Al Massey Posted January 7, 2008 Share Posted January 7, 2008 im thinking of leaving the army and im considering starting up my own business so was wondering since we have a few business Entrepreneurs if i could get some advice just want to know how to start and what things i would need to do like tax wise and VAT and any other info that i would need to know cheers Link to comment Share on other sites More sharing options...
saboteur Posted January 7, 2008 Share Posted January 7, 2008 this depends greatly on the type of business you are considering to open. Business link is probably the best website as a starting point for wannabe entrepeneurs. Link to comment Share on other sites More sharing options...
DamanC Posted January 7, 2008 Share Posted January 7, 2008 What do you want to do and on what scale? Link to comment Share on other sites More sharing options...
Gaz Walker Posted January 8, 2008 Share Posted January 8, 2008 What do you want to do and on what scale? Always a start Link to comment Share on other sites More sharing options...
Al Massey Posted January 8, 2008 Author Share Posted January 8, 2008 basically working on cars, with window tinting,and security film,ice installs,retrims and parts and accesories want to start small first and work my way up to make it bigger Link to comment Share on other sites More sharing options...
DamanC Posted January 8, 2008 Share Posted January 8, 2008 Ok, in short, just start. Get an accountant, tell them what you are doing. They do the rest Make sure you do it with 3 months of 'offically' starting up or you will be fined. Link to comment Share on other sites More sharing options...
2JZ-GTE-IS200 Posted January 8, 2008 Share Posted January 8, 2008 you should pop back up and see me mate.......i could help you no end Link to comment Share on other sites More sharing options...
Al Massey Posted January 8, 2008 Author Share Posted January 8, 2008 fined for what? you should pop back up and see me mate.......i could help you no end might take you up on that offer Link to comment Share on other sites More sharing options...
Dragonlady Posted January 8, 2008 Share Posted January 8, 2008 fined for what? might take you up on that offer Failing to advise HMCE that you have set-up in business. Link to comment Share on other sites More sharing options...
Al Massey Posted January 8, 2008 Author Share Posted January 8, 2008 looks like iv got a bit of researching to do then, do the government like to tax businesses alot then? Link to comment Share on other sites More sharing options...
Homer Posted January 8, 2008 Share Posted January 8, 2008 do the government like to tax businesses alot then? hahaha The current goverment will rape you for every penny they can get their hands on. In almost all businesses you will now be paying FAR more tax than your average salaried employee. You need a very good accountant to try and recoup some of those overheads and taxes Link to comment Share on other sites More sharing options...
Gaz Walker Posted January 8, 2008 Share Posted January 8, 2008 do the government like to tax businesses alot then? Thats a good one Link to comment Share on other sites More sharing options...
Al Massey Posted January 8, 2008 Author Share Posted January 8, 2008 i knew they taxed em a fair bit but wasnt sure if it was that bad, i take it thats why alot of people dont claim all that they earn then? Link to comment Share on other sites More sharing options...
neil tt Posted January 8, 2008 Share Posted January 8, 2008 hahaha The current goverment will rape you for every penny they can get their hands on. In almost all businesses you will now be paying FAR more tax than your average salaried employee. You need a very good accountant to try and recoup some of those overheads and taxes That about sums it up:( Link to comment Share on other sites More sharing options...
Shadow Beast Posted January 8, 2008 Share Posted January 8, 2008 hello mate, i handed my Mod 90 in yesterday! so if you want to give me a ring i can give you quite a bit of info about getting out and starting up, going to my first job today to meet a client about some work. I am a sparky and did a lot of my courses through the engineers, but the ressetlment package was good. i am on my termination leave now which is when you can offically take paid employment;) let me know if you want my number and i will pm you later on today if i dont catch you before i leave this morning. hope this helps Ex SSgt Richie Cullip RE Link to comment Share on other sites More sharing options...
VIL Posted January 8, 2008 Share Posted January 8, 2008 Also dont forget the stuff that kills small businesses: Insurance (you will definately need this public,liability etc and it does not come cheap) Premesis, unless your working from home etc Tools, equipment,materials. Paying suppliers on time and getting paid from customers on time (always a nightmare) Advertizing, getting in the work. Enough cash to see you through the slow times, non payers, slow payers cash flow pinches etc. All this said, its very different to being told what to do in a regular job and as long as you have the motivation its very liberating. Get start up advice, a good accountant, work hard, price yourself in the market so you actually cover costs, make money and get business and you will be fine Link to comment Share on other sites More sharing options...
Dave Haggas Posted January 8, 2008 Share Posted January 8, 2008 Also dont forget the stuff that kills small businesses: Insurance (you will definately need this public,liability etc and it does not come cheap) Premesis, unless your working from home etc Tools, equipment,materials. Paying suppliers on time and getting paid from customers on time (always a nightmare) Advertizing, getting in the work. Enough cash to see you through the slow times, non payers, slow payers cash flow pinches etc. All this said, its very different to being told what to do in a regular job and as long as you have the motivation its very liberating. Get start up advice, a good accountant, work hard, price yourself in the market so you actually cover costs, make money and get business and you will be fine Very sound advise that. Link to comment Share on other sites More sharing options...
colsoop Posted January 8, 2008 Share Posted January 8, 2008 My advice is start as a sole trader. Very simple to do basic tax returns and set up a direct debit for your national insurance contributiuons. Make templates for your invoices and accounts. In my experience i find it harder to negotiate a good price for services as i am quite low volume and can't negotiate as good as a large volume company. Go to HMRC there is a stack of info about starting up there. Best of luck Link to comment Share on other sites More sharing options...
Sheefa Posted January 8, 2008 Share Posted January 8, 2008 I had to put together quite a comprehensive business plan for my Entrepeneurship Business Degree module in 2006. I bought some excellent software package that does preety much everything for you, well it's an excellent walk through on what you need to do. I'll try and find it for you mate. I'm currently looking at helping my brother sort his business out and become fully independent. Suffice to say, good financials and a solid Cost benefit Analysis are needed when asking for bank investment, generally they'll give £ for £ providing you can prove you have the capital to inject and where the equity comes from. Barclays provide excellent small business advice, but most of it is available freely on the tinternet. Just get putting a small business plan together Good luck. Greg Link to comment Share on other sites More sharing options...
Al Massey Posted January 8, 2008 Author Share Posted January 8, 2008 cheers for all the advice guys, hopefully i can get the ball rolling within the year Link to comment Share on other sites More sharing options...
TurboBrett Posted January 8, 2008 Share Posted January 8, 2008 This is a good starting point with a good list of things i need to learn about, i am looking to go into bussiess in the comming years aswell , cheers for the realy good advise guys:cool: Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now