New Business Checklist!

[Anonimouse]

I have a full time job, but I’m looking to import, rebrand and sell products as a secondary/backup income. My first shipment arrives this week - Exciting!

Most people in my position sell through eBay or Amazon. I’ll be doing the same, as well as targeting various other marketplaces too. However I want to ensure I’m doing everything properly - to the book.

I’m about to ...

- Register as a limited company to reduce personal liability
- Notify HMRC as part of the above
- Obtain product/public liability insurance
- Open a business bank account

Is there anything else I need to think about? Do I also need to include invoices to customers, or do small businesses/traders rely on buyers viewing their invoices via their eBay/Amazon accounts?

This is my first company, so learning all the time! Thanks!

 

[Alan]

Have a physical address that you can make public, you are required to if selling online mainly to comply with returns legislation.

Consumers don't often ask for invoices, but if the type of product you are selling are businesses they may ask for an invoice.

You probably should sort out an accounting system, from the start, and that is probably best if you talk to a accountant that you plan to use as to what their preferred system is. ( assuming you will use an accountant to prepare / file your accounts - which is highly recommended )

 

[heidi hine]

Firstly, congratulations on commencing the set up of your new business venture!

Once you have all the pre-requisites you described above on your original post squared away, you need to consider an accounting system that will help you record every transaction that will be going out of the business and coming in to too. Regardless wether your future customers require an invoice or not, you will still need to record invoices for money that you have received.... there a few good accounting systems out there that will help you with this.

As Alan has mentioned, been on registered limited company will definitely require the assistance and advise of an accountant. You will probably thinking initially its all easy and you can do it all yourself in order to save the expense. However, this expense is tax deductible and I guarantee you that it will also save you the headache and bigger expense in future.