Guest Uncle_Northy Posted January 14, 2006 Share Posted January 14, 2006 Can you pm me por favour ! i've just opened a business account with the bank. i'm going to go and work for myself. had a few responses already from some people for extensions and general building work. so if you have your own business ,drop me a pm would like a little advice . muchas gracias, Northy Link to comment Share on other sites More sharing options...
Gonk Posted January 14, 2006 Share Posted January 14, 2006 Remember to save up during the year so you don't get lumped with a big tax bill! Link to comment Share on other sites More sharing options...
Guest Uncle_Northy Posted January 14, 2006 Share Posted January 14, 2006 Remember to save up during the year so you don't get lumped with a big tax bill! errr, thanks for that Link to comment Share on other sites More sharing options...
HAPPY SHOP PIG Posted January 14, 2006 Share Posted January 14, 2006 Remember to save up during the year so you don't get lumped with a big tax bill! more important: remember to keep 2 sets of books :^o Link to comment Share on other sites More sharing options...
Andybwfc Posted January 14, 2006 Share Posted January 14, 2006 Can you pm me por favour ! i've just opened a business account with the bank. i'm going to go and work for myself. had a few responses already from some people for extensions and general building work. so if you have your own business ,drop me a pm would like a little advice . muchas gracias, Northy Bob the Builder will be shitting his pants now then M! Link to comment Share on other sites More sharing options...
Smiffs Posted January 14, 2006 Share Posted January 14, 2006 i do and its hard work but rewarding. well it would be if i had drawna wage so far. paperwork and red tape is the biggest problem. forms for everything. i must have a file full of correspondance from variuos departments of the inland revenue, plus the CIS boll??cks is a pain. i've stuck my head in the sand with it and pay everyone on cis4 until i get told otherwise. dont forget your insurance. and dont forget to take out a mortgage to f??ckin pay for it. mine cost me ??13k plus andohter ??2k for plant and machinery. that does not include the vans! Link to comment Share on other sites More sharing options...
Guest Uncle_Northy Posted January 14, 2006 Share Posted January 14, 2006 i do and its hard work but rewarding. well it would be if i had drawna wage so far. paperwork and red tape is the biggest problem. forms for everything. i must have a file full of correspondance from variuos departments of the inland revenue, plus the CIS boll??cks is a pain. i've stuck my head in the sand with it and pay everyone on cis4 until i get told otherwise. dont forget your insurance. and dont forget to take out a mortgage to f??ckin pay for it. mine cost me ??13k plus andohter ??2k for plant and machinery. that does not include the vans! at last a decent post smiffs, i've all ready took out insurance ??150 a month . which aint bad but what i need advice on is running the books etc . and if i take someone on to work for me , how do i pay their tax and NI Link to comment Share on other sites More sharing options...
Smiffs Posted January 14, 2006 Share Posted January 14, 2006 you are best off getting an accountant for your books as they need to be done properly for VAT purposes if nowt else. basically, keep all your recepits in date order, make a log of them with the amounts plus VAT paid, and give them to the accountant every now and again, they will claim the VAT back for you and save a lot of f??cking about. i do them myself using 'Sage' and send it to the accountant for checking, but our spend is about ??10k a week so it needs to be done every day and would cost a fortune for the accountant to do it for me. overall, they are not as expensive as you might think. as for paying folk, contact the Inland Revenue and they will send you a CIS pack. if you only use the lad now and again, you need their CIS number and you pay them their wage less 18% which you keep to once side to give to the tax man every month. The IR send you all the info on how to do it, its a bit confusing at first but not too hard. if they are full time then its slightly different coz you need to take into account NI. Best advice, and this is what I have done, is to get your accountant to sort out the pay slips, it costs about ??2 per slip per week; they give you the completed slip then you give it to the lad with his money. i know many a man who had his own construction outfit and failed because he didnt manage his cash properly. you might be the best builder in the cosmos but if you f??ck up your accounts, credits, supplier accounts, VAT returns, retentions etc then you will fail. it is money well spent, and get the best you can afford. Link to comment Share on other sites More sharing options...
Guest Uncle_Northy Posted January 14, 2006 Share Posted January 14, 2006 you are best off getting an accountant for your books as they need to be done properly for VAT purposes if nowt else. basically, keep all your recepits in date order, make a log of them with the amounts plus VAT paid, and give them to the accountant every now and again, they will claim the VAT back for you and save a lot of f??cking about. i do them myself using 'Sage' and send it to the accountant for checking, but our spend is about ??10k a week so it needs to be done every day and would cost a fortune for the accountant to do it for me. overall, they are not as expensive as you might think. as for paying folk, contact the Inland Revenue and they will send you a CIS pack. if you only use the lad now and again, you need their CIS number and you pay them their wage less 18% which you keep to once side to give to the tax man every month. The IR send you all the info on how to do it, its a bit confusing at first but not too hard. if they are full time then its slightly different coz you need to take into account NI. Best advice, and this is what I have done, is to get your accountant to sort out the pay slips, it costs about ??2 per slip per week; they give you the completed slip then you give it to the lad with his money. i know many a man who had his own construction outfit and failed because he didnt manage his cash properly. you might be the best builder in the cosmos but if you f??ck up your accounts, credits, supplier accounts, VAT returns, retentions etc then you will fail. it is money well spent, and get the best you can afford. my uncle back in bolton is a charterd accountant..so i'm sorted on that front . now if i do take someone on ..i'll take them on the books .so no need for the CIS card so if i'm paying holiday pay and sick pay.. (ie sick pay) i will need to recover that from the goverment all flying over my head at the moment, but i'll get there Link to comment Share on other sites More sharing options...
Smiffs Posted January 14, 2006 Share Posted January 14, 2006 if you got them on the CIS then it will save you money on employers NI contributions, holiday pay etc, plus they pay less tax. you cant do it forever though. well, in fact, you're not allowed to do it at all but with all the changes due in the CIS system it is easy to get 'very confused'. best bet are the polish lads. ??40 a day, cash in hand, easy. not that I have any of course. Link to comment Share on other sites More sharing options...
Smiley Posted January 15, 2006 Share Posted January 15, 2006 Northy, my advice would be to contact a local business support unit. In Bolton its called the BBSU. There is also the BBV and Business Link. Your best bet would be to try Business Link - sure there'll be one in your area. Tell them what your plans are and they'll probably be able to give you some invaluable advice - from Health & Safety to Book-keeping.... plus Payroll, VAT, etc, etc. Usually they run courses which are completely free. I did a book-keeping course and thus keep my own books - using a simple Excel spreadsheet. Other possibilities from seeing Business Link - they may be able to find some funding for you.... we got between ??4K and ??6K over the first 2 years - which is a major help to get stuff you need. Like Smiffs, getting a wage out of your business ain't that easy. First year I had 2 or 3 months without a wage, or something that just covered the mortgage and nowt else. Missus was panicking saying I should get a real job again! Anyway, upshot was that in the 2nd year I was quids in. The best bit of having your own business as got to be the freedom of it - especially when you have kids. So flexible its untrue. Finally, you will definitely need the advice from a good accountant - though you may find that some are a bit too straight - ours is quite creative! ie. pay no tax or NI, draw a dividend and very small salary, etc. good luck - you won't regret it. Link to comment Share on other sites More sharing options...
Smiley Posted January 15, 2006 Share Posted January 15, 2006 oh, and make sure you speak with the IR about child tax credit. I got mine upped to nearly the maximum available during that first year, believe you me, getting ??250+ from them was a major help when I was drawing little or no wages. Link to comment Share on other sites More sharing options...
swiss_tony Posted January 15, 2006 Share Posted January 15, 2006 There is also the BBV and Business Link. Your best bet would be to try Business Link - sure there'll be one in your area http://www.businesslink.gov.uk Depending on what you're doing and current job status you can get varioius grants to help with starting up. A few years ago bascally all you had to do was open up a business account and they gave you ??1500. Link to comment Share on other sites More sharing options...
Smiley Posted January 16, 2006 Share Posted January 16, 2006 Business Link Northamptonshire Opus House Anglia Way Moulton Park Northampton NN3 6JA Tel: 08457 566 566 Website: www.businesslinknorthants.org Email: info@businesslinknorthants.org Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted January 16, 2006 Site Supporter Share Posted January 16, 2006 Business Link NorthamptonshireOpus House Anglia Way Moulton Park Northampton NN3 6JA Tel: 08457 566 566 Website: www.businesslinknorthants.org Email: info@businesslinknorthants.org Oh, wipe his f??ckin' arse why don't you! Link to comment Share on other sites More sharing options...
Smiley Posted January 16, 2006 Share Posted January 16, 2006 Business Link NorthamptonshireOpus House Anglia Way Moulton Park Northampton NN3 6JA Tel: 08457 566 566 Website: www.businesslinknorthants.org Email: info@businesslinknorthants.org Oh, wipe his f??ckin' arse why don't you! At ??60 an hour - can he afford me to? Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted January 16, 2006 Site Supporter Share Posted January 16, 2006 Business Link NorthamptonshireOpus House Anglia Way Moulton Park Northampton NN3 6JA Tel: 08457 566 566 Website: www.businesslinknorthants.org Email: info@businesslinknorthants.org Oh, wipe his f??ckin' arse why don't you! At ??60 an hour - can he afford me to? Job opportunity for you. Just stand outside Euston Station and advertise. You should get an arse to wipe every - say - 3 minutes. At a fiver per arse that's ??100/hour. Less overheads (Charmin Ultra @ ??3.50 a dozen) you'll still be quids in! Link to comment Share on other sites More sharing options...
Guest philros Posted January 16, 2006 Share Posted January 16, 2006 I ALWAYS MIND MY OWN BUSINESS!! Link to comment Share on other sites More sharing options...
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