^OPM^

I am looking into possibilities of setting myself up selling various items on ebay as a business,have emailed a few companies asking if they do trade accounts etc and so forth, I obviously will be a one man business and they are mailing back asking what is my business name and where i am based so they can put me in touch with the nearest distributor-so as i am not a business how do i go on-how much does it cost etc or what does it entail to set myself up as a business?
Any help please

Mark

rolyatescort

Go see your local Citizens advice, they will have all the answers and all the local contacts. They will answer all your questions in one hit and give impartial advice.

andrewdelvard

First of all you are obliged to tell the taxman that you are going to establish a new business. They'll give you a tax reference. The fine if you don't do this and leave it too late, ie when the business has already been established several months is not huge but not worth the hassle. You don't pay a penny for this tax reference Sounds to me like you're going to be a sole trader, making money to supplement an already established income (you already have a job). Think of a business name you want to trade as ie QPM MARKETING' Offer this name to wholesalers/distributors. Speak to a bank over the phone, explain you want to open a business account. They'll talk to you like they want your children and send you the forms to fill in.Thats it. Job done. Welcome to the world of the self employed Vat registration (and I've yet to meet anyone who has gained on this after doing it voluntarily) will come after you start to trade about 50K a year.
Can't think of much else to get you on the way really. It's that simple.

^OPM^

great info-u mean it costs nought to set up a business-and yes at mo i do work full time elsewhere so this is to supplement that income

GaryK

Yep as a sole trader very minimal startup costs, just get some stationery printed up with your company name on and get yourself a good accountant so you can claim for everything you are entitled to claim for!

Diesel

You need to register the business name or buy an off the shelf company. [Accountants charge about £250 +VAT to do a set up].

You have to send a form to companies house yearly.

If you register for VAT then you need to decide between a fixed rate scheme [pay them x amount of your turnover as VAT] or making out quarterly returns and claiming back the VAT portion of any capital expenditure.

D

Fantom

you can down load the forms from the Companies House website. It costs £20 to set one up. You have to send an Annual Return in and pay £15.

Edcase

http://www.7side.co.uk/

GC8

£20

moses

guys what elsa can u claim back from a ltd company

i do the usual

petrol
lunch and dinner if in a business meeting somewhere
expences for cars etc etc

basically thats it

and ive been told a director can take divedends and i normally put myself through a wage and always have done and anything i take out personally gets a huge tax

is their any other way u can take money out of your own business without paying massive tax

and what else can u claim

cheers

GC8

Thats a question for your accountant isnt it? Id suggest asking your NEW accountant.....

Simon

juan

Not heard of this and my accountant never mentioned it.

Does this apply to Ltd companies also?


btw a ltd co can be set up for under 50 quid yourself or 60-70+ through a company formation agent and upwards of 200 by certain accountants etc.

boxst

Hello

Information and the company I used here: http://bbs.scoobynet.co.uk/showthread.php?t=418471 .

£41 to register the company.

Steve.

moses

`cheers mate i think so too, he is an old asian guy who just dont give a damn how to save me money

i found out from my mate he earns alot of money but pays less tax doing stuff legally

need more info

cheers

hades

moses - you can claim anything that can be justified as a business expense. I know of single person companies (they work as subcontractor to larger firm - so this is their only source of income) They claim various expenses such as replacement every 3 years for their home PC - they actually dp work on it from time to time - and numerous other things. The "speak to accountant" advise still stands as they'll be able to tell you details I can't.

Companies house website is pretty good; IIRC you can get your own web-page on their server thrown in for the price.

moses

thanks alot mate i appreciate that

mostly it was on me taking money besides my wage and not paying massive tax

its sad u earn money from your own hard work and they take a huge profit from it, its totally unfair when they let scum dole scroungers screw the government and hit us with tax's i swear it makes me so angry

Petem95

If you run the business from home you can claim back part of your household bills too, such as electricity, phone bill etc - all helps