Tiger
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Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
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Whats the usual procedure to get it off the ground of VAT registration etc...
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nik
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Registered: 19th Jun 00
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Have a look on this link mate should help
http://www.hmrc.gov.uk/startingup/index.htm
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
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are you going to exceed the threshold of 67K? Or are you going to register on a voluntary basis?
[Edited on 19-05-2009 by corsa_tomtom]
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nik
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Registered: 19th Jun 00
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I wouldn't go for VAT registration unless you are sure you will exceed the limit by a decent amount otherwise try to keep under the VAT limit by any means possible. Another link here..
http://www.moneyweek.com/personal-finance/keep-under-the-vat-threshold-13658.aspx
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Tiger
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Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
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Cheers Nik.
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nik
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Registered: 19th Jun 00
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Whats the business? 
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Brett
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Registered: 16th Dec 02
Location: Manchester
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If you just go find yourself an accountant, they'll explain everything and set it up for you anyway.
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Tiger
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Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
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quote:
Originally posted by nik
Whats the business?
An area of photography.
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nik
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Registered: 19th Jun 00
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Cool good luck with it 
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Tiger
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Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
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Its primarily going to be a second income at the minute, then i'll see where it goes.
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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VAT registration is something you can do yourself, so dont bother going to an accountant. Question if you need to or not though, I doubt you will.
Company reg, etc. are something you'll need some help with, or you can just buy a 'boxed' company online for about £50 which will do it all for you.
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Danny P
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Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
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How much can you make selling stuff before you have to register it as a business?
I see 67k in a post further up so i'm going to presume its that?
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Thats the revenue figure before you have to become VAT registered.
Id suggest anyone who is selling something as a business (i.e. not just selling the odd thing second hand) to formerly register the company and set up the correct insurances, taxes, etc.
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Danny P
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Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
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What if you ran a supporters club and wanted to sell T-Shirts & Scarfs, Mugs etc. Reckon the person in question would need to bother with all that lark, or just get on with it?
(It will be a non-profit venture for the person if that makes any difference)
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Tough to say, if he is making money from it then the tax man will want to know, and a few ways to go about that (such as registering the business).
They'd also want to know if it was a non-profit organisation I think, although no idea how it works in that situation.
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Danny P
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Registered: 20th Nov 02
Location: Cleckheaton, West Yorkshire
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Cheers
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M2RTY
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Registered: 25th May 01
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ONLY things by law you need are:
Class 2 NI (register with HMRC)
Public Liability insurance
You don't need to be VAT registered for under 67k
I would not "buy" a company in a box type thing as most are limited companies and require annual fees for accountants that you simply do not need (its pretty easy to do yourself)
Business Link do some great workshops for setting up
[Edited on 19-05-2009 by M2RTY]
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M2RTY
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Registered: 25th May 01
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PS - by registering with class 2 NI you will then do a self assessment tax return and possibly pay 8% Class 4 NI on profits
also but as much through the business as expenses (camera etc, even if already bought) to lower your profits
lower profits on paper = pay less tax
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by M2RTY
I would not "buy" a company in a box type thing as most are limited companies
Totally depends on the type of business he wants to set up and what sort of risk he wants to take on.
Self employed/partnership is good for some things, but in other cases going Ltd. is a much much better option.
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M2RTY
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Registered: 25th May 01
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PPS - HMRC do a 3 hour workshop on how to complete self assessments and they are easy enough to do online so long as you keep track of everything
If you are serious, I will email you some templates to use
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M2RTY
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Registered: 25th May 01
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quote:
Originally posted by Cosmo
quote:
Originally posted by M2RTY
I would not "buy" a company in a box type thing as most are limited companies
Totally depends on the type of business he wants to set up and what sort of risk he wants to take on.
Self employed/partnership is good for some things, but in other cases going Ltd. is a much much better option.
I was relating this to photography business
sole trader a lot simpler to take money out etc, company does not need to be registered etc...
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Cosmo
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Registered: 29th Mar 01
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Ah sorry, thought you were speaking in general rather than about Tiger directly.
Agreed about being a sole trader/partnership and taking your costs out of that. We have part of ours set up as a partnership so us as partners can take out costs such as petrol, etc. as well as taking our drawings from it. Then charge a management fee over to the limited company for our services.
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Tiger
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Registered: 12th Jun 01
Location: Leicestershire Drives:Astra VXR
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Any idea of costs to set up the essentials?
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M2RTY
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Registered: 25th May 01
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quote:
Originally posted by Tiger
Any idea of costs to set up the essentials?
£2.40 per week (thereabouts) for class 2 contributions
£100-300 for PL insurance (depends on cover, go for £1,000,000 minimum)
you can buy it online without even a company, it just covers you as a person
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Not really sure tbh, our accountant costs were fairly large as the whole fees included a lot of other work for us in setting up various things to save on tax.
I could drag the invoices out I suppose and look at the breakdown 
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