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Starting up a new buisness!
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hi,
Im looking at starting a mobile nail technition buisness up. However I dont have a clue where to start?? As this wont be my main job I am only looking at making a £1000 a year max. Do I have to inform the tax man??
Also how do I go about registering a buisness name etc? I know where to get insurance from once I complete my course at the end of the month.
Does anyone have any experience in this and can advise me?
Thanks
AFA
Im looking at starting a mobile nail technition buisness up. However I dont have a clue where to start?? As this wont be my main job I am only looking at making a £1000 a year max. Do I have to inform the tax man??
Also how do I go about registering a buisness name etc? I know where to get insurance from once I complete my course at the end of the month.
Does anyone have any experience in this and can advise me?
Thanks
AFA
0
Comments
It's better than setting herself up for getting £20,000 a year - and then being disappointed.
She's just starting out, so a small target figure is great! Then she can see if she wants to expand - it's good to see a sensible and realistic figure
I don't know much, so can't help you, Angel. But I hope you enjoy your new venture!
Business Link
And look here for information from HMRC about being self employed
But if you want to hear it TheSite.org stylee, then here's some of our own fact sheets.
Starting up your own business
Tax and self employment
And read about Fraser, who started up his own jam making business!
Lots of luck with it, hope it goes well :-)
If you are sick - go to work
Think long and hard about employing anyone, do you have the work for someone? the turnover? can they pay for themselves with the work they do?
If you cant be bothered with working - go to work
Be prepared to lose money in the first year - I was in the red 15000 pounds in my first year
Don't listen to other people putting a downer on you saying you will not make it, your targets are your own.
Take everything people in a similar position/business says their earning and half it to get closer to the real figure
Never lose faith that tomorrow will make up the shortfall of this day/week/month
If you need to advertise do it yourself, print your own cards or use one of those little machines in service stations and post them yourself.
Most importantly (to me): Always think before you spend money. Just because you have a business does not mean you need to spend money like water, A brand new sign written van when a car will do for example.
Yes i realise this, however it will be a second income as my main job is around £10,000 a year and I want to try this buisness out to see how well it goes before I quit to set up full time.
Does anyone know how to register a buisness name and how much it costs etc?
When i did it i went into the town hall loaded with my information: Ni number, ID, the name of the company (ok thats not true i never actually had a name and chose the first one that popped into my head) and you just fill out a form registering yourself and you will get even more forms from the Inland Revenue to fill out afterwards.
It costs nothing to do - also while you are there ask for every leaflet they have on starting a new business and read them right through, most importantly the ones about taxes!
I dont have a full time job, only 15 hours per week, so would it still be 20%??
You would be liable pay income tax (and NI) on any profit you make. Allowable costs for the nail business can be set off against the income you make (you will need receipts for your income and costs).
Your main job would also be counted as you main souce of income, and your tax code will be allocated against that income.
If you know any sole traders/nice accountants get them to give you a run down of what you might be/not able to claim.
and possibly the joke centre plus.. err. I meant job centre plus still trying to figure out which one it really is
If its to do with anything other than job benefits or looking for a job, then go see the tax office if it involves money that needs to go to the taxman.
The businesslink link looks really good, read through everything on there. It might be helpful to start writing things down about your business to help you make a business plan. How many hours do you intend to work a week? How much will you charge? How much does it cost per treatment? What are the overheads? Is there a market? Things like that. Some people never bother and don't realise until AFTER they have started their business that it has no hope of ever making money.