Several Questions...

[Live2Learn]

Hello UKBF!

Okay, I've been up for 19 hours Googling and reading wads of information all night long about things in the industry related to my business idea...

Got a few questions that I'm either being blatnatly thick to realise or just simply being naive, since when I do start this business it'll be my first, and after all we all learn as we go.

1. If I register a business name to Companies House, do I need to pay taxes or anything else? Or can I simply just register the namea nd can simply, and legally say the business name is 'mine', until the point I actually get it going as a business?

2. Investment, although I share much of Alan sugar's view of the economic climate, I think the recession is just an excuse and cover up for banks screwing us over... Where can start ups get investment these days? I've considered Venture Giant, business angels, private investors, venturecapitalists, dragons den (lol), bank loans, family investment... pros/cons of those?

3. Will I have more chance getting investment as a Ltd or Sole Proprietor? (as I'm not really fussed of which way to go, and would prefer Ltd).

4. Is it advantageous to hire an accountant who can also work as secretary/PA (as a blind person, I would benefit from this person) and was thinking of between £22k/yr minimum for this role. Thoughts?


I do have plenty other questions but I think I'll post them in another thread.

Would appreciate all comments and suggestions and happy for questions :)

[Williams lester]

1. Companies House do not register business names, they register limited companies, for this you would be charged a formation fee of around £25. You would need to file a variety of documents on an annual basis to companies house and hmrc.
2. Try them all and see who offers the best deal.
3. I would say as a limited co. but it will more depend on the marketability of your product/idea than the status of the business.
4. If you mean hire a bookkeeper/PA, then yes that sounds like a good plan.

I would advise ringing a few local accountants and setting up a meeting (most give a free initial consult) to discuss your plans and get advice on the best way forward for you.

[narbundi]

There is also a lot of free help for start up businesses, although the quality does vary.

Try your local Business Link where you can get an advisor to work with you on developing a business plan. You may also think about contacting the local Chamber of Commerce - in my area they offer good support to start ups and also run some low cost training and networking sessions where you can meet other local business owners.

Finally there are professional business coaches who specialise in start up support. Whilst these people obviously charge a fee their support and advice can be a very worthwhile investment. If you have a Twitter account try searching something like 'business coaches UK'

Hope this helps, if I can help you in any other way just get in touch

Louisa

[Live2Learn]

Thank you Dave and Louisa for your replies.

Louisa, I've always been a bit weary of business coaches, to me they all seem like these types of people who are just saying they can help you in exchange for hourly fees of sitting there listening to them garble on...

To me, a 'real' business coash would be like having James Caan watch over your shoulder as you get your feet wet, and when you're swimming fine he leaves you to perfect your technique on your own...

But they're like, hundreds (thousands?) of coaches... How do I know if these guys are worth it?

Dave, thanks for clarifying the point about Companies House. I thought as much, but I thought I'd ask.

Thank you both :)
Still open for more commnets, suggestions etc...