Am I a business yet, or not ??

[lucy_locket]

right i'm trying to start things off regarding a business...but i'm not sure if i need to be doing these things yet.

firstly i'm at college doing VTCT Level 2 Makeup and have done my CND Foundation also hoping if funds allow spray tanning. now i have my insurance thats done and i have been told by Marianne from CND to get out and start doing nails which i am and no they are not perfect but i must say i'm happy to do them on peeps and charge. so this is it do i open a business account now with mabe only 1 or 2 clients if that a week or not, also the same regarding the Inland Revenue. i'm very much wanting to do this properly and make sure i'm not doing anything wrong but i'm wondering if i really need to do this yet. i've been give a info pack from the bank and apt made for 2 weeks time.

what do you guy's think i should do?

also i have plained to go mobile but i do have a little setup as well at home which i might also use. so would i have a mobile business or a at home business? does this make a difference?

any help and advise would be great thanks geeks :hug:

 

[LBR]

I would say this is the best time to start up officially in business after all you are taking money for doing peoples nails, so it is income. Register with Inland Revenue and start taking notes on an excel spreadsheet everything you have bought and paid for including your training.

Once you set up in business you have to tell the Inland Revenue within 3 months that you have done this or otherwise you may get found out and fined.

Good idea to go to the likes of my local business gateway and put yourself on one of their business start up courses too. Help is always there if you need it from them too.

HTH

 

[pure]

Yvonne is right, you must notify the Inland Revenue once you start being paid for treatments. It's really easy, just a phone call and they are very friendly.

As for a business account you really don't have to have one. I just oped up a separate current account in my name and I use that. Most (but not all) banks will charge you for every credit and withdrawal on a business account so if you want free banking I wouldn't bother IMO. Although it's very nice to see your business name printed on your cheque book!!

 

[lucy_locket]

thank you for replys.

At the moment i haven't received any money at all for the nails i have done.i haven't done that many it's mainly for practice But i know from now i would like to charge some sort of amount to cover the cost of the products i guess it would be model prices. i completely understand this is an income i guess i'm just still dreaming of one day having my own business and it being a certain way to feel like a i have a business where as at the moment it doesn't feel like i'm just starting up a business if that makes sense.

i am trying to decide more about this business account as your right i don't want to be charged but i though a business account was needed. my bank at the moment is doing a 18month business account with no fees for that 18 months so maybe that might be ok?

thank you yvonne i will look at the business gateway

 

[g5m_sh]

I have just started my own biz doing nails.

I am still full time at my normal job but i am going part time 1st Oct.

I have informed Inland Rev that i am self emp. I have my insurance but i am not gonna bother with a biz account. They take your eyes out! You get charged for every little thing, even online banking. All you need is to keep all your ingoings and out goings, so when April comes round you have every thing for your tax return. If you are earning under somthing like £4500 from nails a year you wont have to pay national insuracne cont.

Its best to get reg ASAP because if you leave it more than 3 month you can get a £100 fine!

xx

 

[nicky's nails]

does anyone else just use a personal account, i thought you had to use a business account? i could easily set up another account in my name, rather than opening business account with another bank, would make life easier, but i did fancy a proper account , with my business name on the cheque book rofl

xx

 

[LBR]

My account is a personal account but just for the business.

 

[lucy_locket]

does anyone else just use a personal account, i thought you had to use a business account? i could easily set up another account in my name, rather than opening business account with another bank, would make life easier, but i did fancy a proper account , with my business name on the cheque book rofl

xx

this is what i though Nicky that you needed a business account. LLoyds do offer no charges at all for the first 18 months for a new business. but i might just open up a separate one now instead.

i also work P/T and this is whats helping me fund new stock and anything els that is needed and will continue with this till it's not needed and i know i can pay NI contribution through my pay if i need too.

thanks again for all the advise:hug: