starting a business - where to get information

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I need some help please! I'm looking to start up my own business, providing a service to other businesses. I'm really lucky as I already have clients lined up and need to go about setting up the business itself. It's an opportunity that is being handed to me and I need to take up, (even though I am about as scared as I am excited about it), but I'd only just begun to think about setting up on my own and so hadn't really had time to delve into the finer details of setting up a business!

I have a name and will be working from home, but I don't know if I should set up as a sole trader or a limited company, or how much tax I'll need to pay. I don't know how to set up contracts or anything like that.

I do intend to grow the business by taking on new clients, and potentially outsource work to other people, but for the moment it will just be me. I'm expecting to have enough work to be employed full time in this business, but if that's not the case it is the sort of thing I can do in my own time and have a job elsewhere.

I've looked at HMRC and various banks websites and they have helped to a degree, but are there any sites, or services that offer practical advice?

Thanks

Congratulations! Well done for taking the leap. You're very lucky to have clients to get you started.

Enterprise Nation is a great resource.

You can find boiler plate contracts online. I would google, "Boiler plate XX contract".

Ltd or Sole Trader depends on your ambition. Will you hire people ?(advice is, don't until you HAVE to. Working with freelance contractors helps avoid the tax burden).

I spoke to an Accountant (Pink Accountants) based in London. He gave me a 1-hour free consultation. Also check out the British Library or their partner Library in your region. They help people starting a business.

Good luck! Exciting times!!

Thanks so much for your reply! I must admit that I am absolutely terrified about setting up but I don't think I'll ever have an opportunity like this again so I need to do it.

I'm not planning to employ people but might contract some work out if it grows as much as it could potentially.

I'll have a look at enterprise nation and the library and do some googling for contracts. I'll get some time in with an accountant too

Hello! Congrats on your new business - exciting times!

Experian have a great resource hub for small businesses (I used to work for them and I wrote quite a lot of it ;) ) - www.experian.co.uk/business-express/hub/

I'm actually a business coach now and share weekly resources for people just starting out - here's my website www.colettebroomhead.com

Hope that helps! x

You could ask a local accountant to sort most of that out.
It's not as expensive as you might think

Thanks everyone. I'm on the lookout for a local accountant now and I'll have a look at those websites too.

I'm on a bit of a roller coaster at the minute that's going faster than I expected but I'm going to make the most of it

Best of luck, I'm sure you won't regret it
If you are in The North let me know if you want an Accountant recommendation

I set up by myself a year ago. My main client is my former employer so they require me to deal as a limited company as they believe it removes their potential tax liability ( not convinced but hey, they required it). One other client who I spent significant amounts of time with for a period of months (2 days / week) also insist on contractors operating through Ltd companies so if that's the type of work you will do, it may be a factor. I spent an hour with an accountant recommended by a friend. I paid them to set up the company even though it's fairly straightforward-,their rate was cheaper than my hourly charge out. I use them for company accounts and return, annual VAT accounting and payroll for employing myself. I've used freelance contractors but not yet employed anyone. Google IR35 and read around it to establish what risk you might be at based on what you do. One of the really basic tips I read is not calling the company "your own name Consulting" or similar as it is allegedly a red rag to the revenue for ir35 inspection. If you are doing any work for a former employer, or are (largely) exclusive to one client for significant periods, look at it really carefully

Hopping I'm in the midlands, but thanks

Katy thanks for the info about ir35 I'd never heard of it. Nothing is confirmed yet about contracts but I'd be working for a group of businesses that are all connected and are based in Europe. I don't know if that makes things more complicated! I definitely need to get an accountant involved.

Came across this www.bizbritain.com/blog/should-run-my-business-start-up-sole-trader-or-limited-company

Brilliant. Thanks quiz

*qiz!