Start up now or later?

[Chrissie Davis]

I took a low paid job to free up some time to study to be a surveyor. I receive family tax credit and a little working tax credit. I have some money put aside to start up my own business as a surveyor, and my training finishes this December when I can start working as a surveyor.

As at the moment I am spending a lot of my start up money on training and equipment I was wondering if I should start my LLC now, loan my start up money to the company, then pay for the training and equipment out of that money?

I obviously wouldnt have any money coming into the company till 2009, so there wouldnt be any point in employing myself untill then, so what are the pros and cons of starting the business now rather than then?

Could the expenditure on legitamate business items, computer, books stationery, software, mobile fax and printer be offset against tax?

Can my training costs be paid by the new company even if I am only a director and not an employee at the early stage?
Can the thousands of pounds Ive spent already be renumerated by the compamy when I start to trade?

I wouldnt survive through this year without my working tax credit as I have children to feed clothe and house, what implications might impose on my entitlement to that financial help if I were to become a director of the new company?

And finally, my children have had to tighten their belts considerably in order for me to give up my previously lucrative but very stressfull career, can I make them shareholders or directors in the new company so that they might eventually have a nest egg to start up their independant lives?

Lots of questions, I would be very gratefull for any advice you have to offer, Thank You

 

[happyflash]

you can do some drop shiping to earn some money, not need too much money.

 

[ginantonic]

I'm in the same position (sort of) as you, as I am working as a sole trader, single parent, general dogsbody and kid's bank. I also claim Working & Child Tax Credits, wouldn't be able to manage without them. I, too, gave up a well paid but stressful job to start my own business. I'm stuck in a rut, now, though, as it can turn into a catch 22 with the benefits/income thing when you're self employed.
I can't expand, as immediately I start to earn more, the benefits drop alarmingly, and I have to earn a HUGE amount more to be able to drop the benefits altogether.
Would love to know if anyone else has been in this position and got out of it.