starting my business!!
Discussion
hi ok i have decided to start my own plumbing business as i have tried to find employment but no joy. I put an add in the local paper and so far has been ok so this has prompted me to start on my own . Now what is the legal route to go,where do i get business cards,what bank for business will take me on with no credit record,are there grants or funding available for first timers ? Any advice or help will be appreciated . Thanks
Tazio1 said:
Make sure you register as self emplyed with HMRC its £25.
Then keep a record of all your advertising expences and mileage as they are all tax deductable.
Good Luck
Darren
No, there is no fee charged by HMRC (don't give them ideas!).Then keep a record of all your advertising expences and mileage as they are all tax deductable.
Good Luck
Darren
Notifying HMRC is essentially fee - however, if you leave it too long they will fine you £100. You need to let them know that you have started in Self Employment within three months of the commencement date. This allows them to log you on their system for the issue of a Self Assessment tax return later on and it will also enable you to start paying your Class 2 Self Employed National Insurance contributions.
The reason why I asked about a bank account is that there is no requirement that you open a specific business bank account. If you had a personal current account you could continue to use that.
I should have been more specific, you are correct it is not a registration fee, it is an initial payment towards your national insurance contributions and the usual minimum amount requested is £29.90.
I also forgot to suggest you look at the business link website as it has lots of good free advice for start ups.
Good Luck,
Darren
I also forgot to suggest you look at the business link website as it has lots of good free advice for start ups.
Good Luck,
Darren
Tazio1 said:
I should have been more specific, you are correct it is not a registration fee, it is an initial payment towards your national insurance contributions and the usual minimum amount requested is £29.90.
I also forgot to suggest you look at the business link website as it has lots of good free advice for start ups.
Good Luck,
Darren
I didn't have to pay anything.I also forgot to suggest you look at the business link website as it has lots of good free advice for start ups.
Good Luck,
Darren
now my question is can i apply for a trade acc @ say city plumbing i have the forms but they are asking for company reg no and trading name of company do i need this ? How do i get a trading name and how much will it cost as i have very limited funds basicaly starting with nothing the money i made so far is in the bank for just in case i need some materials only small stuff . It would help if i could get an acc @ a plumbing merchant . Thanks for the advice so far
You are not setting up as a limited company so there is no company reference number to quote.
There is no formal method of setting up a trade name. Just chose one and use it - if you want to - it's not obligatory though.
I am a self employed accountant but I don't have a formal trade name. Many, many self employed individuals trade under their own personal names.
There is no formal method of setting up a trade name. Just chose one and use it - if you want to - it's not obligatory though.
I am a self employed accountant but I don't have a formal trade name. Many, many self employed individuals trade under their own personal names.
so all i do is choose a company name and i can trade under that ? What if say a year or so down the line i find i am going to be sued as i am using a name already registered? Also are you saying that i can still send in a trade counter application @ a plumbing merchant although i am not registered as such ? Thanks for your help so far and sorry for all the questions but i just want to be sure as this is new to me
mrlovalova said:
so all i do is choose a company name and i can trade under that ? What if say a year or so down the line i find i am going to be sued as i am using a name already registered? Also are you saying that i can still send in a trade counter application @ a plumbing merchant although i am not registered as such ? Thanks for your help so far and sorry for all the questions but i just want to be sure as this is new to me
Most trade names are OK - as long as you don't clash with someone else who does something similar or try to trade on some large company's brand. Most of the time there are no problems. If it does turn out that you are stepping on someone else's toes, I am sure they will let you know. Even then, you can always fight your corner. Not every attempt to stop someone using a trade name succeeds.Eric Mc said:
mrlovalova said:
so all i do is choose a company name and i can trade under that ? What if say a year or so down the line i find i am going to be sued as i am using a name already registered? Also are you saying that i can still send in a trade counter application @ a plumbing merchant although i am not registered as such ? Thanks for your help so far and sorry for all the questions but i just want to be sure as this is new to me
Most trade names are OK - as long as you don't clash with someone else who does something similar or try to trade on some large company's brand. Most of the time there are no problems. If it does turn out that you are stepping on someone else's toes, I am sure they will let you know. Even then, you can always fight your corner. Not every attempt to stop someone using a trade name succeeds.www.nissan.com
About ten years ago Rover decided to stop any business using the term "MG" in their business names. There were apparently lots of small MG specialist garages around the country using the name and logo without any express permission from Rover who owned the brand. Rover succeeded on that one. I wonder what the situaion is now considereing the MG brand is owned by a Chinese company.
nsa said:
A friend of mine has an independent bathroom supply shop in Nottingham and has a group of plumbers he refers customers to. They don't give him kickbacks but I think there's an implicit two-way recommendation system. It might be worth finding a shop near you that can do the same.
Absolutely go down to suppliers and see if they know of anyone needing work.Also try seeing who the hotels/B&B's etc use for call outs, maybe they don't.
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