General Chat Thread, Starting a part time buisness in General; Hope I have hit the correct section! Here goes anyway...
So guys, I am a 17 year old Junior ICT ...
4th March 2014, 07:56 PM #1
4th March 2014, 08:25 PM #2
1 - HMRC - for the obvious reasons.
2 - Council - if you use your house as business premises then they need to know to adjust council tax rates etc.
3 - utilities if you use your home so they can adjust their rates.
4 - companies house to register.
Public liability. Indemnity insurance. A good set of legal services.
Financial records. Receipts. Invoices. Utility bills. You'll need everything for a minimum of 7 years. If you sign a contract you need it for 25.
If you know what you are doing its a lengthy process and after a few years becomes easy. Otherwise get an accountant as they know the loopholes.
Premises insurance. Indemnity insurance. Public liability. Property insurance. A few others that I Can't think of.
Remember these words. Break something and you will pay with your reputation. If you can't do something then do not say you can. It will land you in a world of trouble and could end in a legal battle.
5th March 2014, 02:32 AM #3
You shouldn't need to contact council as the VOA website states that if you are using a single dedicate room for your office it wouldn't be rateable.
Originally Posted by nephilim
As your rating hasn't changed (still a residential property) your utilities won't change.
5th March 2014, 09:03 AM #4
this is soooo true reputation counts for everthing when it comes to "going solo"
Originally Posted by nephilim
5th March 2014, 09:49 AM #5
Also make sure you state how much you are charging before you visit or before you undertake work.
5th March 2014, 10:09 AM #6
In addition to what @nephilim said:-
1. Your employer should be told, you may have contractual obligations that prevent this, especially if the work type is similar
2. If you are just setting up as a one man band all you need is headed paper (make you own). I'd also recommend a seperate bank account.
3. Keep all documents relating to income and expenditure; if you are using your own car you can claim 45p per mile tax free for business use - this often works out better and easier than divying up petrol, servicing, tax, insurance etc between business use and private use. Keep good records (e.g start milage / finish milage). A seperate mobile (on a cheap contract) can also be useful as again you don't need to split the costs and it can be turned off when you are not working.
4. Keep everything just in case.
5. Self Assessment Income Tax is easier than a lot of people will have you believe. If you're earning less than the VAT threshold (currently £79,000 turnover) it is a straightforward form to fill in, provided you've kept good records.
6. If you are going to use your car make sure it is covered for business use.
Good luck, I ran my own business for five years and found it to be both rewarding and a very good learning experience, back on payroll now because I'm getting nearer my pension!
By jamin in forum General Chat
Last Post: 18th October 2013, 06:03 PM
By k-strider in forum Educational IT Jobs
Last Post: 27th February 2008, 11:23 AM
By Andie in forum Educational IT Jobs
Last Post: 1st December 2007, 11:04 AM
By comedydave in forum Educational IT Jobs
Last Post: 9th October 2007, 01:22 PM
By Ric_ in forum General Chat
Last Post: 14th February 2006, 09:05 AM
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)