Starting a business

[jsmcontracting]

Anyone been through this experiance. Going through it just now and it's a nightmare. All red tape and 'MUST DO THIS' and 'MUST NOT EVER DO THIS'. Could they not just make it a bit easier.

Another question, whats the pro's/con's of being VAT registered??

[James Bass]

As far as I'm aware you can only be VAT registered if your business has a turn over in excess of £50k annually. If this is the case, the you'd be able to claim back the VAT on all business expenses.

[BoxCleva]

The VAT threshold is £70k, in other words if your turnover (not profit) hits or exceeds £70k in the previous financial year you have to register for VAT. You an however register for VAT from day one if you need to.

Personally I wouldn't unless your clients absolutely insist, which is unlikely. The additional administration and accountant costs are a pain in the rear.

[drinksoptional]

Try "sim venture". Keep every recipe keep a log of every penny spent and earned,get an accountant find out what you can and cant claim for, dont think you have to pay tax for first year or two

[BoxCleva]

[BoxCleva]

Oh, and don't feel you need to invest in an expensive accounting package like Sage etc. If you can handle a basic excel template you have all you need to submit to your accountant. Some accountants like you to use the same software as they do, but I've never come across one that refused to accept spreadsheets as the year end .

[drinksoptional]

Ah why i said i think lol.

[wokkaben]

My wife and i are looking to do the same and its a minefield. However I did get a lot of good info of the HMRC website and this one:

http://www.smallbusiness.co.uk/

[BoxCleva]

Setting up a run of the mill business is simple. Paying tax is simple. Employee's is a whole new ball game They are without doubt the biggest headache you will ever have.

[jsmcontracting]

At current i have read 68 of 117 pages of things. All from paying tax to having employee's to getting grants and joining organisations.

NEED SOME OFF ROADING VERY SOON