Starting my own business tax issues ?
Answers:
It all depends on where you live! every state, town or village has specific laws.
In general you can run business as properioter or setup a corporation. In either case you need to inform state/village that you do such business and yes you need to file tax return.
Where do you located? Email me if you need more help
Don't tell the greedy bastards for at least two years.
Let's start at the beginning you will want ---
Public Liability Insurance.
Register yourself as Self Employed (Job Centre)
Keep a record of all your earnings made in the last three years.
Obtain current certification for current savings investments etc.
Keep receipts for everything so you can claim VAT later.
Open a Bank Account in your trading name.
Keep your current account separate and pay your wage into that.
You do not need a company at this stage just your trading name which can be your own.
So far you have not paid out any money except for Insurance.
Now keep a day book showing money in and money out and demonstrate where the balance goes.
It is unlikely that you will have to pay VAT but keep your material bills in case you do.
Take my advice on this one what ever else you ignore.
Go and see Customs & Excise and they will help you start and tell you how to keep your books. Do the same with Inland Revenue and they are equally helpful.
You don't need Bank Managers Solicitors or Accountants at this stage so don't waste you money.
Your Work
Theory and pratical experiance will be a good base to start from but that is all it is.
You will be working alone with someone breathing down your neck in some cases. If you are not sure of a point don't bluff it through. Go out to your van for an extra tool or something and study the point before going further.
Just one simple tip. Beware of two way switching they are often on a different fused circuit.
Good Luck, take it easy, and don't forget you are working for a reputation so leave the customer happy and always leave your card.
The answers post by the user, for information only, UKQnA.com does not guarantee the right.