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    1. Rocky78 is offline

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      #21
      Very good point GuitarChris thank you for the post.

    2. Skipper is offline

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      #22
      Appreciate the advice.

    3. Jasmine411 is offline

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      #23
      Even if you are selling part time, the salary is still liable to PAYE tax and NI. Keep that in mind.

      I think that it all goes towards your pension anyway.

    4. Rocky78 is offline

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      #24

      Quote:

      Originally Posted by Skipper View Post
      Appreciate the advice.
      glad the thread is helping you.

      Quote:

      Originally Posted by Jasmine411 View Post
      Even if you are selling part time, the salary is still liable to PAYE tax and NI. Keep that in mind.

      I think that it all goes towards your pension anyway.
      yes, you are correct; the salary taxes must be taken care of as well.

    5. Smart_Design is offline

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      #25
      We have to pay taxes no matter what we're doing it's nice to at least have good information in one place to make it easier.

      I try to keep organized books throughout the year. My accountant thanks me and I thank him for not charging me so much

    6. Wendell77 is offline

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      #26
      I have been working on starting my own business and this truly helps. I don't think I'm going to go the limited company route.

      Personally I find it easier to start as a sole trader. I don't even know who I would want to be a director

    7. Rocky78 is offline

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      #27
      Accountants do like it when their job is made easier with accurate bookkeeping.

      A sole trader is the simplest way to start. Remember a director has to fill out tax forms as well. Shareholders have to be notified too.

    8. Wendell77 is offline

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      #28
      That's what I figured. I didn't want to get too far over my head. Thought it would be better to start slow and build up.

    9. Iucounu is offline

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      #29
      I don't think starting off as a sole trader is going to hold anyone back.

      I wanted to talk about the VAT. I know businesses can register for the VAT at any time that they are only obligated to after they reach the 100,000 mark - but why do they do it?

      Should I trust a trader with a VAT number a little more?

    10. Rocky78 is offline

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      #30
      Excellent question.

      Many businesses will go ahead and register for VAT to appear more reputable. This is especially good when dealing with imports and exports.

      A small company can automatically fall into a 100,000 range just from the VAT number on their website. There's incentive to register right there.

      Once you register for VAT you are working for the VAT man collecting taxes though. It is extra paperwork however it could pay off in a big deal.

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