starting up a new busines

[wizzbilly]

hello everyone first of all would like to say hello to everyone not been on here long have read the site for years but never posted some realy good info hence the reson am posting this subject here due to they seam to be some very knolegble pepole on the forum ..

i am just trying to find out some info on going self inployed mainly have always done bits and bobs on weekends etc just think its about time took the next step am 23 now and been doing this work for 10yrs now 8yrs full time left school early lol

my qulifactons are

nvq 1 2 3 in joinery/carpentry
nvq 1 2 3 plumbing and heating engenier
nvq 1 in plastering which is ongoing at the minute
but do most building work in genreal

mainly after info where to begin to be honest am not the sharpist knife in the draw as you can probley tell by my spelling lol


1) whats avalible to help me get me started finacial wise have heard about goverment funds etc are they worth looking into or is there better options out there for me am after around £5.000 as will be putting some of my own money into it aswell which is best root mainly on this have tryed the bank but due to poor credit rating a few years ago its unlickly ( new the forged engine rebuild was a bad idea lol )

2) advertising what sort of percentage would pepole recomend spending in the 1st year and then would you half the amount of money spent on advertising or depending on work load

3)whats the score with paying taxs etc as you hear all these storys about not having to pay any for the first year which i dont belive to much are goverment screw you over one way or another

4)insurances the main ones am thinking is one to cover myself if unable to work and public liabilty is there any other that i should be looking into

5)am i right in thinking any tools etc that i purchase is tax deducatble

6) whats this new 100% thing coming out for small buisnus on 5th of april or does this not affect me in any way or could i use this to my advantage

sorry for the bad spelling and thank you for any replied will be much apreciated

Edited by wizzbilly on Friday 21st March 03:23

[Eric Mc]

Have you formally started your sole trading?

Have you got in touch with an accountant yet?

[wizzbilly]

no not started anything at the moment thought it would be best to check what i could or coulnt get from the start

oviosly i done jobs on the side pound notes but nothing realy to warrent starting up a buissnus for to be honest turn work down quite a bit which i shouldnt as word of mouth speaks wonders in this game hence why am wanting to start doing it for myself full time

and not realy had much to do with an acountant to be honest most of my family do it but we dont always see eye to eye so dont realy go into it to much

am sorry the above is a bit breif am not the brightist

thanks

Edited by wizzbilly on Friday 21st March 12:00

[Eric Mc]

wizzbilly said:

no not started anything at the moment thought it would be best to check what i could or coulnt get from the start

oviosly i done jobs on the side pound notes but nothing realy to warrent starting up a buissnus for to be honest turn work down quite a bit which i shouldnt as word of mouth speaks wonders in this game hence why am wanting to start doing it for myself full time

and not realy had much to do with an acountant to be honest most of my family do it but we dont always see eye to eye so dont realy go into it to much

am sorry the above is a bit breif am not the brightist

thanks

Edited by wizzbilly on Friday 21st March 12:00

You do know that this is an offence?

[wizzbilly]

yea in a way but suppose so is shooting someone but pepole still do it lol

and yea shouldnt of said it realy but many pepole do it same as everything though

thats why am on here to try find out info so can try get the ball rolling to do stuff in the proper chanels

[Eric Mc]

Once you start trading, you have a legal obligation to notify HM Revenue and Customs within three months of commencing your trading activity. This is compulsory and failure to do so can lead to penalties being charged.

Once you have notified the Revenue you will start paying the Self Employed Class 2 National Insurance contributions - either monthly or quarterly (the choice is yours). These are quite low (around £2.20 per week).

After the end of the tax year (5 April), you will need to prepare a set of sole trading accounts and subnmit a Self Assessment tax return to HM Revenue and Customs. It is at this point taht you will find out what your Income Tax and Class 4 National Insurance liability will be.
This tax a dn NI is payable by the 31 January following the end of the tax year.

Edited by Eric Mc on Friday 21st March 12:45