Starting a business

[Kerrse]

A lot of people doing website creation at the moment, i looked at it and the market is saturated with companies doing this, free web templates (that just keep getting better) and everyone ripping off everyone else's code for quick money. I did it for a while for friends and made a bit of money but i found it just wasnt worth the time i was investing.

Good luck with it though, if you get it right and do well there is a lot of money in it. 

My brother & sister have been sucessfully doing it for years but their code is very well protected so much so when Vodaphone tried to steal it after they had done work for them they got a rather large lump sump in compensation

[golf-sib]

Website design can be good money, we have had a few people interested with some good money we have a client already, just a case of setting it up. It's a mixture of things as some of it will be business solutions such as a login page for employees to check what time there shifts are and keeping up with time sheets and schedules etc... especially with businesses wanting to go green.

Looking at company structure it looks like limited is the way we will go. Just there's a few things left.

1) Do we need an accountant, if not how do the books need to be kept
2) Drafting a good contract for clients to cover ourselves, will need to get advice on contracts, not sure where?
3) Business insurance, where to shop around?
4) We have a job on our hands, if we where to get paid for it would it be better to open a business bank account and have the money in there for the time being whilst we sort everything in the 3month gap, or would it be fine in a personal account, I know HM can get funny.

[Kerrse]

1) Do we need an accountant, if not how do the books need to be kept
2) Drafting a good contract for clients to cover ourselves, will need to get advice on contracts, not sure where?
3) Business insurance, where to shop around?
4) We have a job on our hands, if we where to get paid for it would it be better to open a business bank account and have the money in there for the time being whilst we sort everything in the 3month gap, or would it be fine in a personal account, I know HM can get funny.

Learn to do your own books then just have them polished by an accountant will be a lot cheaper

Business lawyer for the type of work you are doing it needs to be watertight !

You said it " shop around "

Business account makes more sense plus keeps everything seperate, no confusion

[JulesS3]

A lot of people doing website creation at the moment, i looked at it and the market is saturated with companies doing this, free web templates (that just keep getting better) and everyone ripping off everyone else's code for quick money. I did it for a while for friends and made a bit of money but i found it just wasnt worth the time i was investing.

Good luck with it though, if you get it right and do well there is a lot of money in it. 

My brother & sister have been sucessfully doing it for years but their code is very well protected so much so when Vodaphone tried to steal it after they had done work for them they got a rather large lump sump in compensation

 

[golf-sib]

Sounds good, thanks kersse.

My final question is, as its more of a hobby than a full time job, the money will go into the business account and no wages/salary will be paid until it does become more full time.

With a limited company you are tax free if incomings are less than 10k for the year. Obviously books will need to be kept still, but is this common practice as I can't seem to find any information regarding the scenario I'm describing, let alone if any taxations still occur?

Also how do things work out when buying additional equipment with the companies money for business use and business phone contracts? And other outgoing like insurance.

You guys have been a lot of help and I can't thank you's enough!

[Kerrse]

Sounds good, thanks kersse.

My final question is, as its more of a hobby than a full time job, the money will go into the business account and no wages/salary will be paid until it does become more full time.

With a limited company you are tax free if incomings are less than 10k for the year. Obviously books will need to be kept still, but is this common practice as I can't seem to find any information regarding the scenario I'm describing, let alone if any taxations still occur?

Also how do things work out when buying additional equipment with the companies money for business use and business phone contracts?

You guys have been a lot of help and I can't thank you's enough!

http://www.talktalk.co.uk/business-news/features/limited_company.html

[jimbooboo]

You could register as LLP limited liability partnership...

As for being registered you only HAVE to if your turnover exceed £69,000 IFRC something around £69k

Get some software called sage its a really good and widely used accountancy software.

Also get an accountant who can make the best of your taxes. You can claim a lot against your taxes, legally.

[golf-sib]

I got sage, its an early copy, will have to play around with it.

My partner is helping with some of the book keeping as she works in payroll and accounts so that has took some stress off and simplified things.

Just a case of getting a bank account now, do banks require a business plan even though there are not any outgoings as its more of a hobby that may become a full time business with pretty much zero running costs and no investment needed?

[Kerrse]

Just a case of getting a bank account now, do banks require a business plan even though there are not any outgoings as its more of a hobby that may become a full time business with pretty much zero running costs and no investment needed?

Not sure on this front can ask the other half as she was a business banking manager & area business banking manager so if anyone would know it should be her 

[golf-sib]

Just a case of getting a bank account now, do banks require a business plan even though there are not any outgoings as its more of a hobby that may become a full time business with pretty much zero running costs and no investment needed?

Not sure on this front can ask the other half as she was a business banking manager & area business banking manager so if anyone would know it should be her 

please do otherwise I will bust in with the sketch from southpark.

Steal underpants -> ? -> profit





The OH also found some free HM workshops which I think will be a more than good idea to attend.