Hello from the cheapseats!

[BootCamp]

Hi my name is Stephen, I am, with my Business partner Eric, in the process of forming a Sports and Fitness Company.

We are both due to leave the Armed Forces over the course of the year and hope to have the business up and running before the Queen stops paying us!

I have registered with UKBF to help me get to grips with the finer details of owning and running a business, as this is my first time. I am looking for advice on start up, and all things technical, like the tax, etc.....

I hope once I get up and running we will be able to put something back into UKBF, for the help we receive. I might even start a blog!

Cheers

BootCamp!

 

[Robs]

Have you sought out funding for training, start up costs?
as there may be some from your resettlement package, or from the British legion and other military charities for ex service men.

You should ring up the business link or business gateway if you live up here in Scotland. The business link/gateway will give an business advisor whom advise you on funding/business planning, they also provide free course on book keeping, marketing etc

If you are under 30 you should contact the Princes trust, they have funding for young business people.

Also get you self an accountant its tax efficent i.e you claim the cost against your tax bill. cost of an accountant varies where you live but on average it is £300-£650 a year for a new business?

when you start apply for working tax credit as you'll probably wont be in profit and giving yourself a wage in the first 3-12 mths and claim housing benefit if you live in a council house/rented accommodation and council tax benefit but speak to an accountant about it, hmrc and your local council.

if i think of anything else i'll come back to you

 

[PayAsYouGoPR_J2]

Welcome Gentlemen!

I hope your transition out of the force is as easy as possible. I probably couldn't even transit INTO the forces!

James.

 

[BootCamp]

Have you sought out funding for training, start up costs?
as there may be some from your resettlement package, or from the British legion and other military charities for ex service men.

You should ring up the business link or business gateway if you live up here in Scotland. The business link/gateway will give an business advisor whom advise you on funding/business planning, they also provide free course on book keeping, marketing etc

If you are under 30 you should contact the Princes trust, they have funding for young business people.

Also get you self an accountant its tax efficent i.e you claim the cost against your tax bill. cost of an accountant varies where you live but on average it is £300-£650 a year for a new business?

when you start apply for working tax credit as you'll probably wont be in profit and giving yourself a wage in the first 3-12 mths and claim housing benefit if you live in a council house/rented accommodation and council tax benefit but speak to an accountant about it, hmrc and your local council.

if i think of anything else i'll come back to you

WOW!! alot of good info there!
We are using the Resettlement packages to fund converting our qualifications from military to civillian, so we can legally instruct and give classes, and importantly, get insurance.

Cheers,

BootCamp

 

[adam]

Good luck. Quite a challenge to change from an armed forces career.

 

[Robs]

Also forgot to say you need to discuss with you biz partner and an account/ biz adviser whether you want to to be a self employed Trading as/partnership biz or a Limited company or a Limited liability partnership

Partnerships can be tricky as if the other partner get into financial trouble you may be liable, your debts/decisions are his and his debts/decisions are yours potentially. The tax is based on your net profits and or personal drawings. you Dont PAY Corporation Tax.

Ltd company. You effectively become an employee of your own company, so allot of directors/share holders just pay themselves there personal tax allowance of £6,035 then pay themselves through dividends! apparently it makes it a little more tax efficient.

Downside to a Ltd company for me is Corporation tax! not only are you getting tax personally but your company gets tax! then you have to submit your books to companies house in every year for public viewing.

Limited liability partnership or LLP I like the idea of these, in simple terms it a combinations of trading as partnership and a ltd company but your you or you/partner does not put you/him at risk, as you are limited by liability. Also you don't pay corporation tax! the tax is based on the net profit of the business.

Vat
You''ll need to decide on that on all the above! It is voluntary until you hit the threshold of £67,000. its a pain in the arse to do as you submit vat every three months. (i think! cant remember! ) so you need to discuss these issues with your business partner, business advisor and an accountant.

Good Luck

Rob

 

[BootCamp]

Thanks for that Rob, we are both putting in the majority of the money with a 3rd investor, who is only there for the profit side of things, and won't be doing any work. Would that allow us to go for the LLP? That seems the simplest one for me.

Stephen

 

[DanMartin]

A warm welcome to the forums Stephen. If you're looking for start-up business advice, you've certainly picked the right place! As you will see from the responses you've already had, UKBFers are more than happy to help! I wish you and your business partner the very best of luck with your new venture.

 

[cmcp]

hello there!

 

Welcome - you will recieve invaluable support and advice on here and i'm sure very shortly you be giving out advice to people and offering your suport!

I could do with a bit of personal training doing the race for life and no idea where to start!!!!!!!!!

 

[BootCamp]

Welcome - you will recieve invaluable support and advice on here and i'm sure very shortly you be giving out advice to people and offering your suport!

I could do with a bit of personal training doing the race for life and no idea where to start!!!!!!!!!

I intend to offer as much as possible, and I have been staggered by some of the help I have already had.

Lucyauty, when is your race, and how far is it? Great Cause too!!

we at boot camp have decided that once we begin making profit, Help for Heroes will be getting 5% of that.

BootCamp

 

I intend to offer as much as possible, and I have been staggered by some of the help I have already had.

Lucyauty, when is your race, and how far is it? Great Cause too!!

we at boot camp have decided that once we begin making profit, Help for Heroes will be getting 5% of that.

BootCamp

It is on 14 June at Pontefract Race Course and it's only 5km - but 5km is far for someone who doesn't generally exersize! I am doing it for my auntie who's husband lost his battle with testicular cancer last June!

I think that is fantastic that you are going to give 5% of your profit to Help For Heroes - what a wonderful cause and one that doesn't get as much publicity as it should!! XX

 

[BusinessIdeas]

Hi Stephen, Warm welcome to the forums - Gina

 

[Bri]

Health & Fitness should not be ignored. Some associates of mine are former military and they provide outdoor fitness training, away from the constraints of a gym. A local park or field, where they have organised meets for hill running, Spartan training all for a relatively small fee. Low overheads see.

 

[erikam]

Why you leaving the army ??

 

[G. Lasagne]

Hi Boot Camp, im ex armed forces myself, i think your making the right decision setting up on your own, as its hard to find a job when you leave, especially as a lot of the skills you obtain in the forces are not transferrable in civvy street.
Im sure you will do well.
Have you contacted the british legion for a grant?
Dave

 

[Perfect]

Good Luck !!

 

[BootCamp]

Cheers GasAngel, tell me more about the legion grants............