Starting a new business and in need of advice

[whiskeyjack6058]

Im Starting a new business as a domestic appliance repair service. I have 18 years experience behind me, Im classed as self employed at the moment but I have been carried in that I bought into partnership over a decade back and have had to do nothing as the company was well established and running when I bought in. All my tax papers have been taken care of by my business partners wife; and now Im going alone. So, Do I need to register my new company as a business or can I just open a business bank account? I know I need to pay my NI and reserve funds for tax etc. Totaly new to this and need a bit of help please. I have the experience but not the office experience. Any help is really appriciated!
Thanks,
Rob.

[johnmac11]

Re: Starting a new business and in need of advice

You need to notify the Inland Revenue within 3 months IIRC
All you need to know here,

http://www.hmrc.gov.uk/businesses/tmast … ness.shtml

John

[EFS]

Re: Starting a new business and in need of advice

Best advice I got when I started was to get a good chartered accountant.
Mine has saved me a fortune over the years and also talked the Customs 😈 out of doing a VAT inspection on me a few years ago.

Worth every penny. 😀

Steve

[shandy]

Re: Starting a new business and in need of advice

I found if i spent 15 mins doing my accounts at the end of each week it kept me organised and on top of everything, and just keep things simple dont over complicate anything, and do get a good accountant they can save you in the long run.
Keep receipts for everything no matter how small they all add up at the end of your financial year…

[richardable]

Re: Starting a new business and in need of advice

open a seperate bank account, not necessarily the one you use for your personal money,. GET FREE BANKING. choose a good business name….if you name it with an A …..you are first alphabetically in yell pages etc..its a small thing but could be important…..not many people get to Z looking for a firm.
richard

[Author]

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