Starting up....

[adam_uk]

right

me and me mate are getting a server
and we are taking over web host (small time)
we also are going to be hosting 4 of our own sites which will probably have allowed donations, banner subscripions, advnaced subscripion etc etc
and we are going to offer a few small
services (design and couple other bits)

we are going to set up a seperate bank account to pay for it etc etc

and we are going to have money goiing in and out of this account

were just trying to find out about tax etc etc and anything we should know? steps to take?

anyone got any links to it all?

thanks
adam

 

[iDeviseFlash]

hmm, you live in england right? go to your local town hall, and ask about registering a new business. they shoulg tell you a lot abuot what u need.

 

[will7]

In the UK, you don't have to register your business, you can start up whenever you want. Obviously you'll have to go to the government/council if ya wanna be 'Ltd'.

Also, tax is only charged if you're over 16 (or is it 18) Which I'm neither so whoopy for me

 

[iDeviseFlash]

well, we, idevisedesign, and me just registered ours, and we dont have to pay taxes either! good luck, btw!

 

[will7]

OK. I am just saying it's not the law to register, you don't have to, but it kinda helps.

 

[iDeviseFlash]

ya, for legal situations and stuff.

 

[will7]

Yeah. You won't be able to take anyone to court or anything coz you're not registered. You may be a business and you won't get into legal situations coz you're not registered, but if you want to take someone to court, you'll have a tough job

 

[iDeviseFlash]

well, seeing as im a minor:p , if i get my dad or something to register with us, then ya, we could defintley take someone to court

 

[adam_uk]

right where both over 18 and making a seperate account

i assume we have to pay taxes manually?


and if we become a registered busniess we dont have to pay tax?

 

[iDeviseFlash]

no, you would have to pay taxes then, and you might even HAVE to register, im not sure. i lived there 5 years ago, but i dont know all the major stuff. just go to your local government building or something, mabe even the PO or a library , they might have info.

 

[adam_uk]

ok cheers

 

[will7]

I think you're best bet is your local council or Post Office. Which part of the UK do you live in btw?

 

[iDeviseFlash]

which is what i said :p

 

[will7]

Yeah, but if he tells me which part he lives in, I could maybe tell him which council he'd want to go to

 

[n3m]

go have a look at www.startups.co.uk
you should find most of the info you need there

 

[adam_uk]

Originally posted by will7
Yeah, but if he tells me which part he lives in, I could maybe tell him which council he'd want to go to

i live in grays, essex


@ neo3media: thanks! will look at that now

 

[LordHaHa]

business

Hey guys

Start your business - dont register at all anywhere.
Go to the bank and open a current account as partners in the name of the business.
Keep every single piece of paperwork including petrol receipts etc.
At the end of the taxx year invest £300/£400 in an accountant and simply dump all the papers on him. He will sort it.
Keep a seperate bank account and put a set amount in each week/month to pay the taxs and accountant.

Hope this helps.

JohnT
www.designcrowd.com

 

[redhippo]

great advice Lord! does it work?

 

[bensontwenty]

Ok guys - some serious help needed for you here.

Firstly - be careful listening to everybody saying about not paying taxes etc - very bad for you IMO.

2.) It is compulsory in the UK to register with the Inland Revenue that you are receiving income by any means - this includes what you are looking at doing. It doesn't matter what age you are as far as I can remember, the govt. wants a piece of it. If you do not register, you are leaving yourself open to heavy fines, interest payments on any back taxes deemed to be due, and also possible criminal charges if they get heavy with you.

3.) Take neo3media's advice and visit the site he talks of but also make sure you visit www.inlandrevenue.gov.uk

4.) If you and your colleague are going down the route of opening a bank account together, then you also need a Partnership Agreement to keep things sweet. Partnerships then also have different ways of producing their tax information in many situations.

5.) Make sure you register with the Inland Revenue - the telephone number is 08459 15 45 15 dialling from the UK, also make sure that you let the NI section know as well - you can probably get an exemption on Self Employed NI contributions if your profit is not going to exceed approx 4600GBP pa - the number for this is 0845 91 54655

The Inland revenue is probably the best port of call for you - approach the Self Employed helpline as a hypothetical at first and they will help you out. I have dealt with (and fought with) many departments in the inland revenue over the years and the Self Employment Helpline is IMO one of the most helpful govt depts around.

Be careful - be safe with the tax (the separate bank account to keep money in for tax is an excellent idea and one which I use as well) but most importantly, make sure the taxman doesn't s***w you.

Hope this helps - let us know how you get on