Starting up please help!

[RockLinks]

Hey guys,

I was wondering if you guys could help me, i have been doing website design for friends and family for a couple of weeks now and would like to set up a business doing it, i also run a website that will soon be selling t-shirts and other items so will hopefully earn some money. What do i have to do to set up a business and make it all legal with tax on my earnings etc? Any help would really be appreciated.

Thanks

Craig

 

[Alpha]

Where do we start.
I'll try and be fairly brief.
You have the business idea.
Firstly I would advise that you write down a business plan.
That will give you an idea exactly what you need.

Decide what type of business you NEED - sole trader/ limited company.

If limited then form a company.

If sole trader inform the Inland Revenue(within 3 months of the end of the first month of trading otherwise its a £100 fine) Complete form CWF1

See your bank manager to set up a business account (take business plan with you so that he can determine what sort of financial assisstance you need eg loan, overdraft etc)

decide whether you need to register for VAT (If turnover exceeds £58000 you must register. You can of course register voluntarily if this is advantageous - usually if your customers are registered and you wish to claim vat back on purchases)

you need to keep records (for Inland Revenue and VAT, if registered) Can you do this yourself, do you know someone who you can pay to do it for you?

Get your business marketed - find the customers you need to make your busienss profitable, If you cannot do this yourself then find someone who can help.

At the end of the year produce accounts and complete tax returns, pay over tax etc.

If there is anything you cannot do - Get good professional advice, although it costs money the benefit will far outweigh the cost.


If there is anything further you wish to ask about please do so

Good Luck

 

[RockLinks]

Ok thanks for your advice, theres another cath though im on 17 does this matter. As it stands i will be running the business part time and if it really takes off may go into it full time as i currently have another job. Can anyone on the forum help me tax wise etc.

Thanks for your help

 

[Ozzy]

Being 17 is not a problem at all. If you are doing this part time then I suspect you wont need to register for VAT, and you would be fine to just register yourself as a Sole Trader with the Inland revenue as Alan mentions above.
However, if you work make sure what you do doesnt affect your work contract and TAX code... might be worth having a chat with an accountant to be sure.

 

[RockLinks]

So i need an accountant really. Can anyone help in that respect?

 

[mdarwish01]

Why don't you try an enterprise centre. They are located all around the country. Many give free advice about all topics.

Not only that but if you stay with the same advisor they will help you every stage of the way until your business is established. Afterwards they could probably help you maintain it.

All the best
mdarwish01

 

[RockLinks]

Thanks for you help everyone, i have now got the ball rolling with my business so does anyone want a site built?

Cheers

Craig

 

[MikeH]

I presume that the site in your profile www dot rocklinks is not your main web design site.

If you are serious about building sites for people you will need to provide details of your site and a portfolio of the work done with references. If you do not have a portfolio of designs I would recommend that you offer some free or very cheap design to people so that you can develop your portfolio.

Mike.

 

[RockLinks]

Point taken Mike, ive started a special offer in the special offers for UK Business forums bit. Just £10 a page!

Cheers

Craig

 

[Eagle]

Hi Craig

You don't need an accountant if you're just doing this small-time. How many transactions do you think you'll get per year? Twenty-odd? Hardly enough to warrant the attentions of an accountant.

By all means hire one if you make it big.

 

[RockLinks]

I have one now mate

 

[sparklyscotty]

Hi! Just a little caveat from the 'been there done that' section. I started my busines officially in Feb, but have been 'starting it up' since last June. I have attended a lot of youth events, and taken part in start up schemes etc, and one thing I would tell you is that there is a LOT of competition in your field. If you do decide to apply for grants, capitol, loans etc make sure your business plan is well thought out and presented, and have a marketing plan or strategy thought out too. Also, try to think of a way that will make your company stand out above the rest... what makes you 'special', why should clients choose you over your competition?
Lots of luck to you in your venture. Owning your own business is very challenging but very rewarding too. Good for you for starting young!
-Angel-

 

[RockLinks]

Ive already started, looking in your Inbox

 

[VeryMark]

Where are you Craig? - Your website doesn't say - not that I can see anyway.

(I must admit I always find it easier to help people with recommendations re e.g. suppliers if I know roughly where they are geographically, and I always tend to be distrustful of people who don't publish their address.)

 

[RockLinks]

In sunny Gosport, right next to Portsmouth

 

[VeryMark]

Must admit I don't know anybody personally in your neck of the woods, Craig, but Hannah Oliver of MMO Accountants is a member locally of the BNI business networking organisation I belong to:

Hannah Oliver ACA CTA
Murray McIntosh O'Brien
Wellesley House, 204 London Road, Waterlooville, Hampshire, PO7 7AN
t 02392 231 006 f 02392 230 859

 

[RockLinks]

Im sorted out with an accountant now, thanks for replying though.

 

[bichaneca]

There r several web sites u can visit but possibly the best is business link. :lol:

 

[CG Effect]

Scrap the times new roman font its a crime for a designer to use it try arial mate.