New Business Start up question
Quite new here so I hope you can help me.
I am looking to start a web design business. I have some associates over-seas who are web designers.
I wish to market and sell their services to web design companies in the UK and also from a small company I form.
I already have a full time job here in the UK, therefore paying tax, NI etc.
I want to start as a sole trader, maybe even a partnership (this is still in discussion).
I highly doubt I will be meeting the VAT threshold, for the first year anyway. I am aware that I need to pay tax etc, but how would this work considering im already working full time?
I have never owned/started a company before.
What would my steps need to be to put this in place?
Register as sole trader? (if so do I still need to register business name?)
Open business bank account?
How would I pay taxes etc, how much would I pay? - this is the part which confuses me the most.
In other words, can you provide me with step by step instructions on what I need to do legally to start trading?
I look forward to hearing from you.
Kind regards, and thank you in advance for your advice,
- Limited Company - Personal Bank Account 3,647 74
- Dividend Payments 478 12
- Employed clients and expenses 884 18
- More HMRC on gov.uk 665 12
- Payroll experience for beginning AAT student 150 3
- Capital allowances anti-avoidance 386 11
- Interest on HMRC contract settlement 195 4
- Providing registered office address to clients 145 2
- Share premium or Directors Loan 768 31
- Enquiry into tax return - how co-operative would you be? 425 8
- Halloween - do you celebrate it? 1,460 47
- Goodwill gesture for providing work 479 12
- VAT reconciliation and VAT return on Sage 144 3
- What would you do in this situation? 242 5
- Filing a P87 (professional fees) before year end. 162 2
- Recommendations for payroll/AE software? 634 13
- Rollover relief - when does gain crystallise in this situation? 123 1
- Offshore company transferring assets to a UK individual. 358 14
- Interest Free Loan - Salay Sacrifice? 259 4
- Research and development - repayment timescale 226 5
- Bonus Bonds 396
- Insolvency and whistle blowing 387
- Transfer of funds into recently set up company 300
- TPR imposes first penalty notice fines 263
- Husband proposes to buy the car as Director unable to acess finance 199
- Box 8 VAT Return - deposit payment 191
- Company Car Lease 171
- Finance Lease 161
- Form 42 154
- Demerger Reserve 135