Business start up

[Max Turbo]

Hi there

I am in the early stages of setting up my own business. For the first x months, I intend to work from home and have set up my office in a spare room. I haven't registered the company yet (will be getting a Ltd company) but it isn't too far away, however I wish to buy things for my office ie filing cabinet, comfy chair, plants, white board etc etc now, in preparation.

So my question. Can I buy things now, keep the receipts and claim back the tax on these items that have been purchased before the official formation of the company??

Many thanks! (I will be in here alot, with lots of stupid questions so please bare with me!)

M

[Tesla]

Why do you require plants to run a business?
Seems an unnecessary expense to me.

You can buy things now, keep receipts and claim against your Tax bill.

[Max Turbo]

Tesla said:

Why do you require plants to run a business?
Seems an unnecessary expense to me.

You can buy things now, keep receipts and claim against your Tax bill.

I see what you mean, however I beleive that my productivity will be improved if I work in a nice environment. I will be in the office for many hours every day!

Thanks for your help

M

[Eric Mc]

Why do you want to operate as a limited company?

[dabeeeenster]

I'd be focusing on selling whatever it is you intend to sell than plants and filing cabinets to be honest mate!

Buy a filing cabinet when the pile of papers on the desk is over 6 inches high, buy a plant when you are sick to death of staring at a blank wall on account of spending 100% of your energy on selling.

When trying to get a business off the ground, everything else should take a back seat.

[Mattt]

Max Turbo said:

Tesla said:

Why do you require plants to run a business?
Seems an unnecessary expense to me.

You can buy things now, keep receipts and claim against your Tax bill.

I see what you mean, however I beleive that my productivity will be improved if I work in a nice environment. I will be in the office for many hours every day!

Thanks for your help

M

I'm sure Freecycle or friends have old units you can borrow, or have - for free.

By your statement that you want to claim the tax back, I assume you mean VAT - which, AFAIK, means you need to be VAT registered, which AFAIK is a hell of a lot of work. Being registered with Companies House, and being registered with HMRC for VAT are quite different.

AFAIK that is.

[V8 EOL - Rich]

dabeeeenster said:

I'd be focusing on selling whatever it is you intend to sell than plants and filing cabinets to be honest mate!

Buy a filing cabinet when the pile of papers on the desk is over 6 inches high, buy a plant when you are sick to death of staring at a blank wall on account of spending 100% of your energy on selling.

When trying to get a business off the ground, everything else should take a back seat.

Couldn't agree more.

[Max Turbo]

V8 EOL - Rich said:

dabeeeenster said:

I'd be focusing on selling whatever it is you intend to sell than plants and filing cabinets to be honest mate!

Buy a filing cabinet when the pile of papers on the desk is over 6 inches high, buy a plant when you are sick to death of staring at a blank wall on account of spending 100% of your energy on selling.

When trying to get a business off the ground, everything else should take a back seat.

Couldn't agree more.

I totally see where you are both coming from, it is just my logic was that I will almost certainly need to address these things in the future (OK, plants are not necessary) and to get them done before I begin trading will mean that in the future, I can be more focused on the job in hand.

Thanks for all the help so far!

M

[khushy]

I have to disagree with some of the comments above . . .

If you are going to make the jump and do your own thing - do it in style - create the right environment - treat yourself - walk, talk, think, act, communicate, , do business in the style of and dress as someone you WANT to be - dont do it on the cheap!

Aim high and the impression you give will pay dividends (literally) do it on a shoestring and people will think that you are doing business from your bedroom!

To register a LTD company costs no more than £50 incl ALL paperwork (E&M), registering for VAT is soooooo SIMPLE - best advice get a good accountant and some potential clients on your side - they will help with everything thats been talked about here.

Go for it - big style!

Just my 2p!

khushy

[Eric Mc]

Setting up a limited company IS easy. The difficult part is running it. And I don't just mean running the business. Operating through a limited company involves a lot more paperwork and compliance compared to a similar sized sole trader- not to mention much more complicated tax and national insurance regulations.

Companies can be made to work very effectively for a trader, but you absolutely need a decent accountant in the wings to keep you on the straight and narrow.

[khushy]

EMc = good advice!!

khushy