minion 29 Posted October 30, 2007 Report Share Posted October 30, 2007 My friend and I have been toying with the idea of starting up working for oureslves. We are thinking of a partnership but were wondering how to go about it. We are going to be based in Scotland so it will be by Scottish law. What do we need to do with Inland revenue etc and company name reg etc cheers Quote Link to post Share on other sites
Guest Brownbear Posted October 30, 2007 Report Share Posted October 30, 2007 If you want to stay friends, don't go into partnership. Set up as two mutually supportive small businesses if you want, but partnership is a good way to fall out fast. Quote Link to post Share on other sites
jasper65 6 Posted October 30, 2007 Report Share Posted October 30, 2007 If you want to stay friends, don't go into partnership. Set up as two mutually supportive small businesses if you want, but partnership is a good way to fall out fast. Never a truer word spoken. mates are mates!! Business partnerships can get messy..... Quote Link to post Share on other sites
Aled 479 Posted October 30, 2007 Report Share Posted October 30, 2007 There are business start up groups who can give you advice and help you write out a busines plan. There are at least here in Wales start up grant to get you going as well. Visit the job centre and they can point you in the right direction. Cheers Aled Quote Link to post Share on other sites
RatSnatcher 0 Posted October 30, 2007 Report Share Posted October 30, 2007 You dont have to register for tax for the first 3 months, If I was you I wouldnt bother for 6months...... Illegal yes but you probably wont make £4600 the tax freshhold in your first year so dont make things complicated. Keep your jobs if you have them and start getting your kit together now. good luck Quote Link to post Share on other sites
minion 29 Posted October 30, 2007 Author Report Share Posted October 30, 2007 You dont have to register for tax for the first 3 months, If I was you I wouldnt bother for 6months......Illegal yes but you probably wont make £4600 the tax freshhold in your first year so dont make things complicated. Keep your jobs if you have them and start getting your kit together now. good luck Cheers, We are going to keep our full time jobs at present until we get of the ground and make a name for ourselves. Basiclly we will be doing homers but keeping it above board. We hope to make it in to a full time business but even if we make a bit extra to pay for holidays etc. My mate is a gas engineer and domestic and comercial Corgi reg. He will be doing the fitting ect and I will be quoting jobs, invoicing etc plus genral labouring until we get off the ground and can get an apprentice. We are going to go Heating, bathrooms and kitchens plus I am a pump engineer/ pump salesman so we will hopefully move into sewage service and repair. To service a comercial sewage set takes about 20 minutes and you can charge £250 - £400 per service so its very good money. There is loads of money in pump repairs too but we will need to get a workshop and that is a while down the line hopefully. Quote Link to post Share on other sites
Guest baldie Posted October 30, 2007 Report Share Posted October 30, 2007 Go for it mate, you will never look back. I,ve been self employed for almost 4 years, and i ,ve never earnt so much money, or paid as little tax, and legally i might add. Your vehicle, fuel, clothes, bills etc, are all tax deductable, meaning the tax man pays for most of it...yeah, you have to fund your own hols, sick pay, and no bank hols etc, but trust me, i would have to be starving to work for someone else again, all you need is a good accountant. Quote Link to post Share on other sites
Guest alastair Posted October 30, 2007 Report Share Posted October 30, 2007 go for it mate,one bit of advise i can offer is give very detailed quotes,some people dont understand about,some pipes may need boxing in,or may run along walls and not buried in floor (extra),some existing floor may get damage ,or not possible to take up properly,.............you get my drift Quote Link to post Share on other sites
higgins 75 Posted October 30, 2007 Report Share Posted October 30, 2007 yes i would say go for it too,you have nothing to lose if your services are needed, it's better than working for an employer,the partnership aspect needs close attention but if you are close friends and share the same outlook it should be ok,you don't know what you will gain if you don't try, have a go,if it falls flat learn from your mistakes and start again,good luck pal, Higgins. Quote Link to post Share on other sites
minion 29 Posted October 30, 2007 Author Report Share Posted October 30, 2007 Thanks for the encouragement. The reason we are opting for part time to start with is security. I have two young childen, a wife and a deranged whippet to look after and am reasonably well paid £24000 per year mon - fri 8-5 no hastles. I have no formal qualifications and have been quite lucky getting reasonable money. Sure id rather have 50000 a year but its better than 12000!! My future partner is a very good hands on guy but he couldn't run an office. Some people just cant get a grip of how importiant invoicing etc is and he would really strugle on his own. We both have our own strengths so we are going to work togerther. Its a very exiting time and i really hope it takes off and we can make a full time living out of it. Quote Link to post Share on other sites
higgins 75 Posted October 30, 2007 Report Share Posted October 30, 2007 looks like you both thought it through long and hard enough,and the fact that your not giving your jobs up just shows you are both sensible about it,as regards your different skills all that means is one is good at one side of the business while the other can deal with the other side of it,you don't have nothing to lose by giving it ago,after all you'll still have your jobs(don't give that up yet!),good luck in your venture and i'm sure you'll make a success of it, Higgins. Quote Link to post Share on other sites
TITCHY69 10 Posted October 31, 2007 Report Share Posted October 31, 2007 GO FOR IT BOYS I STARTED MY OWN BUSINESS 4 YEARS NEXT MONTH AND NEVER LOOKED BACK, IT WAS A BIG JUMP AT FIRST BUT WHEN YOU GOT TO NOW YOUR CUSTOMERS AND PRICES EVERYTHING JEST FELL TOGETHER, I WAS LUCKY I DONE A WEEKS COURES WITH THE WDA WHICH COVERED BOOK KEEPING, BUSSINESS PLAN ETC. THERE WAS ALSO A FREE SERVICE CALLED BUSSINESS EYE DONT KNOW IF YOU GET IN SCOTLAND BUT DO A GOOGLE SEARCH FOUND THEM VERY HELPFULL AND IT WAS FREE, THE LAST THING IS DO YOUR MARKET RESERCH eg FIND OUT HOW MANY OTHER COMPANIES ARE OFFERING THE SAME SERVICE AS YOU AND HOW YOU COULD MAKE YOURS DIFFERNT TO THEM, ALSO WHAT THEY CHARGE ETC HOPE IT ALL GOES WELL FOR YOU Quote Link to post Share on other sites
shell 42 Posted October 31, 2007 Report Share Posted October 31, 2007 My hubby worked on a golf course for most of his working life, kept talking about going self employed but never had the guts to jump out of his comfort zone of regular pay, sick leave etc etc. He had a bit of a bust up at the golf course 6 months ago and walked out and set up by himself. He'll turn his hand to anything and has been walling, fencing, building, landscaping, done tree work, drainage, mole trapping, pest control. It's only the last week that he's quietened down. Having a well earned break! (getting under my feet more like! ) His plan is to work hard during the summer then have the winters off to hunt the beagles, his own dogs, and spend time with me and Nim. We're in a good position though for him to do it - we have property we rent out so mortgage is paid, live at hunt kennels so have tied accommodation and a small wage from that. But there's still bills to pay, food to put on the table, a young child to feed and clothe. The only regret Malc has is that he didn't do it years ago. Good luck! Shell Quote Link to post Share on other sites
RatSnatcher 0 Posted October 31, 2007 Report Share Posted October 31, 2007 (edited) There is nothing more exciting in life than when you start in business and the work starts steadily coming in.... I believe. For me its not all about the money.......I run my own business and I get a lot of time for me and my interests Like the saying goes......"I work to live not live to work" ....life is to short Good luck you really dont need that much luck to get by Hey and guess what I am sitting at home having a cup of tea and a bacon sandwhich at 9.09am probably roll into work at 10 dont ya just love being self employed Edited October 31, 2007 by RatSnatcher Quote Link to post Share on other sites
COMPO 54 Posted October 31, 2007 Report Share Posted October 31, 2007 i tried to start a business alongside working (i work continental shifts so am home more than half the time) the business folded, people expected service there and then and when you are working for the next four days and cant go see them until 5 days time, they call someone else who is doing it full time and can attend ASAP......dont know what i would advise, i understand wanting to keep the security of work and start small and part time and build up.......but i couldn't do the two......i feel to make a go you need to commit 100% of your time to it......couldn't you take a career break/unpaid leave from work for 6-12months.....if the business doesn't provide go back to work......not meaning to piss on your parade, just being practical and sharing how and why my business didn't take off.........plus i couldn't have earnt any where near what i earn now self employed...i suppose i am lucky and perhaps unlucky....i had more to lose than gain by giving up my permanent job...so gave up the business Quote Link to post Share on other sites
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