Setting up for the first time - what do I need?

[Adam H]

Looking at setting up an online store (will be posting there shortly) as well as having a market stall in June/July time.

What do I need to do to stay on the good side of the law? What do I need to tell the Government? What do I need to do to make sure I'm law-abiding and paying what I should? What should I be paying?

Cheers in advance.

 

[Adam H]

Anyone? Cheers.

 

[creospace]

Are you self employed at the moment or working for an employer? If your launching a business the first thing is to notify the inland revenue i would of thought, possibly go to the bank to set up a business account is second.

Maybe more importantly first is as the question 'Is my business idea viable'

Gary

 

[okiegirl]

hello,
if you phone up your local inland revenue tax office,they will send you all the relevant documents and booklets to show you what you need to do for your business.

 

[Adam H]

My business idea isn't a question of viability, I'm, err, making a lot at the moment. There's no way it could fail (please, save the 'Any business could fail!' spiel, this one is selling products at a healthy profit).

I'll pop to the bank soon for information on a business account.

Cheers, okiegirl, I shall do that.

 

[okiegirl]

the inland revenue will send you all the information on how to pay national insurance etc so very handy to get all that sorted. just a quick note about business accounts,have a hunt around before commiting to one bank as i was very suprised to find some of the charges they apply to even put in or take your own money out!allience & leicster and the co op will give you a business account for free. co op will do this for free if you sign up to FSB,Fedaration Of Small Businesses.

 

[Adam H]

Do I really need one? Even if it's just me?

 

[okiegirl]

it depends on how much you are going to earn,if it is only a small amount then a personal account would probally do for now untill you start making serious money.

 

[GreatSEO]

Adam

Your best bet for advice is to call someone like business link as they help new start ups loads. A business account isnt a must as you can trade under your name and use this but it can cause complications in the future when mixing the 2 so better to seperate.

An accountant is the best thing to have at hand there is a guy on here called Andy Hyland and his site is www.castleaccountancy.co.uk if you need further advice. He is very good at what he does and comes highly recommended.

If you need any further assistance please contact me on 08700 333 698 and i will help you as much as i can FOC of course

Hope this helps

Best Regards

Dave

 

[PMA Accountants]

The form you need to complete is "CWF1" - available on the hmrc website, this form registers you for self employment and national insurance contributions.

Get yourself a bank account, insurance will be needed when you start running your market stall.

Oh, and an accountant!!!

 

[Adam H]

it depends on how much you are going to earn,if it is only a small amount then a personal account would probally do for now untill you start making serious money.

It's already in serious money..

Adam

Your best bet for advice is to call someone like business link as they help new start ups loads. A business account isnt a must as you can trade under your name and use this but it can cause complications in the future when mixing the 2 so better to seperate.

An accountant is the best thing to have at hand there is a guy on here called Andy Hyland and his site is if you need further advice. He is very good at what he does and comes highly recommended.

If you need any further assistance please contact me on 08700 333 698 and i will help you as much as i can FOC of course

Hope this helps

Best Regards

Dave

Cheers. Sounds a bit strange having a business account if it's just me if they charge to take out money and put it in?

What does an accountant do? Sorry for the ignorance, I've not had to find out before!

 

[creospace]

If it's already in serious money and you haven't told the inland revenue then you are liable for a fine.

How have you got this far without asking these questions already?

 

[PMA Accountants]

Accountants help you prepare financial records and deal with your tax affairs. and most other things you might want them to help with...

 

[PMA Accountants]

How long have you been trading??

 

[Adam H]

If it's already in serious money and you haven't told the inland revenue then you are liable for a fine.

How have you got this far without asking these questions already?

By selling on eBay.

I'm trying to find out what I need to tell the Inland Revenue as I never knew I had to do any of this before.

PMA, about two months.

 

[PMA Accountants]

you have nothing to worry about. complete the CWF1 form, as long as you register within 3 months of becoming self employed there are no fines or anything to worry about.

if you have any problems, give me a call.

 

[Adam H]

Cheers man.

Also, what about VAT? Do I need to worry about that or is that included in this form?

 

[Deleted member 9840]

Cheers man.

Do I need to worry about that ?

as you are making "serious money" after only two months trading, you do not have anything to worry about.
Take your "serious money" to a "serious" accountant and they will have you trading legitimately in "serious" quicktime.

Cheers

Steve

 

[Adam H]

Hahaha, cheers chap. I'll call around!