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Google is your friend.
www.hmrc.gov.uk/startingup/
I'm pretty sure that all relevent pitfalls will be listed on that site. Happy hunting.
www.hmrc.gov.uk/startingup/
I'm pretty sure that all relevent pitfalls will be listed on that site. Happy hunting.
Hi,
follow the advice on the HMRC website, book a place on one of their briefings for start-ups and get the permission of your sqn cdr (on a gen app IIRC).
You'll be self-employed so you'll have to complete a self-assessment and pay what you owe - get an accountant as they'll save you far more than they cost you. As for N.I., you already pay it but have to pay extra for being self-employed. If you expect to earn less than 5k profit in the 1st year contact them and get a waiver certificate where you don't pay any more than you do at present.
Good luck.
PS, I'm looking into supplying the MoD with lightbulbs. I reckon if I charge them £20 each I'll be undercutting their current supplier by 10%.
follow the advice on the HMRC website, book a place on one of their briefings for start-ups and get the permission of your sqn cdr (on a gen app IIRC).
You'll be self-employed so you'll have to complete a self-assessment and pay what you owe - get an accountant as they'll save you far more than they cost you. As for N.I., you already pay it but have to pay extra for being self-employed. If you expect to earn less than 5k profit in the 1st year contact them and get a waiver certificate where you don't pay any more than you do at present.
Good luck.
PS, I'm looking into supplying the MoD with lightbulbs. I reckon if I charge them £20 each I'll be undercutting their current supplier by 10%.
Inevertouchedit
Flight Sergeant
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http://pcashco.co.uk/index.php?option=com_content&view=article&id=47&Itemid=80
I'm looking at this.
Debt Collection's the only business making money !!!
I'm looking at this.
Debt Collection's the only business making money !!!
The HRMC website is pretty good and the answers you want should be there and the resettlement briefs will help as well.
Get yourself a good accountant who will advise but it will probabaly be along the lines of paying yourself a nominal wage each month to cover the NI contributions and then receive dividends throughout the year . This will tie in with you holding shares in the company etc..
You can also get the company to pay into the pension pot for you so you can take advantage of the tax benefits - its all about being tax efficient and that is where your accountant will come in to his/her own (if they are any good).
As long as the RAF/MoD are informed then there shouldn't be a problem.
Get yourself a good accountant who will advise but it will probabaly be along the lines of paying yourself a nominal wage each month to cover the NI contributions and then receive dividends throughout the year . This will tie in with you holding shares in the company etc..
You can also get the company to pay into the pension pot for you so you can take advantage of the tax benefits - its all about being tax efficient and that is where your accountant will come in to his/her own (if they are any good).
As long as the RAF/MoD are informed then there shouldn't be a problem.
S
shish, chop.. halloumi.
Guest
Anton,
If you're looking at generating the kind of turnover that can justify that from the outset, then you're probably not too fussed about your career in blue. Good luck to you. Working for 'you' is probably one of the most satisfying things going.
You say; 'Once its a success'.. it might be an idea to tread cautiously at the outset. If you act as a sole trader, you can still make big bucks and be able to focus on the business, and not so much on the more formal Company side of things, which will only distract you. As things grow, then you change the plan - make your mistakes early, and doing it as a sole trader or as a partnership means there is less admin to fret over.
But an accountant is always the best place to go for advice, and if you can't justify one of those initially, then consider a book keeper for all those invoives and receipts. Sometimes, an accountant isn't needed in the early stages.
PS: Talking of invoices, have in place a proper system for fuel receipts etc. WH Smiths probably still do a book keeping ledger book which will be your closest friend as you start up. And finally, although I'm no fan of High Street banks, they nearly all do business start up packs which talk about company formalities and tax. Go to each of the majors and get a business start up gizzit pack from them. Lloyds did a particularly good one (a proper book) a few years back.
HMRC have just sent a 'flyer' out advertising a FREE business advice day.
It is being held at:-
The South Marston Hotel and Leisure Club,
Old Vicarage Lane,
Swindon,
SN3 4SH
It is on Tuesday 29th March 2011 with event times 09.45 - 16.00
You can book at www.businesslimk.gov.uk/advicedays
It is being held at:-
The South Marston Hotel and Leisure Club,
Old Vicarage Lane,
Swindon,
SN3 4SH
It is on Tuesday 29th March 2011 with event times 09.45 - 16.00
You can book at www.businesslimk.gov.uk/advicedays
Started as a Sole Trader myself only the other week. Due to offer discounts in the mod-forces discounts directory from May onwards as well 
DT_Xtremez_30:
It really is easy to start up, though maybe because i've been looking at doing it for the past 6 years. You really don't need an accountant until you surpass the £70,000 threshold for VAT registration.
Even then, if you keep accurate details of your income/expenditure then all you need to do is pass this on to an accountant to check your return. Even better if you use Sage in the first place (often discounted with a business bank account) as you can do it yourself.
If my ditsy blonde sister can run her own business and file her own paperwork with HMRC, i'm sure us blues can.
I was at a meeting with my business account manager and there was a 17 year old lad there running a holiday property rentals business in and around newquay. He's turning over £1m a year and does all his own paperwork. If he can do it with figures like that, it's got to give you confidence.
...unless you do go limited and then you probably would need some accountancy advice.
DT_Xtremez_30:It really is easy to start up, though maybe because i've been looking at doing it for the past 6 years. You really don't need an accountant until you surpass the £70,000 threshold for VAT registration.
Even then, if you keep accurate details of your income/expenditure then all you need to do is pass this on to an accountant to check your return. Even better if you use Sage in the first place (often discounted with a business bank account) as you can do it yourself.
If my ditsy blonde sister can run her own business and file her own paperwork with HMRC, i'm sure us blues can.
I was at a meeting with my business account manager and there was a 17 year old lad there running a holiday property rentals business in and around newquay. He's turning over £1m a year and does all his own paperwork. If he can do it with figures like that, it's got to give you confidence.
...unless you do go limited and then you probably would need some accountancy advice.
K
KayNoh
Guest
Hey,
Can you guys provide more information on who I need to within the RAF about such a matter?
I too am looking into setting up a business of sorts. Who would I need to get permission from before going down the self employed route?
Cheers!
Can you guys provide more information on who I need to within the RAF about such a matter?
I too am looking into setting up a business of sorts. Who would I need to get permission from before going down the self employed route?
Cheers!
