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Thread: Setting up in business...

  1. #1
    Regular Member JCB's Avatar
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    Default Setting up in business...

    I've now decided that I want to set up a business providing Architectural Drawings, Planning Applications, Building Regulation Applications etc.

    I do several jobs anyway, but they are mounting up and I dont want to get stung by the tax man or have an insurance claim against me if an extension falls down...

    I know I need P.I. Insurance, which I'm getting quotes for now, but RE the business I dont have a clue where to start.

    I dont need any equipment. I will not be leaving my current job. It is purely to 'legalise' what I'm doing now...

    Can anyone help me? I'd be greatful of any information - if you want to e-mail me to save 'spamming' or whatever... jon.bayley@chestnuthomes.co.uk

    thanks in advance guys

  2. #2
    Regular Member Andy's Avatar
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    its easy mate. You need to set up as a limited company, much like us freelancers do. Speak to your citisens advice bureau for details of their business advisor who usually offer free advice on how to set up. You'll be able to bill people for work but bear in mind you will have to employ an accountant to sort your tax return out every year.

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    if you want to go self employed, as opposed to a limited company, just go down to your tax office, get a booklet about going self employed, and fill int he forms and send them off. Its so that your registered, and can pay the appropriate nat ins, and tax.

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    Regular Member Doug-SRidirect's Avatar
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    Legislation will force you into the Limited Company route. Self Employed.....oh happy days!!!!
    Self employed are deemed to be working for the agent nowadays (employed by them) hence need to be Limited - which is no big deal really - if you get the right accountant.
    PM me if you need any advise, I've been operating as a Limited Company since 1986 !!!
    Good luck,
    Doug
    Last edited by Doug-SRidirect; 11th May 2006 at 14:22.

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    Regular Member JCB's Avatar
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    Cheers guys - is a limited company OK trading part-time? - with reagrds to earning twice??

    I'm not sure what taxes (if any) I'll be liable for though as I'll only be generating a couple of grand a year...(say 5k tops to start with)

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    Regular Member Doug-SRidirect's Avatar
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    I'm not sure Ltd is for you with those turnovers! Accountancy fees will gobble up a signigficant chunk. Have you no "agency type" Ltd Co friends / colleagues who could run your bits and pieces through their company?

  7. #7
    Ex Vec-C Admin / Founder Duncan's Avatar
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    Have a chat with an accountant first. Limited Company isn't always the best way to go. There are some tax advantages being Ltd. - as well as not being personally liable for any debts etc., but also a whole bunch more hoops to jump through and the initial cost of becoming limited. You may find that it's more suitable for you to inform your Tax Office and go Schedule D.

    I've remained 'normal' self-employed as there's no real advantage for me being limited.

    Have a chat with an accountant and they should be able to advise you accordingly as there are pros and cons of both.


    D

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