Business in spare time

Dec 16, 2005

Hi, i'm in the process of setting up a web design business to do in my spare time. I've read a lot in books and on the web about starting in business, but there's not much that comments on doing it in your spare time.

Anyone know a resource that discusses this?

Want info on:

- when i need to start paying tax and how much.
- whether i still need a business plan
- anything else that is of use.

Thanks.

Eagle · Dec 16, 2005

Re Income Tax, have a chat with James Smith

www.jamesesmith.co.uk

and/or http://www.inlandrevenue.gov.uk/

Jayne · Dec 16, 2005

Hi Kev,

You must register with the Tax office and NI as soon as you start your business, best getting an accountant for that. Tax is worked out on what you earn, so I cannot give a figure.

You don't need a book for this stuff, ask all your questions on here and everyone will help you, nice lot on here

Best Wishes

Jayne

Dec 16, 2005

thanks guys,

how much would an accountant cost me? and how do you pay them? is it usually an annual payment?

Also, i've heard from a friend of mine that his accountant actually paid for himself by declaring all his bills etc as business expenses? Does this sound right?

Sorry if i'm being naive but it's my first taste of freelancing and i'm a bit scared of getting an accountant etc...

Jayne · Dec 16, 2005

Joydivision and Alpha on here are both accountants, you could ask them.

I pay for mine monthly, but I have a shop and he does PAYE for me too. Most accountants let you pay at the end of your Tax year and I wouldn't think it would cost much for you. Most base their fees on how big the business is and how much work they have to do for you.

Jayne

creospace · Dec 16, 2005

Depends how switched on you are, if your going to be jobbing for pin money (less than 15k) a year then the tax form is fairly simple to fill in, otherwise get an accountant.

The tax office are extremly helpful these days so just contact them for advice.

Gary

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