New Business Noob

[RPereira]

Hi guys.

I am being made redundant soon in my company and this has made me realize how i realy should make a move at my own business. I have a new job to start so that will help getting by but i still want to dedicate all my free time to this.
I am looking to start a small company where i would sometimes need to hire someone to help me. Whats the best way of doing this?
What kind of company works best when you will be working alone most of the time?
Do i need to setup as a company do give out receipts?
Do i really only have to pay any VAT if i turn around more than 82k?
What are the costs involved in starting a company?

I know these are basic but i really am at lost with this.
Im sure more questions will pop up and thanks a lot.

 

[Carl Mintern]

Are you thinking of setting up as a carpenter? A car showroom? A web designer? manufacturing robots that drive people's cars for them? Or selling socks on eBay?

All the answers to your questions are dependant on which business you want to start.

 

[Turnkey Businesses]

it sounds like you need some help with setting up a business. we offer business packs for clients like yourself that wish to start a new business but don't have the experience of doing it before. if you visit the website in my sig you can view our packages. if you need any help feel free to pm me here or email/call our support staff mon-friday.

 

[myfairworld]

Why not start as a 'Sole Trader' rather than going through the process of setting up a company? It is simpler and there is nothing to stop you setting up a company later if you or your accountant think this is a good idea. Sole Traders can employ people. I'm a Sole Trader and over the years I've had varying numbers of employees.

Giving receipts or issuing invoices is part of how you do business and is nothing to do with whether you are a company or a sole trader.

Yes you only have to register for VAT once your turnover reaches a certain level but - and this depends so much on what you are planning to do - for some businesses it can be an advantage to register for VAT from the start or before your turnover reaches the compulsory level.

Everything really depends on the sort of business you are planning to run.

 

[LowPrices.uk]

If you start to be self employed, you have to register with HMRC and submit a yearly tax return for tax purposes. So, that is a "requirement" as everyone by law has to pay tax. You then need to decide the "administrative entity" you will use to exist as a company. If you are working mostly by yourself, then registering as a "sole trader" should be most appropriate. Later down the line, it may be of value to create a Limited company by registering one at Companies House and then operating as a Limited company, as this can have benefits if you were working with others and can have benefits for tax efficiency. So, there is an administrative/tax aspect to starting a company.

Another aspect is how you will name/brand yourself. If you don't want to use your own name, then you need to think of a brand name. Once established, you may decide you want to Trademark this name to prevent others using it. This may or may not be necessary, depending on the business sector.

Rgds

 

[Trademarkroom]

A registered trademark can be a great asset to all sized businesses and particularly helpful to start-ups who may not have yet built up any goodwill or unregistered rights. You can check to see if your chosen name is available for free at the UKIPO. Make sure you check for similar names too! https://www.gov.uk/search-for-trademark

 

[joeptsearle]

Have you decided which industry you are going into? Do you have something you have an interest and passion for? Personally I think a good route to go down (if indeed its something that appeals) is to set up an internet business, it really does limit start up costs and the structure is far simpler. The fact that you want something that works well with just yourself putting time into it, I think this may be a good route to go.

 

[CKCouriers]

You can often get free advice from your local Chamber of Commerce. As already posted, it can be advantageous to register for VAT, even if you are below the threshold. If you are dealing mainly with other businesses, this could well be the case.