VAT and LTD - Not sure if I should bother

JoyDivision · Nov 17, 2005

I will get professional advice on this on Monday but I just thought I would ask people on here.

Initialy I wanted to be LTD (for my web development business) but some people tell me if the turn over is less than £1m then its fairly easy to run in terms of paper work. Could I do these accounts myself? Others say its still a load of hassle.

My second issue is VAT, for my web development all my clients will be SMEs but my sideline business will mainly deal with consumers. Is it probably a good idea not to register for VAT (my turnover will be less than £60k in the first year) even though being registered for VAT would reduce my startup capitol?

multilingual · Nov 17, 2005

why would being registered for VAT reduce your starting capital?

And how do you know your turnover will be less than 60k?

But in any case, all you need to do at this stage is register as being self employed and get on with it.

Everything else will take its natural course.

JB

Eagle · Nov 17, 2005

^ Absolutely! Just get cracking with the business and worry about the finances a little later!

Agri-Hire · Nov 17, 2005

I don't normally write serious posts, but I am rolling my sleeves up now for a good old rant!

You must be a complete idiot, and before you jump in and start a fight I will tell you why.

You are a young man with ambition to run your own business. You have appeared on this forum and mixed with wiser and better business men than you, and they have been kind enough to give you some of the best advice that any young entrepeneur could wish for.

Two months later you are still messing about and asking stupid questions when all you have to do is get off your arse and start doing something.

Unfortunately, I am not in a position to offer anything to help you get started, but I will tell you who is:

Matrixx can help you with hosting
Eagle can help you with your image
Multilingual cann help you build sites in different languages
Alpha can help you with your accounts
Duane can give you some good software for your business
etc, etc, etc

But, you will soon find yourself asking a question where no-one answers, because they don't have the time to waste on you anymore.

You have got so much support in here but I am sorry Joy, enough is enough.

You are taking the p*** now.

What the hell are you going Ltd for?
What do you need to be registering for VAT for?
What start up capital do you need?

You already have a computer, a brain and an idea.

Get on with it or go and find some kiddy chat room to annoy!

Rant over!!!!!!!!!

:x

Eagle · Nov 17, 2005

JoyDivision said:
I will get professional advice on this on Monday but I just thought I would ask people on here.

You're getting professional advice already.

DuaneJackson · Nov 17, 2005

I must admit Joy, that as I read your post I was formulating a reply but when I saw that it was you that posted I decided not to bother - even before reading Mr Tractors (agri, tell us your real name!) posts.

He may have been blunt but he has a point, if you'll pardon the literary contradiction.

JoyDivision · Nov 17, 2005

I already have the capitol I need. I have actualy got a lot done in the last couple of weeks. I just need to make sure I am doing everything properly.

I still need to get a phone and insurance sorted before I can start trading but that won't take long. It will however just be a test trade so I can sus out the demand

.

fastfences · Nov 17, 2005

Joy division Sept 26th said:
My parents run a business as well so I good idea from them. I also have a couple of uncles who are directors of companies, one a butcher shop and the other is a power supply consultant for a very very large company so I should be able to get advice from them.

Hi JD. Remember that? Won't any of them help you? Don't your parents take an interest in your proposed venture?

Don't worry about VAT until you're turning over £60,000.

Don't worry about LTD company until you're worrying about VAT.

Cheers, Nigel

JoyDivision · Nov 17, 2005

fastfences said:
Joy division Sept 26th said:

My parents run a business as well so I good idea from them. I also have a couple of uncles who are directors of companies, one a butcher shop and the other is a power supply consultant for a very very large company so I should be able to get advice from them.

Click to expand...

Hi JD. Remember that? Won't any of them help you? Don't your parents take an interest in your proposed venture?

Don't worry about VAT until you're turning over £60,000.

Don't worry about LTD company until you're worrying about VAT.

Cheers, Nigel

I think I need to stop being academic about things and start trading. With my latest idea (which is not my long term goal) it will much easier to setup. I have to make it very clear its only a test trade though or I won't get this grant

.

My parents have been good, I have finally convinced them now, my mum can certainly help with inland revenue.

PS I am sorry if people think I am a pain in the arse. I would also like to add its the people on here that put me in touch with MBC and that is where my grant (if I get it) will come from.

DML · Nov 18, 2005

In any moment of decision the best thing you can do is the right thing,
the next best thing is the wrong thing,
and the worst thing you can do is nothing.

-Teddy Roosevelt-

multilingual · Nov 18, 2005

Can't agree with Mr Roosevelt on that point.

The best path to choose is always the one that leads to success, but if you don't know which way to go then it is better to sit tight and look at the map again.

The best people in business are the ones who can quickly understand what the correct path looks like and then stick to it.

Doing somthing for the sake of it is a recipe for disaster IMHO.

JB

fastfences · Nov 20, 2005

rudijansen71 said:
However, if you find yourself walking around the lake for the 5th time, then there is something else going on...

Very true!

Poor Joy Division has created a 5 foot rut around the perimeter of the lake during his 587 circuits. Believe he's on medication for dizziness right now :wink: .

He's alright, though, our JD. We're all hoping that he'll come through in the end. He's got enough info off here for a Masters thesis, and may well very soon be beating us at our own game. But then again . . .

Cheers, Nigel

easy · Nov 21, 2005

I still need to get a phone and insurance sorted

What are you insuring? Are we talking public liability, professional indemnity or just insurance for your phone?

This may not be a very helpful question, but I am genuinely interested.

JoyDivision · Nov 21, 2005

easy said:
I still need to get a phone and insurance sorted

Click to expand...

What are you insuring? Are we talking public liability, professional indemnity or just insurance for your phone?

This may not be a very helpful question, but I am genuinely interested.

By phone I mean landline, I am still need to seek professional advice on the insurance matter, I am currently attending a course which explains it all. Due to the different business activities I think I need both professional indemnity (web development) and public liability insurance (network installations).

webit · Nov 21, 2005

From Who Moved my Cheese'

What would you do if you wern't afraid?

From me.

What have you to lose? When you look back in five years when you made it it'll be because of the clients you got from the quality of your work not VAT/LTD/Insurance related matters! Dont worry about doing it properly - aim for 80% (or even 20%), the rest will work out so long as you've cash coming in!

What date are you launching on? - lets have it in writing we'll all support you and yes we can all be pushy b*****ds but at least we care. Get it wrong at times but LEARN from it and you'll be fine.

JoyDivision · Nov 21, 2005

I start the course next week, the websites are half way done. I intend to start marketing in the next few weeks with the hope of trading before Christmas. There are a million web developers out there so I see the main task as marketing and that is what I am working on now.

Also with regards to VAT/company formation I am just going to go with the flow, so far now I will be a sole trader and won't register for VAT.

winton50 · Nov 21, 2005

0800 400400
'Hello BT yes can I get a phone line? Thanks Bye'

'Hello is that Mr insurance man can I get some insurance? Thanks bye'

there you go no need for that course now

fastfences · Nov 21, 2005

Oh, thanks Stuart. Where were you when I was after ISO 9000 advice :lol: :lol:
Cheers, Nigel

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