tax office as a sole trader, than keep accurate accounts for the year and fill out a self assesment form.
register to pay self employed National insurance,
You won't have to register for vat unless your turnover is over £61,000.

You might want to consider insurance at some point but if you are working from home with a small amount of stock it won't be a major concern, but it could affect your house insurance if you tried to claim for stolen equipment etc.

Have a look at the site it has guides to all this, click on the "what applys to me tab and it will ask you questions about your business and then tell you what you have to do.

Where or how are you going to be selling your cards, the market seems to be flooded with cards just now, make sure it is worth your time to make them. If it is not much more than a hobby at present I perhaps wouldn't be in to much of a hurry to register etc depends on turnover I suppose.

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