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Starting a business, how to do red-tape

RobM

55 years as a supporter!⭐
Joined
Jan 20, 2007
Messages
8,719
Location
Essex of course!
I am looking to start my own micro-business but know nothing about tax e.g. what can I claim back (e.g. capital costs) etc. Where can I get decent advice?

Thanks.
 

Pubey

Guest
Speak to an accountant (get a recommendation) and see what they'd advise. I'm sure they'd do a basic chat for free to explain their support and services and explain everything.
 

Mad Cyril

Proud sponsor of Mark Molesley's white trainers⭐
Joined
Oct 29, 2003
Messages
18,401
Location
Flavour country
Learn how to do a Masonic handshake and just wing it.

That's how I do business.
 

South Bank Hank

👍⭐
Joined
Nov 4, 2003
Messages
14,779
Location
Rayleigh
Speak to an accountant (get a recommendation) and see what they'd advise. I'm sure they'd do a basic chat for free to explain their support and services and explain everything.

Indeed. Most accountants I've worked with will do an initial consultation for free - and why wouldn't they as you'll be likely to give your business to the firm you're most comfortable with? It's just their cost of sale. I'd be amazed if you ended up having to pay for any of the basic advice you seem to be looking for. Believe me, a good accountant is worth their weight in gold, even just in terms of maintaining the basic paperwork, keeping you straight with filing deadlines and watching other key dates.

Otherwise Google is your friend as there are numerous sites out there that can help. Just look for 'starting a new business'.
 
Joined
Mar 9, 2012
Messages
519
I'm a qualified accountant with a part-time parctice based in Southend Area - I'm not looking for work but if you don't have any joy elsewhere I'll be happy to help if I can.
Generally if you are looking to be a Sole Trader for now all you need do is fill in a form CWF1 - this informs HMRC that you are trading. Limited company formation will require a bit more paperwork etc.
If you start say on 1/4/14 -you will neeed to prepare accounts to 31/3/15 * pay the tax thereon by 31/1/16.
If you buy capital assets then you can reclaim a % each year as capital allownces depending on the type of asset & if there is private use etc.
I would suggest you open a seperate bank account & try to keep private stuff out of it & keep up to date with paperwork etc.
Hope this is of some use.
 

Greebosan

Manager⭐
Joined
Sep 14, 2011
Messages
1,288
Location
West of Roots Hall.
Your local Council will almost certianly have an Inward Investment/Economic development team. Genrally these will provide start-up advice in conjunction with professionals and it should be free for the basics. Worth giving them a call I reckon. They may also publish guides to follow with key info in.
 
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