newhope 0 Posted October 31, 2007 Report Share Posted October 31, 2007 (edited) i started my gardening business about a week into july, go to some business advice meetings, there'll be a whole group of people all wanting to start a business and TAKE NOTES (better to write everything down and re-read it all only to find you only need half of it than write half of it down and find you wrote the wrong stuff down, which you probally will), these people have good knowledge ...they also offer a set amount of time slots with a business advisor...i found some of the advice very useful and some of it was just plain crap...they said i was mad to start a gardening business as the year was closing (made enough money to see me through winter so fu*k em) key is keeping your costs down, my start up was just under 5k go to Barclays for a business account as they offer it on face value and not on your credit history. I presented my business plans etc and they offered me an account with 18 months free banking, did have to blag it a bit though. Dont bother to get the start up packs - costs 20 quid a month and iv not even bothered opening the pack, all ya need is a second hand laptop with word and spreadsheet, Id also advise dont bother with the business account either just costs money to put your money in it after the 18months is up, run it through your personl account (to begin with). Business accounts are necessary if you want to apply for a loan. If you type ''thinking of becoming self employed'' into google or something it should come up with the leaflet, very easy to fill in the forms and send em off, national insurance is only 2 quid a week (how much do people pay through their payslips???) haha and keep motivated...try repeating this to yourself: WHATS IN IT FOR ME? I've only scanned these posts but would advise against going into a partnership mainly cos im a greedy git and want all the money i make to go in my pocket, haha and dont bother with an accountant to begin with...keeping your accounts is easy unless you find 1+1 hard and you probally wont be big enough to warrant paying someone a sh*t load of your hard earned cash, least for a year or so. But this is only what i think. I spend my day going t gym, walking the dog, thai boxing and generally doing what i want...wouldnt be able to do any of it if i was employed by someone else. Defo the best thing about being self employed is the flexability, set yourself whatever goal you want and get it. I would say good luck but i believe luck is for the unlucky. Edited October 31, 2007 by newhope Quote Link to post Share on other sites
GARY 76 Posted October 31, 2007 Report Share Posted October 31, 2007 I'm just about to walk out of a £50,000 a year job and start up on my own. I'm in the car game and have always wanted to start on my own, and now my wife has just taken a £45,000 a year job and can support us, so now i'm going to take the plunge................Hope to work hard and hunt hard...lol... So if you want to buy a car or 4x4 think of me pleaseeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee Quote Link to post Share on other sites
MikeTheDog 153 Posted October 31, 2007 Report Share Posted October 31, 2007 Feck the car game... ....Thirtyfour fecking years doing that, second time I was made redundant I decided enough was enough!.. . Got made redundant this time two years back, great time to be out of work.. ..Beating shooting ferreting every day through the season, come the spring I bought a secondhand lawn mower for 90 quid and stuck a card in a shop window...grass cutting etc...never looked back. I now have a busy and successful property maintenance and landscape gardening business all declared to the tax man of course As well as rabbit control so I can claim every expense for ferrets and dog.. ...Only regret, should have done it ten year back when I got my first redundancy notice! So my advice minion,...go for it! But get your partnership properly sorted from the start.. Quote Link to post Share on other sites
T.F.Student 0 Posted October 31, 2007 Report Share Posted October 31, 2007 "go for it! But get your partnership properly sorted from the start.. " Sound advice I was in a partnership 20 years ago with a lad i new through a family friend. It went well...very well for a period of time. Then he started arsing about so one day on a job in Manchester i threw the trowel in the mixer and said, "Thats it i want out". So he bought me out, not a lot of money but what i'd put in plus a bit. Now it goes bad...he'd told me that he'd bought me out. But he hadn't, he'd got someone i knew to buy in, this fella already had a business but wanted to act as a sleepingish type partner. The lad screwed him, he lost his own business as well! If only he'd told me he was thinking about it, i'd of put him right the thing was he'd known the lad for years. This lad went on to rip off the lads who worked for me and him, other lads he had as subbies, local business, the family friends granny (Big Time), the family friend and a lot of other people. So from a happy go lucky, hard working lad i knew he turned into a complete tw*t. So make sure you sort the partnership out properly as you never know what can happen with people over time. Just make sure you cover yourself Quote Link to post Share on other sites
higgins 75 Posted October 31, 2007 Report Share Posted October 31, 2007 Anyone had experience of running a Limited Company,as this is what i would like to get into more for the tax advantages,sorry to hijack your thread Minion,but the answers may be useful to you too, Higgins. Quote Link to post Share on other sites
RatSnatcher 0 Posted October 31, 2007 Report Share Posted October 31, 2007 Anyone had experience of running a Limited Company,as this is what i would like to get intomore for the tax advantages,sorry to hijack your thread Minion,but the answers may be useful to you too, Higgins. I wouldn't bother myself...... Limited co need to file tax returns quarterly fack that palava, the main advantage is they cant take your house should you go bankrupt but if you have any sense then you would throw the towel in before that ever happened Quote Link to post Share on other sites
T.F.Student 0 Posted November 1, 2007 Report Share Posted November 1, 2007 If you earn a lot there are also tax advantages of being a limited company. Fairly sure a subbie i know said he was paid dividends rather than wages. I would also think its worth looking into especially if you have high costs/your relying on other companies to pay you/or you just want to protect your personal cash/house/family etc. Quote Link to post Share on other sites
J Darcy 5,871 Posted November 1, 2007 Report Share Posted November 1, 2007 Anyone had experience of running a Limited Company,as this is what i would like to get intomore for the tax advantages,sorry to hijack your thread Minion,but the answers may be useful to you too, Higgins. yes, i have had a limited company. the benefits are good if you earn alot of coin, with the fact that the dividends pay alot less tax than your wage. BUT theres alot ,more hassle involved and the accountant will charge you more..... my advice to anyone starting up is "Go for it" over the years i have tried many different things, some have been a successand others a complete failure...one "little project" cost me over 6 grand!!!...but i have never regretted a single thing keep your costs down and don't spend everything you earn. i woudlnt go into partnership with your mate...theres an old saying..... "partnerships a sinking ship" stress and arguing can turn a great business into a negative one...... personally i would never leave yourself open to any tax implications either....if there is even the remotest chance that someone may grass you up for unpaid tax its very important to keep accurate records and pay tax.... better to do it right from the start..... good luck.. Quote Link to post Share on other sites
Guest shay Posted November 1, 2007 Report Share Posted November 1, 2007 I run a few Ltd Companies and have done for about ten years, there are lots of benefits and lots of downfalls naturally. The key for me is a good accountant and a very good book keeper, if you have these people in place and they are of the type of person you would call "one of your own" then you are onto a good start. My accountants make it look like we are earning very little profit each year to avoid corporation tax, we spend heavily in the last quarter of the financial year and by the next financial year our assets are vastly depreciated, my whole life is funded by the company all the travel all the clothes all the footwear, dog food house bills and even my beer money. There is a great freedom to running your own business, and controlled expansion is another major factor, I could have expanded my company ten fold and have had the opportunities to do so many times but I prefer to do it at my own pace. Trust in who you are working with is also of paramount importance, and employing mates can get very tricky, I have had to sack 3 lads over the years who I was pals with and it's not nice, try and keep work seperate to your social life. It aint rocket science like I said earlier all you need is to work hard at it get a good accountant and bookkeeper and your away. Good luck Quote Link to post Share on other sites
Simoman 110 Posted November 1, 2007 Report Share Posted November 1, 2007 over the years i have tried many different things, some have been a successand others a complete failure...one "little project" cost me over 6 grand!!!...but i have never regretted a single thing Jonno, I never realised the male escort buisness was such a financial minefield......... Quote Link to post Share on other sites
RatSnatcher 0 Posted November 1, 2007 Report Share Posted November 1, 2007 Plunge in deep and pull well back Quote Link to post Share on other sites
witton 6 Posted November 1, 2007 Report Share Posted November 1, 2007 If anyone is in or around the notts area and has a garage or car dealers and wants an apprentice service technician then i would love the place im upto yet qualified upto imi level 2 and have a real love for working with cars. I'm a fast learner and work well as part of a team. I would honestly consider anywhere, iv sent out my cv to couple of places upt yet but not herd anything. I went to carter and carter to get my qualifications and they are also currently looking to find me an apprenticeship. I know its a long shot but might aswell let you all know. Cheers witton Quote Link to post Share on other sites
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