starting up a new company.
Discussion
Hi everyone,
I am starting up a small company that will deal with home and business computers. Its something on the side and all payment is done via cash or cheque.
I have a couple of questions with regards to payment that i hope the knowledge of PH can help with.
1. By accepting payment in the form of cash will the Inland revenue find out about this?
2. If so how do i go about paying tax and NI?
3. Do i have to register the company name? Or can i just go and make some cards and letterheads etc with the name on it.
4. Where would be the best place to advertise to build a good client list.
5. Finally apart from here where else could i get good information to running a small business?
Thanks everyone.
Blantent plug:
D3 Computers @ www.d3computers.co.uk (still under construction)
email me at deanjones@d3computers.co.uk
Home and Office PC repairs, Networking, application help. No Fix no fee and no call out charge within the M25.
thanks again
D3
I am starting up a small company that will deal with home and business computers. Its something on the side and all payment is done via cash or cheque.
I have a couple of questions with regards to payment that i hope the knowledge of PH can help with.
1. By accepting payment in the form of cash will the Inland revenue find out about this?
2. If so how do i go about paying tax and NI?
3. Do i have to register the company name? Or can i just go and make some cards and letterheads etc with the name on it.
4. Where would be the best place to advertise to build a good client list.
5. Finally apart from here where else could i get good information to running a small business?
Thanks everyone.
Blantent plug:
D3 Computers @ www.d3computers.co.uk (still under construction)
email me at deanjones@d3computers.co.uk
Home and Office PC repairs, Networking, application help. No Fix no fee and no call out charge within the M25.
thanks again
D3
Lots of previous threads on this score on Pistonheads - have a look and you'll probably find lots of answers to your questions.
Are you setting up as a Limited Company or a Sole Trader?
And yes, the Inland Revenue cares very much that you disclose ALL your trading income correctly. The threat is not whether they will find out - the threat is that by not doing the correct thing you are commiting a criminal offence.
Do you want a criminal record?
>> Edited by Eric Mc on Friday 17th December 11:36
Are you setting up as a Limited Company or a Sole Trader?
And yes, the Inland Revenue cares very much that you disclose ALL your trading income correctly. The threat is not whether they will find out - the threat is that by not doing the correct thing you are commiting a criminal offence.
Do you want a criminal record?
>> Edited by Eric Mc on Friday 17th December 11:36
1. By accepting payment in the form of cash will the Inland revenue find out about this?
If you don't declare anything they will eventually wonder what you are living on and turn you over.
2. If so how do i go about paying tax and NI?
It's time to find a friendly accountant, or a smart bookeeper may be sufficient if your business is simple.
3. Do i have to register the company name? Or can i just go and make some cards and letterheads etc with the name on it.
Sounds like you'll be a Sole Trader, in which case there is no 'company' as a legal entity; just you as Proprietor. You can trade and take payment in your own name, which is simplest, or have any trading name you like as long as it's not a blatant copy of someone else's in the same business and area. Print and be damned. However if you want to accept cheques made payable to a trading name, eg D3 Computers, you might end up needing business banking, which costs money.
4. Where would be the best place to advertise to build a good client list.
$64K question - you know your business better than me!
5. Finally apart from here where else could i get good information to running a small business?
Someone else who runs one successfully. The key is keep it simple and keep overheads down, at least until it's making money.
Good luck!
If you don't declare anything they will eventually wonder what you are living on and turn you over.
2. If so how do i go about paying tax and NI?
It's time to find a friendly accountant, or a smart bookeeper may be sufficient if your business is simple.
3. Do i have to register the company name? Or can i just go and make some cards and letterheads etc with the name on it.
Sounds like you'll be a Sole Trader, in which case there is no 'company' as a legal entity; just you as Proprietor. You can trade and take payment in your own name, which is simplest, or have any trading name you like as long as it's not a blatant copy of someone else's in the same business and area. Print and be damned. However if you want to accept cheques made payable to a trading name, eg D3 Computers, you might end up needing business banking, which costs money.
4. Where would be the best place to advertise to build a good client list.
$64K question - you know your business better than me!
5. Finally apart from here where else could i get good information to running a small business?
Someone else who runs one successfully. The key is keep it simple and keep overheads down, at least until it's making money.
Good luck!
simpo two said:
3. Do i have to register the company name? Or can i just go and make some cards and letterheads etc with the name on it.
"Some advice"........However if you want to accept cheques made payable to a trading name, eg D3 Computers, you might end up needing business banking, which costs money.
No necessarily. Some banks offer free business banking for small business that have a low number of payments (in and out) a month. Have a search but I found that the Abbey one worked for me. Alot of them are "introductory offers" so be careful.
>> Edited by icamm on Friday 17th December 15:46
I understand the IR knows the ratio of cash to cheque in most sectors and if your books are out of kilter with the expected cash/cheque ratio ..watch out.
When I started as a sole trader my bank gave me 12 months free banking (and they watch for accounts who are using personal accounts for business) and the cheque book had 'Fred Bloggs trading as Acme Explosives' on them.
If you are limited company you have to have company details on papere work, web sites (oh yes!) etc. I am not sure if I need to do this, but I also have a sign at the ofices saying that this is the 'registered address of Acme Explosives'. BTW I don't run an explosives company and if M15 have detected this post with a 'key word' , it was just an example OK!
When I started as a sole trader my bank gave me 12 months free banking (and they watch for accounts who are using personal accounts for business) and the cheque book had 'Fred Bloggs trading as Acme Explosives' on them.
If you are limited company you have to have company details on papere work, web sites (oh yes!) etc. I am not sure if I need to do this, but I also have a sign at the ofices saying that this is the 'registered address of Acme Explosives'. BTW I don't run an explosives company and if M15 have detected this post with a 'key word' , it was just an example OK!
I started a similar business just over a year ago. (www.tenburycomputers.com) .
The best advertising for me in the initial stages was the local parish magazine and the yellow pages.
From there, word of mouth has been by far the best advert - and it's free.
I did advertise in the local newspaper for 6 weeks and was underwhelmed with the response, even though I had a 9cm by 6 cm colour block on the right hand side of page 3.
The best advertising for me in the initial stages was the local parish magazine and the yellow pages.
From there, word of mouth has been by far the best advert - and it's free.
I did advertise in the local newspaper for 6 weeks and was underwhelmed with the response, even though I had a 9cm by 6 cm colour block on the right hand side of page 3.
thanks for the input everyone.
Been busy with cards and some letterheads courtesy of office colour laser printer
Working on the website now with a few ideas in mind.
Will be putting an ad in the local newspaper and newsagents during the week between xmas and new year. I'm thinking that people would HAVE bought new PCs for xmas, but have knackered them already (i hope)
thanks again
D3
edited as my grammar is crap
and i am a retard that can't spell!!! 
>> Edited by d3ano on Tuesday 21st December 08:43
Been busy with cards and some letterheads courtesy of office colour laser printer
Working on the website now with a few ideas in mind.
Will be putting an ad in the local newspaper and newsagents during the week between xmas and new year. I'm thinking that people would HAVE bought new PCs for xmas, but have knackered them already (i hope)
thanks again
D3
edited as my grammar is crap
and i am a retard that can't spell!!! >> Edited by d3ano on Tuesday 21st December 08:43
Using "would of" instead of "would have" or "would've" is a very common mistake here in England. I don't look on it as a grammar mistake per se but more as a literal misinterpretation of the sound of the expression. It's probably an accent thing as I never came across this particular error in Ireland (although the Irish have plenty such errors of their own).
Good luck with your venture but can I give you a comment on the website?
I realise I can't wait for a reply!, so...
Under your "Personal Computers" page you say for Personal Installations "... buzz words flying ... can be even more baffling..." but then, under Home Networking you mention "Routers will be placed ... ADSL/DSL modem, wireless range ... more powerful antennae ... Cables will be installed from one device to another..."
I would say that the Home Networking would be baffling to a non-techy and I could imagine people reading it a saying "I don't get it" and just going off to someone else.
Like I say, it's just a comment and I hope I don't cause offense.
I realise I can't wait for a reply!, so...
Under your "Personal Computers" page you say for Personal Installations "... buzz words flying ... can be even more baffling..." but then, under Home Networking you mention "Routers will be placed ... ADSL/DSL modem, wireless range ... more powerful antennae ... Cables will be installed from one device to another..."
I would say that the Home Networking would be baffling to a non-techy and I could imagine people reading it a saying "I don't get it" and just going off to someone else.
Like I say, it's just a comment and I hope I don't cause offense.
thanks for the feedback guys (no offence taken). I did run it though the spell checker in Frontpage, but i can now see that this is a bit weak compared to Word (weird i thought that the same dictionary was shared).
If there is anything else that is out of place please let me know.
Many Thanks (again)
D3
>> Edited by d3ano on Tuesday 21st December 17:18
If there is anything else that is out of place please let me know.
Many Thanks (again)
D3
>> Edited by d3ano on Tuesday 21st December 17:18
Gassing Station | Business | Top of Page | What's New | My Stuff