My New Business -- Basic Advice Needed

[RobbieKB]

Hi guys,

I'm after some advice. I don't really have any mentor or business guru to speak to and so as PH answers questions in all other areas of my life perhaps you might be able to help me.

I currently have 3 (unofficial) businesses; 1) a website with minimal turnover but it's growing at a healthy rate. 2) Me as a freelance photographer and writer. 3) A photography related restoration service.

I only went full time last month and I'm still trying to get all my ducks in a row. So, questions:

1) I would like to register these business properly but my money is extremely tight at the moment as you can imagine. Would it be possible to register 1 company (RobbieKB Group or something) and have all 3 companies under it? Does it even work like that?

2) I want to set up a business account for all 3 companies for the time being, is there anything I should be wary of or look out for?

3) I'm keeping all my earnings in a spreadsheet at the moment as they're minimal, should I be doing anything official? I'm earning no where near a taxable amount at present but I'm not sure how it works.

Any advice would be greatly appreciated!

[Eric Mc]

RobbieKB said:

Hi guys,

I'm after some advice. I don't really have any mentor or business guru to speak to and so as PH answers questions in all other areas of my life perhaps you might be able to help me.

I currently have 3 (unofficial) businesses; 1) a website with minimal turnover but it's growing at a healthy rate. 2) Me as a freelance photographer and writer. 3) A photography related restoration service.

I only went full time last month and I'm still trying to get all my ducks in a row. So, questions:

1) I would like to register these business properly but my money is extremely tight at the moment as you can imagine. Would it be possible to register 1 company (RobbieKB Group or something) and have all 3 companies under it? Does it even work like that?

2) I want to set up a business account for all 3 companies for the time being, is there anything I should be wary of or look out for?

3) I'm keeping all my earnings in a spreadsheet at the moment as they're minimal, should I be doing anything official? I'm earning no where near a taxable amount at present but I'm not sure how it works.

Any advice would be greatly appreciated!

Why companies?

[RobbieKB]

Eric Mc said:

Why companies?

I want them as disparate entities as I think it's confusing as one. They all offer very different things from within a very large umbrella. I know what you're saying and I did think about just having one, but I feel they're too different.

I guess I could register one company and have the other 2 'trading as', couldn't I?

[Eric Mc]

I think you are making something very simple very complex. You need to sit down and chat with an accountant about the nature of the businesses, how big they are going to be, business structure etc.

I've sent you an e-mail by the way.

[Simpo Two]

I'd shove it all under one trading name and stay self-employed until circumstances suggest otherwise.

You're still supposed to send numbers to HMRC even if below the income tax threshold.

[RobbieKB]

I've just spoken to Eric who generously donated an hour and a half of his time to advising me. Thanks for the replies guys and a huge internet beer for Eric.

[Simpo Two]

Well done Eric, the official PH Numbers Boff!

[Eric Mc]

Happy to oblige.

[Lexual]

...just going to hijack the topic, I am also in a similar though perhaps less complex situation and could do with some advise.. if you have a bit more spare time Eric perhaps I can message you?

Oliver.

[Eric Mc]

Lexual said:

...just going to hijack the topic, I am also in a similar though perhaps less complex situation and could do with some advise.. if you have a bit more spare time Eric perhaps I can message you?

Oliver.

I'm not at any meeting today so go ahead.

[daemon]

RobbieKB said:

Hi guys,

I'm after some advice. I don't really have any mentor or business guru to speak to and so as PH answers questions in all other areas of my life perhaps you might be able to help me.

I currently have 3 (unofficial) businesses; 1) a website with minimal turnover but it's growing at a healthy rate. 2) Me as a freelance photographer and writer. 3) A photography related restoration service.

I only went full time last month and I'm still trying to get all my ducks in a row. So, questions:

1) I would like to register these business properly but my money is extremely tight at the moment as you can imagine. Would it be possible to register 1 company (RobbieKB Group or something) and have all 3 companies under it? Does it even work like that?

2) I want to set up a business account for all 3 companies for the time being, is there anything I should be wary of or look out for?

3) I'm keeping all my earnings in a spreadsheet at the moment as they're minimal, should I be doing anything official? I'm earning no where near a taxable amount at present but I'm not sure how it works.

Any advice would be greatly appreciated!

Of (passing) interest, you used to not be able to register a company with the word "group" in its name without supporting evidence of other trading entities, but i see thats changed now.

http://www.completeformations.co.uk/companyfaqs/co...