want to start up my own business

[m45sey]

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

[saboteur]

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.

[DamanC]

What do you want to do and on what scale?

[Gaz Walker]

What do you want to do and on what scale?

Always a start ;)

[m45sey]

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

[DamanC]

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.

[2JZ-GTE-IS200]

you should pop back up and see me mate.......i could help you no end

[m45sey]

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

[Dragonlady]

fined for what?



might take you up on that offer

Failing to advise HMCE that you have set-up in business.

[m45sey]

looks like iv got a bit of researching to do then,

do the government like to tax businesses alot then?

[Homer]

do the government like to tax businesses alot then?

hahaha :rlol:

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

[Gaz Walker]

do the government like to tax businesses alot then?

Thats a good one :D

[m45sey]

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?

[neil tt]

hahaha :rlol:

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:(

[Shadow Beast]

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

[VIL]

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 :)

[Dave Haggas]

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.

[colsoop]

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

[Sheefa]

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

[m45sey]

cheers for all the advice guys, hopefully i can get the ball rolling within the year

[TurboBrett]

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 :D, cheers for the realy good advise guys:cool: