How do you set up your own business?

[Flip]

I've got an idea, I know where to get stock from, I have a marketing plan but how do you go about it?

Do you need to register your company name?
Do I need to VAT register in the beginning?

I've got loads of questions and I know some of you have already set up business.

Any advice would be gratefully received.

You must register for VAT if:

at the end of any month the total value of the taxable supplies you have made in the past twelve months or less is more than the current threshold - £58,000;

at any time you have reasonable grounds to expect that the value of your taxable supplies will be more than the current registration threshold in the next thirty days alone.

I can't see that being a problem for a long time.

So do you not need to do anything else?

Not for VAT you don't, not too sure about anything else. Just keep an eye on your t/o on a monthly basis, looking back 12 months

Sorry if it's stating the obvious but it is supplies to be considered for VAT registration, not profit

I take it you mean the cost of supplies and not how much their value is to the business?

Sorry, no supplies are your sales. If your total sales exceed £58000 in the previous 12 months, or you expect that they will in the next 30 days, the you must register for VAT

Righto, got it.

Do you know if Barclays Business team are any good to chat to?

Flip - hope it works out for you. I remember you starting a thread recently about not wanting to work a 5 day week for your old employer. Hope this plan proves a viable alternative.

if you want to register a company (and name etc.), companies house has loads of good information

companies house

ps if you click on the 'information and guidance' drop down menu, then 'company registration' it takes you through the whole process (including choosing a name etc.)

I am an Intern at Inova Consultancy.

Inova has set up a business helpline specifically targeted at females who are thinking of setting up a business. Females are encouraged to call and talk about whatever they need help with when setting up a business. For example, problems they are facing, advice they need or it may just be that they are feeling isolated and need a chat for some reassurance, motivation etc.

The helpline is linked to a normal helpline but their is also a skype account for the helpline which is completely free to ring.

Skype: womenatbusiness_uk

Phone:+44 (0)114 220 71 27

Facebook:www.facebook.com/pages/Inova-Consultancy/ 241286134112

Operating Days: Monday, Wednesday, Thursday

Operating Hours: 12.00-14.00pm

Facebook: www.facebook.com/note.php?created&&note_id= 188925004462121&id=241286134112#!/pages/Inova-Cons ultancy/241286134112

Also it is not a problem if people would prefer to email or message us through skype or facebook and we will respond to them as quickly as possible. Also there is a facebook group females can join to discuss their business issues: www.facebook.com/home.php#!/home.php?sk=gro up_153019351418996&ap=1

Inova Consultancy
www.inovaconsult.com/
By post:45A Crescent Road, Sheffield, S7 1HL, United Kingdom
Tel: +44 (0)114 2207127