Making a new business

[T & H Plumbing]

Hi guys n sorry for the questions I'm asking but you seem to be a good bunch and I've had some good feedback while being here right I'm serious about starting my own business I will generally be a bathroom installer and do some heating ie rads, new pipes and general maintainance my questions are this

Looking at the Company house website when it comes to register a new company it asks

Ltd company
Sole Trader
Sub contractor

What I'm struggling with is what is my best route to take I don't really want to be a subby but if the needs rise due to no work I'll consider it, also what money outlay are we talking to register a new company??

Thanks Tunny

 

[oz-plumber]

Before you decide on any form of business platform, go do a small business course.

After you have done the business course, go see an accountant and after that go and see a lawyer.

Then after all that decide on what platform you want to start a business up on.

 

[T & H Plumbing]

Accountant sorted the girlfriend is one

 

[rpm]

Accountant sorted the girlfriend is one

Well that`s the first rule of business gone > Never mix business with pleasure!
And a rule of life > Never tell the missus exactly what you earn!
:thinking2:

 

[IDCHAPPY]

Well that`s the first rule of business gone > Never mix business with pleasure!
And a rule of life > Never tell the missus exactly what you earn!
:thinking2:

Cash jobs will defo go undeclared now :lol:

 

[T & H Plumbing]

name me a business man who does declare everything? lol

 

[rpm]

Taxman 100% with the help of a good accountant
Wife / Girlfriend 60%

Now that`s it from me coz I`m worried the delightful Mrs TP might have something to say on the matter.

 

[T & H Plumbing]

Taxman 100% with the help of a good accountant
Wife / Girlfriend 60%

Now that`s it from me coz I`m worried the delightful Mrs T might have something to say on the matter.

she knows the score but i understand keep business out the family i might take up on your advice

right i have been on CompanyHouse website to register a company, it costs £15 is that the only payment ill make? dont wanna be hit with a monthly bills

Public Liabilty will be sorted during the week

i have got myself a business partner who is jumping on board (cash only)

Business cards will be ordered during week

now to get a van

and some work

 

[Ray Stafford]

Looking at the Company house website when it comes to register a new company it asks

Ltd company
Sole Trader
Sub contractor

What I'm struggling with is what is my best route to take I don't really want to be a subby but if the needs rise due to no work I'll consider it, also what money outlay are we talking to register a new company??

Thanks Tunny

It depends on what sort of business you are trying to build. If its intended as a vehicle for your self-employment then you are better off as a sole trader.

Upside - simpler, lower accountancy bills, easier to get credit, easier to wind down if you decide it isn't for you.

Downside - your personal assets are at risk*, and it is probably not a good structure if you expand the business.

If you have aspirations to build up a business, hire staff, and generally create something that is much more than just you beavering away, then consider a limited company.

Upside - its more scaleable and flexible than a sole trader and theoretically, your personal assets are not at risk*

Downside - more complex to set up, slightly more in legal and accountancy bills,

*actually, this is a red herring for the first 3 or 4 years, as no one will give credit to a newly formed limited company without a directors guarantee - which puts your personal assets back on the line again. It only becomes relevant if you build up capital within the business (ie allow the balance sheet to grow, instead of taking all the money out)

s

i have got myself a business partner who is jumping on board (cash only)

Unless the partner is close family, (and even if they are) you need to establish exactly what the terms of the partnership is. Get it documented, including what happens when you fall out, if one or the other wants their money back, etc etc.

I have seen more businesses come to grief because of partners falling out than for any other reason except being bumped by builders.

 

[T & H Plumbing]

thanks Ray you basically just answerd my questions, the partner is the girlfriends son who is willing to put money in and follow in the same carreer path, i know there is risks dude to unforseen circumstance and its a huge step, i will be sitting down with my Lawyer to discuss a few things and get some sort of contract written up and go from there

the types of business path did throw me but now you explained it im confident which route ill follow, i still have a long way to go but im confident i can do this ray ill private mail you in a sec for you to have a gander at something ive done

thanks for your help

 

[rpm]

Sound advice there Ray.

 

[Killy Bing]

thanks Ray you basically just answerd my questions, the partner is the girlfriends son who is willing to put money in and follow in the same carreer path, i know there is risks dude to unforseen circumstance and its a huge step, i will be sitting down with my Lawyer to discuss a few things and get some sort of contract written up and go from there

the types of business path did throw me but now you explained it im confident which route ill follow, i still have a long way to go but im confident i can do this ray ill private mail you in a sec for you to have a gander at something ive done

thanks for your help

Avoid

if the relationship or future marriage goes sour then the business partnership is likely to follow suit.....with a bang

 

[IDCHAPPY]

name me a business man who does declare everything? lol

Me...honestly...well....maybe...emmm

 

[T & H Plumbing]

if the relationship or future marriage goes sour then the business partnership is likely to follow suit.....with a bang

i know that, thats why i will seek legal advice before anything is in concrete after all i want this as my career and future i will make sure all avenues are taken care of

 

[lame plumber]

seems to me someone is trying to sprint before they can crawl. The first thing you need is to be out there working and getting customers, before signing up with companies house and taking someone's money to get you going. Go talk to citizens advice for free, then get the free book from hmrc on what to do tax wise, forget having an accountant girlfriend you only need to keep a record of income and expenditure for 12 months before getting her involved to much. The main issue is insurance and skill base, without either you shouldnt get up in the morning and go into other peoples houses

 

[T & H Plumbing]

seems to me someone is trying to sprint before they can crawl. The first thing you need is to be out there working and getting customers, before signing up with companies house and taking someone's money to get you going. Go talk to citizens advice for free, then get the free book from hmrc on what to do tax wise, forget having an accountant girlfriend you only need to keep a record of income and expenditure for 12 months before getting her involved to much. The main issue is insurance and skill base, without either you shouldnt get up in the morning and go into other peoples houses

I appreciate that, but we all have to start somewhere, im confident i have the skills to to certain things in the business and ill aim my job searches at that direction, plumbing is a detailed job bathrooms and rainwater systems is where ill focus as im 100% confident i can do the job, the heating side i have knowledge but certain aspects of it im not so ill tend just just fit rads and general heating maintenance, i have a brain on my shoulders and i wont just jump into the deep end i will do homework with what to do and not to do regaurding starting a company, if i didnt think i could make this a success id stick to playing xbox

 

[lame plumber]

you havent really taken my point, start small, keep it simple forget ltd co etc until you are turning over £70k

 

[Ermintrude]

name me a business man who does declare everything? lol

Mine . Scrap fiddle cash it's all on the sheets

 

[R.Oak]

Personally I would start out self employed if i were you. keep costs to a minimum and just build up some work first. You want a decent customer base before anything else really. Get used to quoting jobs, experiment with advertising to find what works best for you and then just plod along until you are steady. If you reach a point where you have regular business, happy customers and are doing well then you can step up to Limited from there.

 

[Ermintrude]

Do it properly.

Pay a graphic designer to do logo

Get all your gear branded up

Buy a. 30k van

Get it branded up


Pay through the nose for a website


Get an 0800 to your mobile and an 0500 fax

Get two iPhones


Pm me first when your going **** up and need to sell it all tho!


Or box clever , make NO commitments to service contracts , phones or or any other outgoing you couldn't ditch at 5 days notice without paying mega bucks.


Buy a van for cash or hire one on a rolling 30 day lease from Northgate


Get an unlocked phone get a giffgaff sim and out £25 a month on it. Unlimited everything. - no massive bills.

EE unlimited can still cost you well over £300 a month on data 0845's and google maps.


Get say no to 0870 app and your done.


Deliver your own flyers. Keep your accounts as lean as possible. Aim to have enough work done and paid by 15th of each month to pay all last months accounts. Rest of moth your not worrying .


Buy what you need not what you want.

 

[T & H Plumbing]

made me chuckle that

 

[Irish]

Do it properly.

Pay a graphic designer to do logo

Get all your gear branded up

Buy a. 30k van

Get it branded up


Pay through the nose for a website


Get an 0800 to your mobile and an 0500 fax

Get two iPhones


Pm me first when your going **** up and need to sell it all tho!


Or box clever , make NO commitments to service contracts , phones or or any other outgoing you couldn't ditch at 5 days notice without paying mega bucks.


Buy a van for cash or hire one on a rolling 30 day lease from Northgate


Get an unlocked phone get a giffgaff sim and out £25 a month on it. Unlimited everything. - no massive bills.

EE unlimited can still cost you well over £300 a month on data 0845's and google maps.


Get say no to 0870 app and your done.


Deliver your own flyers. Keep your accounts as lean as possible. Aim to have enough work done and paid by 15th of each month to pay all last months accounts. Rest of moth your not worrying .


Buy what you need not what you want.

as always bang on the money!!

 

[Ray Stafford]

name me a business man who does declare everything? lol

Believe it or not, we do. The downsides of being caught fiddling are so much greater than the relatively small benefits of getting away with it, that its just not worth the risk.

 

[rpm]

Dunno if it`s true or not but someone once told me that if the taxman finds you out then they can go back 7yrs working on what they found out that year.

 

[lame plumber]

better believe it, and they estimate your fiddling and you have to prove them wrong, so how you going to do that

 

[Centralheatking]

The only thing a new business needs is work work work - go subbing 1st do anything as you
build up your private work when your private work gets in the way dump the employed bit.

lift as much stuff, tools and customers from your employer as you can before you leave
ALWAYS park their van well away from your private customer when on a foreigner otherwise
when u mess a job up they will call the number on the side of van !!!

when you have made some dosh let hmrc know and send some to them. New LTD
companies will have trouble getting accounts cause if they go bust the supplier cant get their lolly back.

If your good, lucky, and work really hard you will have a chance of success sitting around
theorising does not make money centralheatkinh

 

[T & H Plumbing]

Good bit of advice there thanks

 

[lame plumber]

not sure about "borrowing" your employers kit!

 

[Nostrum]

Believe it or not, we do. The downsides of being caught fiddling are so much greater than the relatively small benefits of getting away with it, that its just not worth the risk.

You got anymore of those £300 for cash boilers left Ray?

 

[cr0ft]

not sure about "borrowing" your employers kit!

LOL if any employee of mine ever 'borrowed' my kit or stock I would do everything I could to make sure they were charged for it and got a criminal conviction.

 

[Ermintrude]

Lots of people borrow and then take stock to the friendly swap shop, they normally swap it for 'wonga' I've never had any 'wonga' so unsure what the fascination is?

 

[oz-plumber]

Just be careful when doing 'foreigners'.

Some bosses have put GPS trackers in their vans.
Not a great way to end a working relationship by being caught by your employer for using his equipment for your own benefit.

Just remember

There are more plumbers looking for employers - than employers looking for plumbers.

 

[cr0ft]

http://www.wonga.com?

 

[Ermintrude]

I had a fiddle with a foreigner in a works van once

 

[oz-plumber]

Deleting Post.