Tommy L
Member
Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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One way to reduce your tax bill at the end of the year if you make a profit is to claim capital allowances against your equipment, cameras, tripods, anything of great value. Capital allowances offset the purchase of equipment against your trading profit.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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When the company my dad was working for was struggling a few years back and paid a lot of folk off (him included) he decided to start his own welding and fabrication business. He was making roughly 20k a year then, and now makes about 70k per year. Depends on the business though, as folk are crying out for that sort of thing!
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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After speaking to the charity myself it would appear that they are only restricted to paying limited companies for amounts over £5000, meaning that as a sole-trader they would be able to pay me if I invoice them.
Magic. Now just need to get all the details sorted.
One last question then, is it necessary to have a separate bank account for the business? Ideally I'd have an account to match the trading name I'll use so that cheques or BACS payments can be paid straight in without having to use my name. Worth the hassle setting up a business account?
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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I THINK you just go down to the bank with your account details, such as it's name and details. Not 100% though.
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Matt L
Member
Registered: 17th Apr 06
User status: Offline
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you dont have to have a seperate bank in a sole trader, but suppose would make life easier  . and i wouldnt set it up as business account most have charges just set up a new private one 
[Edited on 09-10-2009 by Matt L]
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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You don't need to have a seperate account, however you should because:
- it makes it easier to distinguish business transactions
- it will probably be against the bank's T&Cs using a personal account for business (business account holders get charged fees for things you don't charged for with personal accounts).
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I have a 'spare' current account which I could use. Technically its a personal account but I wouldn't be too fussed about using it for the small amounts I'm going to be starting off with.
Its more the fact that with a business account I can ask people to pay 'the business name' rather than 'AndyKent' which looks pretty unprofessional.
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Aye, the one reason Id have a separate one is because it'll make keeping your records in order much easier.
You do have charges for having a business account, but most banks will give something like 18months free business banking to new customers, so you'll only have the small fees associated with paying money in/out to pay (e.g. 20p to make a BACS payment, etc.).
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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Have a look at Alliance & Leicester, that's who i'm with. No fees to join if at least 1k is paid in per month. Only other fee they do have is for depositing over 3k cash per month. Their internet banking is a bit confusing at times but otherwise they've been fine.
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Okey doke, will do a few comparisons tonight.
I've already got personal current accounts with Barclays (who are shit) and First Direct so will see if either of those can sort me out.
If I get that done I'll just need to design an invoice with the relevant details on and I'm all set. Yay 
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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We use HSBC and never really had a problem with them, the online business banking is fairly good too.
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jrsteeve
Member
Registered: 3rd Apr 02
Location: Manchester
User status: Offline
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quote:
Originally posted by AndyKent
Okey doke, will do a few comparisons tonight.
I've already got personal current accounts with Barclays (who are shit) and First Direct so will see if either of those can sort me out.
If I get that done I'll just need to design an invoice with the relevant details on and I'm all set. Yay
Check out fees for making and taking payments and also minimum deposit per month. Be worth having a website or holding page to help give you a presence, can recommend Neil M off here who did mine 
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Can probably knock up a website myself as I'm not too bad with that sort of stuff, but thanks for the advice.
Same to everyone, aside from a couple at the start, all been really helpful. Cheers
[Edited on 09-10-2009 by AndyKent]
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