Vinyl Wrapping business (First business)

[menor95]

Hello all.

I will start with a quick intro. My name is Pascal and I am looking to start a vinyl wrap business. I have experience in this field. I have not set up my own business before and I am seeking a bit of advice to get me started so here goes.

Currently my plan is to rent a small unit on an industrial estate and employ one person however at first I would like to do as much as possible myself and not employ nobody. Firstly what insurances will I need for the business and do I need to register as a limited a company? Would rather be self employed as this simplifies things. I have never filled in a tax return or completed a self assessment. Do I need to find an accountant?

Any advice, suggestions and tips are very welcome at this early stage.

[jimbop1]

I can't help with your question, sorry, but any advise on setting up a small business would be helpful.

[rog007]

A good accountant is essential if you wish to get your returns done right and on time.

A good business model is needed first however. What is demand like? What is your USP? What turnover are you predicting out to 5 years and when do you become both profitable and sufficiently profitable to pay a minimum wage? Insurances will be required. What are you going to wrap? Just cars?

Good luck!

[Frimley111R]

Have you looked into Plasti dipping? This looks like something that could have a big impact on the vinyl market. There are a lot of vids on YT. I could see this being a new option for many wanting wrapping (not printed/designed). It could offer you a nice niche in the marketplace?

[Eric Mc]

menor95 said:

Hello all.



Do I need to register as a limited a company? Would rather be self employed as this simplifies things. I have never filled in a tax return or completed a self assessment. Do I need to find an accountant?

Do you need to register as a limited company?

No- there is no obligation to run a business through a limited company - although there are reasons why operating through a limited company can be beneficial.

Tax Returns -

You will need to register with HMRC so that you can start completing self assessment tax returns. This is essential if you plan to operate the business as a self employed individual. Even if you went down the Limited Company route you would probably find that there would be a need to complete a personal self assessment tax return too (although that is not always the case.
If you are going to be self employed (i.e. a sole trade) then you will also have to register with HMRC to pay the self employed Class 2 NI contributions. This is usually done as part of the registering for self assessment process.

Do you need an accountant?

There is no legal requirement for people running their own businesses (limited companies or otherwise) or completing self assessment tax returns to use accountants - but it is highly recommended.

[menor95]

Frimley111R said:

Have you looked into Plasti dipping? This looks like something that could have a big impact on the vinyl market. There are a lot of vids on YT. I could see this being a new option for many wanting wrapping (not printed/designed). It could offer you a nice niche in the marketplace?

This is the exact kind of business I am looking to set up. Cheaper, faster and low start up costs.

Pascal

[menor95]

rog007 said:

A good accountant is essential if you wish to get your returns done right and on time.

A good business model is needed first however. What is demand like? What is your USP? What turnover are you predicting out to 5 years and when do you become both profitable and sufficiently profitable to pay a minimum wage? Insurances will be required. What are you going to wrap? Just cars?

Good luck!

Hi. Yeah I am looking to plasti dip cars and bikes or whatever else my customers may bring to me.

Pascal