starting up issues

[Lee Kerr]

Hey guys
could do with some advice here i work full time for a non profit company i am planning on
working part time on my own back have a few saving
i still live at home at my mums place so the spare room would
be my office so its her house and i dont know how to go about
starting up do i go limited or sole trader or apply for a start up loan
and get all the accounting and stuff done through them
so confused so many questions

cheer Lee

 

[Meggerman]

Why are you working for a non profit company??

 

[Lee Kerr]

I work for a housing trust its not so good wage but liveable

 

[Meggerman]

Sole Trader, no loans, self assessment, sell car & buy small van, sell Xbox and buy MFT . Then find work....... (that's the hard bit people seem to miss when asking q's like these).

 

[dan86]

loadsa posts on this subject Lee. just do a quick search ;-)
best of luck with whatever you decide to do.

 

[Octopus]

Don't even consider going limited until you are clearing £30+ K profit, This section has loads to threads to peruse - so spend your time looking at previous threads.

A quick reckoner is that it costs £5-£6K in overheads to be SE PER YEAR. And don't forget start up costs of van, tools etc

 

[Lecciv]

A quick reckoner is that it costs £5-£6K in overheads to be SE PER YEAR. And don't forget start up costs of van, tools etc

Can you break down the 5-6K?

 

[Octopus]

Can you break down the 5-6K?

I could but have you tried?

 

[danzor]

Van insurance - £600 (depending on age etc)
scheme - £500
fuel - £1500? (more or less depending on how far you work)
Public liability - £150
Accounts - £400
MFT + Calibration ££
Training ££
Books etc
Getting knocked ££
Time ££

There's plenty more, it's not easy. Sometimes more rewarding, but sometimes a steady income and switching off at 4pm is taken for granted.

 

[gnuuser]

best advice i can give is keep detailed and accurate books on your finances and income.
even if you barter or trade work with others the values should be recorded
charity work may be able to be deducted from your taxes so track that carefully

 

[Lecciv]

Van insurance - £600 (depending on age etc)
scheme - £500
fuel - £1500? (more or less depending on how far you work)
Public liability - £150
Accounts - £400
MFT + Calibration ££
Training ££
Books etc
Getting knocked ££
Time ££

There's plenty more, it's not easy. Sometimes more rewarding, but sometimes a steady income and switching off at 4pm is taken for granted.

Cheers

 

[Octopus]

Cheers

But that only adds up to about £3K so there's loads missing.

Come on mate try and help yourself

 

[Lecciv]

But that only adds up to about £3K so there's loads missing.

Come on mate try and help yourself

As a newbie any help is useful and appreciated. Of course i have my own figures but danzors post is helpful to know i am looking in the right direction.

 

[HandySparks]

Here's a few more:

Phone contract
Bank charges?
Website costs
Vehicle licence
Workwear, with logo
Printer ink and paper
Van servicing, repairs, tyres, MoT

 

[danzor]

Yea they're the ones I was missing! I had to go pour a beer which was more important