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Starting a new business.....a few questions....

 
 
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oceascape
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PostPosted: Mon May 01, 2006 9:32 am    Post subject: Starting a new business.....a few questions.... Reply with quote

Hi

I am so glad to have found these great forums!

I have started up an online art gallery and also sell on eBay. I would estimate my yearly income to be approximately £6,000.

What is the first thing I need to do? I am so confused by all of the different terminology and paperwork.

I guess the first thing is to fill in the HM Revenue & Customs "Becoming Self-Employed and registering for National Insurance Contributions and/or tax" form. Right?

Then do I need to start up a registration of my business as a sole trader? How do I do this?

Is there anything else I need to do? Thanks so much and apologies for being so unclear!
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Eagle
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PostPosted: Mon May 01, 2006 2:26 pm    Post subject: Reply with quote

Hi and welcome.

You have three months to register with the Inland Revenue, so relax a bit on that one. You'll pay National Insurance contributions as well, but unless you actually register for VAT, you don't charge it to your customers. I see little point in registering in your case unless it's more complex than you portray.

As far as 'registering' the business, I'm certain there's little you need to do formally and legally (apart from from HMRC) - just trade away and enjoy! Smile
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oceascape
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PostPosted: Mon May 01, 2006 3:08 pm    Post subject: Reply with quote

Thanks for the welcome and information.

On the HMRC form it asks for a business name. Does this have to be the same as the business name I use for my website, or can I change it to something different?

The reason I ask is that at the moment I specialise in one particular type of art - and my "business" name reflects this. However, later I am hoping to open up a bit more, so will choose a new name, can I put this on the HMRC form even though at the moment it is different?

Thanks again.
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catherine
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PostPosted: Mon May 15, 2006 7:36 am    Post subject: Reply with quote

Yes - do fill in the forms ASAP. You don't need to register for VAT unless you are turning over in excess of about £55k a year, and I wouldn't advise it, if you can get away with it, as it can be a real pain sometimes.
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AaronJ
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PostPosted: Sat Mar 05, 2011 4:53 am    Post subject: Reply with quote

First thing that you should consider when you start an online business is to do an effective business plan and also a website where you can easily promote your products and sales online.
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PostPosted: Tue Nov 15, 2011 11:53 am    Post subject: Reply with quote

AaronJ wrote:
First thing that you should consider when you start an online business is to do an effective business plan and also a website where you can easily promote your products and sales online.


Totally disagree with you during start a small business you need small term business plan which only based on the cost of your starting business (totally based on starting financial cost) who can you make perfect business plan for next 10 year, how much is your sales in next five or ten year? If you don’t know about the number of sales then how can you plan for next 10 or 15 years?
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HomeBusinessMan
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PostPosted: Sat Jan 28, 2012 7:27 am    Post subject: Reply with quote

Too many people worry about business plans. all you got to do is know what you want and how you're going to get there.
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