Help setting up as a Sole Trader????

[peter hh]

Im Startng up a new Business and am wondering how to go about doing it i want to set up as Sole Trader.

What steps do i take first do i contact inland revenue and declare myself as self employed or what i could do with a bit of advice from some one who knows, whould be appreicated!

[mybrainhurts]

Phone Revenue and Customs. They'll send you a welcome pack.....

Then they'll bleed you dry for the rest of your life...

Have fun....

[peter hh]

You know the number? lol

[maxed]

peter hh said:

You know the number? lol

Yeah...it's Premium Rate

[mattley]

maxed said:

peter hh said:

You know the number? lol

Yeah...it's Premium Rate

aint that the truth

[Eric Mc]

It's in the phone book.

Also, try www.HMRC.gov.uk - lots of useful information there - and get in contact with a good accountant, pronto.

[simpo two]

If you're going to be buying in lots of stuff and your customers are companies (ie VAT registered) consider registering voluntarily for VAT, because it'll make a big difference to your margins.

You can have a proper accountant like Eric, or an intelligent bookeeper, depending on how complex your business is and the level of input you require.

Good luck!

[peter hh]

Apart from registering as self employed, what else do i need to do to become a sole trader?

[mybrainhurts]

Customers...

[ChipsAway Guy]

Have a look at the enterprise agency and business link websites. They have some excellent checklists for startups. Remind you to do things that might slip through the net (and tells you if you need to do some things specific to particular situations, like inform the Health and Safety people).

HTH

CG

[casbar]

Business Link run a good 3 day course, that goes through things like advertising, accounting and general stuff about VAT etc.

Or they did 4 years ago

[Eric Mc]

The Federation of Small Busineses (FSB) is also worth looking at. For the non-professional, they provide invaluable advice on matters affecting small businesses.

What line of business are you planning on running.

[peter hh]

simpo two said:

If you're going to be buying in lots of stuff and your customers are companies (ie VAT registered) consider registering voluntarily for VAT, because it'll make a big difference to your margins.

You can have a proper accountant like Eric, or an intelligent bookeeper, depending on how complex your business is and the level of input you require.

Good luck!

I have thought about registering for VAT but you have to do alot more paperwork when you do, are the benefits of registering greater than all the extra time spent on paperwork???

[JonRB]

peter hh said:

I have thought about registering for VAT but you have to do alot more paperwork when you do, are the benefits of registering greater than all the extra time spent on paperwork???

Basically, you only give the VAT man the difference between the VAT you collect in sales and the VAT you spend on allowable purchases. It's more complex than that, of course, but basically the ability to 'claim the VAT back' on purchases can in some circumstances make it desirable to be VAT-registered.

Edited by JonRB on Tuesday 13th June 15:28