how to start up?

[Kyle87]

hi everyone......as much info as possible from your wise and experienced minds would be greatly appreciated....

so heres my current situation.....
im in college doing part time evenings for my level 2.......
i work a full time job earning just above minimum wage.....
baby on the way so i cant wait around forever....
i have a pretty extensive toolkit.....
will be looking to work for a plumber in the future as i complete my level two and embark on level 3.....


BUT!!! for the time being i would like to start doing jobs for myself in my spare time ie. bathrooms and other jobs which i can competently undertake.....and i am pretty competent to be fair.

im not one to try and dodge the taxman as i would be the unlucky fool who gets bitten in the bum.

obviously public liability is a must

what else do i need to do and how do i declare what i earn so i dont get into trouble with the taxman

please can i have as much useful advice about starting out as possible

many thanks

 

[Guest123]

You must inform HMRC within 3 months of your change in curcumstance in starting your own business. Contact your local Business Gateway, everything is free. There is a version of this in England.
Most importantly, advertise everywhere but spend your money wisely. Be prepared to go out on a hard slog putting 1000's of leaflets through doors, write letters to companies, get a magnetic sign on your car if you don't have a van. You will need van insurance, business insurance, public liability, I recommend a cheap second land line only for your business. Do LOTS of market research, find out who your main competitors are and what they charge. There's lots I'd like to tell you, but the main one is PREPARATION is the key.

Best of luck mate and congrats on the wee one.

 

[andrewcplatt]

Keep good records of the jobs you do,ie roof of ALL expenses and receipts.Tax returns and self employment have become far more user friendly compared to previous years.Depending on how complex your finances are,its always good practice and for piece of mind to enrol the services of an accountant,if however your finances are relatively straight forward,it is straightforward to file online