Sole Trader

[The Great Wallsendo]

Been looking at registering as a sole trader

Talking small levels at first but I want to be "legal" from the off

Now apart from the addtional National Insurance Contributions, Yearly Self Assessment what other things should I be considering?

Any pitfalls I should be wary of?

Cheers in advance

[jason]

Speak to an insurance specialist to get cover for stock and public liability if required. the other thing is that once you register set up a separate business bank account to keep things separate and above board.

you selling fishing tackle.

j

[KeithB]

Do people still repair shoes? I find they're so cheap (especially at Agent Ashleys) I just buy new ones.

[The Great Wallsendo]

Do people still repair shoes? I find they're so cheap (especially at Agent Ashleys) I just buy new ones.

took me 3 reads to figure out what you meant

Aye Jason possibly...just trying to figure out the costs/pros/cons before making the leap as it's a wadge of cash before you've even (possibly) sold anything

Plus every man and his dog is flogging "cheap" fishing gear these days...I know this coz I'm buying it

[g-force]

Most vital thing? - a good accountant, for services & advice. Also the possibility of having to register for VAT (dependent on your turnover). I was years ago & found it a flipping nightmare, having to send off returns every three months, chasing people for money etc. I felt more like a tax-man! I de-registered when my turnover fell below the threshold & now keep it that way (never was earning heaps anyway!)

I'm sure more things will come to mind - I can tell you more at our SBRAAC meeting next thursday if you like.

Cheers, Gary

[Lowrider]

I am also in the process of looking at this sort of thing.
The Inland revenue do a good leaflet about going self employed,sole trader etc.
Tax and NI etc.
Plus there are a few org that might give you some advice.
Business Link is one and NBSL is the other though the second is for Northumberland.
You looking at a new start up?
If so there are get a few grants around in North Tyneside,up to 10k.
As i say been looking into most aspects of this but i do not know your situation but if i can offer advice from what i have learned so far i will pass it on

[The Great Wallsendo]

I am also in the process of looking at this sort of thing.
The Inland revenue do a good leaflet about going self employed,sole trader etc.
Tax and NI etc.
Plus there are a few org that might give you some advice.
Business Link is one and NBSL is the other though the second is for Northumberland.
You looking at a new start up?
If so there are get a few grants around in North Tyneside,up to 10k.
As i say been looking into most aspects of this but i do not know your situation but if i can offer advice from what i have learned so far i will pass it on

Cheers Lads

Yeah looked at Business Link and HMRC etc and they've told me the basic stuff on NIC and Income Tax etc

My overheads would only be a possible website which is working out at £50 per annum to include e-commerce and then the associated costs of buying and selling through 3rd party (IE PayPal)

No premises and no staff and any "profit" plumbed straight back into the kitty

A grant wouldn't neccesarily be appplicable to me unless I decided to expand exponentially

As to VAT I'd say I'd deffo fall under that bracket - any venture is literally going to be small to test the waters initially

I have neither the capital or the kahunas to launch headlong into a full blown enterprise at the moment

What I think I'll eventually do is look to finance myself for 1 year and then go from there

[bobo]

to be honest mate your doing it the best way from home with no overheads etc. I used to own two pet shops one in the city centre and it can be canny but getting staff etc that you can trust is a nightmare I ended up selling up due to these problems. I wouldnt go down the accountant route why pay someone for what you can do yourself. A ledger book is the way to go and hmrc will go off that as well a great buy for around £10 you enter your daily accounts ie fuel phone costs stock ect in I used to do mine once a week and never in 3 years had trouble with it. My wife has worked for Hmrc for over 20 years now and there is some great call centres etc that will go through stuff with you over the phone and send you stuff out as well as well as websites as well. I hope this helps a bit a good luck mate.

[jason]

tony
sent you a pm that may interest you.
j