DrDeath started this topic @ 15:45 on 24/02/2004
ok the websites up and running... But what do i need to consider in terms of registering the company name, Vat, etc etc ?? please help thank you in advance
RE: website business what now??
Mattley23 | 24/02/2004 05:35 PM
Registering your business couldnt be easier. First of all contact Companies House where you will be able to register your company. Thier website is: www.companieshouse.gov.uk
If you think your turnover will exceeed £54,500 then you will to register for VAT. You should have a local Customes and Excise office in your home town so drop them a line. They will send you out all the relevant info or you can download the application forms from the central website which is: www.hmce.gov.uk
Also contact your local tax office and let them know you are trading (within 3 months of setting up) and they will send oyu all the info and forms needed to regsiter yourself as self employed.
Oh, get an accountant, its far easier than trying to do it yourself mate!
Hope that helps
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RE: website business what now??
James Smith | 24/02/2004 07:30 PM
In terms of what you HAVE to do as opposed to what you could do, you don’t have to register with Companies’ house as you don’t have to set up a limited company.
There are advantages in operating via a company, but it is more hassle than being a sole trader.
You may chose to operate as a sole trader. If you decide to operate as a sole trader the only place you will need to register is with the Inland Revenue here
http://www.inlandrevenue.gov.uk/pdfs/pse1.htm
I seem to recall you are renting out bouncy castles. VAT registration may not therefore be appropriate to start with if you are mainly renting to private customers who are not VAT reg'd themselves. It is optional so long as your turnover is below the threshold of £56,000, and can be advantageous in some circumstances.
You really should take some time deciding what business structure is correct for you and whether to register for VAT as this will affect not only how you are taxed, but how you run the business and the image you project to the world.
If you need some help with this, please let me know. I often help startups get their feet with no fee attached.
Regards,
James Smith
Chartered Accountant
[url]www.jamesesmith.co.uk[/url]
[url]www.uktaxshop.co.uk [/url]
01284 764436
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
