Advice needed

[The_Hypnotist]

My status

- Based in West London

- Working in the security industry, as a security guard, planning to switch to self-employed in a few weeks.
Guarding shifts: 6-8 hrs / day, various locations

- Also thinking of doing SEO/SEM for a future website, for the purpose of selling Amazon/Ebay products, via affiliate programs
Schedule for this: 5-7 hrs / day

- Housing: rented room (rental includes misc bills/internet) + shared (kitchen, bathroom, garden)

- What I own: smartphone, bed, clothing


Shortly

Investing the money I'm paid (security guard position) into a new (e-commerce) website.


Plans

- Sacrificing room space to setup an office environment;
- Office space will include a new desktop PC, a printer/scanner, a paperwork cabinet, new chair;
- Office space will be improved down the line, if other tools are needed;



Right now, I've registered on the government gateway, submitted my application for the UTR number, and hoping to get it as soon as possible. After I receive the UTR, I will go soletrader and request an accountant' services for taxation purposes.



I need advice on:

a) Possibility to exempt (even partially) the costs of new acquired tools in my taxation
b) Considering my current status, sole trader vs limited company?
c) Choosing the right bussiness account bank package


Thanks for your time.

 

[Scalloway]

a) Keep your receipts and hand them to your accountant when he does your self assessment. These costs will be set against your profit to reduce taxable income.

b) If you have started as a sole trader you are best to continue until your accountant has had a chance to review your situation.

 

[Highland Spring]

a) You can deduct your costs from your Tax bill.

Also you are a brave man - SEO/SEM is a very tough game and not ideal unless you have a lot of money or experience. It was easy back in 2010 but these days Google is not friendly to small outfits and does everything to trip up the unwary...

But good on you that you are trying. Keep a plan B though

 

[The_Hypnotist]

Also you are a brave man - SEO/SEM is a very tough game

The website is my plan B...

I'm trying to funnel all my resources into it, and I'm quite experienced in SEO/SEM practices, I just don't have the budget to advertise properly....

b) If you have started as a sole trader you are best to continue until your accountant has had a chance to review your situation.

I haven't decided yet, I've applied for an UTR number and waiting for it.