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General Chat Thread, Setting up a buisness? in General; Originally Posted by tsky It is limited liability yes, but you are personally liable to the tune of several tens ...
  1. #16
    theeldergeek
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    Quote Originally Posted by tsky View Post
    It is limited liability yes, but you are personally liable to the tune of several tens of thousands of pounds!

    For what he's doing though he'll not be using creditors, if he was going to heavily rely on them then it's best to go for an LTD. All he has to do is ensure his SLA's and contracts show he is not liable for anything...
    I really don't think you should be offering business advice as you are clearly giving out bad advice.

    If he put into his contract that he wasn't "liable for anything", it would undoubtedly fall foul of the Unfair Contract Terms Act of 1977 for a start, as well as probably scotching any chance of getting the business in the first place!

    If he wants to cover his liability, then he would take out professional indemnity insurance and public liability insurance.

    For what he intends doing, Sole Trader is the way to go. No question. He will be taken seriously by clients and be able to negotiate business rates on insurances and/or other services.
    Last edited by theeldergeek; 6th May 2010 at 02:42 PM. Reason: tpyo

  2. #17

    powdarrmonkey's Avatar
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    Quote Originally Posted by tsky View Post
    Whatever you do , don't go for an LTD or PLC format - that means YOU are PERSONALLY LIABLE for any losses on the backend of work you do...
    WTF? I think you have got confused in Business Studies 101.

    In limited liability, you only stand to lose the money you have invested, you can't be pursued for debts the company owes out of your own pocket. However, companies are more complex to start and run properly.

    Of course if you're a complete muppet you could be pursued in court for other offences, but not just debts.

  3. #18
    Ben-BSH's Avatar
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    Just spoke to the tax man, after shouting "gimme ma money!!!" repeatedly, he said, if i know how much i will earn, he can add it to my tax code, which i told him i do not know, so no thanks!

    and then he agreed it might just be best to simply just phone them / go online, and say i have some extra earnings this year, fill out a form to say i have earnt an extra £900 and pay tax on it.

    or thats the impression i got, sounds easy enough, any advice? i doubt the taxman would lie to me! but at the same time, i know NOTHING! (about tax, or what the future holds) and this year, i could earn an extra £5 or £1500 so it does seem the best solution to me.

  4. #19

    powdarrmonkey's Avatar
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    Quote Originally Posted by Ben123 View Post
    and then he agreed it might just be best to simply just phone them / go online, and say i have some extra earnings this year, fill out a form to say i have earnt an extra £900 and pay tax on it.

    or thats the impression i got, sounds easy enough, any advice?
    (disclaimer: not legal or financial advice)

    This seems sensible and was the recommendation to me recently. If you want some proper advice in place of Edugeek Hearsay™ I will put you in touch with a small business/sole trader specialist.

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    Ben-BSH (7th May 2010)

  6. #20

    creese's Avatar
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    Quote Originally Posted by Ben123 View Post
    Just spoke to the tax man, after shouting "gimme ma money!!!" repeatedly, he said, if i know how much i will earn, he can add it to my tax code, which i told him i do not know, so no thanks!

    and then he agreed it might just be best to simply just phone them / go online, and say i have some extra earnings this year, fill out a form to say i have earnt an extra £900 and pay tax on it.

    or thats the impression i got, sounds easy enough, any advice? i doubt the taxman would lie to me! but at the same time, i know NOTHING! (about tax, or what the future holds) and this year, i could earn an extra £5 or £1500 so it does seem the best solution to me.
    I have to say you are extremely honest. Anymore from me and I could land in trouble

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    Ben-BSH (7th May 2010)

  8. #21

    creese's Avatar
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    ......
    Last edited by creese; 6th May 2010 at 03:20 PM. Reason: Duplicate

  9. #22
    theeldergeek
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    Quote Originally Posted by Ben123 View Post
    Just spoke to the tax man, after shouting "gimme ma money!!!" repeatedly, he said, if i know how much i will earn, he can add it to my tax code, which i told him i do not know, so no thanks!

    and then he agreed it might just be best to simply just phone them / go online, and say i have some extra earnings this year, fill out a form to say i have earnt an extra £900 and pay tax on it.

    or thats the impression i got, sounds easy enough, any advice? i doubt the taxman would lie to me! but at the same time, i know NOTHING! (about tax, or what the future holds) and this year, i could earn an extra £5 or £1500 so it does seem the best solution to me.
    I was under the impression you wanted a part-time business? Would it be correct to now say you just want to earn extra 'pocket money'? If so, then the advice given by the 'taxman' is sound; if on the other hand you are going to be touting for business with a view to being taken seriously, and perhaps expanding over time, then go down the Sole Trader route. You aren't going to run up debts for which you will be liable, are unlikely to break the VAT threshold and adequate liability insurance is cheap enough.



    ...
    Last edited by theeldergeek; 6th May 2010 at 03:34 PM. Reason: removed comments

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    Ben-BSH (7th May 2010)

  11. #23
    theeldergeek
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    Quote Originally Posted by creese View Post
    ......
    A bug report has been made as the forums seem to have a few issues with duplicate posting today.

  12. #24
    Ben-BSH's Avatar
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    Quote Originally Posted by theeldergeek View Post
    I was under the impression you wanted a part-time business? Would it be correct to now say you just want to earn extra 'pocket money'? If so, then the advice given by the 'taxman' is sound; if on the other hand you are going to be touting for business with a view to being taken seriously, and perhaps expanding over time, then go down the Sole Trader route. You aren't going to run up debts for which you will be liable, are unlikely to break the VAT threshold and adequate liability insurance is cheap enough.



    ...
    Yes, it is just a bit of pocket money i am after, sorry, that should of been something i mentioned, i only said the word buisness beacuse, as i will happily admit, Tax etc, i do not understand it all, or the ways and means, all i know is i want to be honest, and earn my living properly.

    So basically, ring taxman after i finish my first job, let him know i have "extra" earnings, and would like a "self assessment form?" and fill in what i have earnt this year, extra, and pay tax on it. yes?

    Thanks in advance, you guys have helped so much!

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