It cannot get any harder, can it?

[sophiegees]

Topcuts - 225 a day brings you up to nearly the VAT level based on a 6 day week - so you will have to be careful or you will end up paying vat. Once your turnover hits 73000 a year you will have to pay VAT. 225 x 6 days a week x 52 equals 70200.

xx

 

[sophiegees]

Me again, of course if you can have self-employed people and they take the money and then pay you commission, this can help a bit turnover wise....

xx

 

[topcuts]

we operate a 5 day week and believe me i have my eyes very closely trained on the vat limit and make sure we dont do over....last time i checked it was 280 a day. we dont need to, im not greedy, 225 covers the salon/house/salary and the little bit on the top would be nice. i have never wanted to be a big salon selling tonnes of products etc hence i closed my 1st smaller salon down just so i keep to 1 salon and a small team

 

[topcuts]

ps my staff except the apprentice are self employed. i gave up with paye staff years ago and if i do take on another paye staff they will be 2 days a week remaining under the tax and ni threshold 125/95 a week. i am fairly on the ball with the ins and outs of hr/employment law and most certainly with the tax men i just like looking and sounding stupid so i learn more x

 

[sophiegees]

Cool Topcuts. We have just deregistered from VAT with our internet business and now have to keep to under an average of 200 a day (7 days a week). Luckily it is a totally different business to my beauty business so is a seperate business with a seperate turnover limit.

Yes VAT is no fun, and I know what you mean with staff. We have employees over the ni limit so end up paying even more to the tax man with the employers ni.

xx

 

[topcuts]

sophiegees when we get busier (8th month so still growing) i will be registering the nail / treatment room side to a new business name, separate accounts etc and therefore 'free' up some space

 

[KGsalon]

Can you register a second business under a different name if both business are the same type of business?
I looked into it but don't think you can? X

 

[persianista]

Can you register a second business under a different name if both business are the same type of business?
I looked into it but don't think you can? X

No, it's called business splitting, and the vat man wont accept it. However hair and beauty are different trades, so they accept that.

With renters, it is really important how you setup and run the companies as there are a lot of rules to fall foul of, and the fines for getting it wrong are huge.

 

[topcuts]

exactly. i have my hair salon and then i will have my nails / beauty salon which will be renting the room from my hair salon. completely different business, a sub let exactly the same as anyone else who rents the room from me.

 

[sophiegees]

I think each business has to be a seperate legal entitiy for different vats. Ie you cant have 2 seperate businesses with seperate vat levels in just one name. It has to be a differernt name (sole trader). A partnership is also considered a seperate legal entity.

A business cannot be seperate for vat purposes if one of the reasons is to avoid paying vat. It really is quite complicated.

xx

 

[nixnewcastle]

Chin up everyone it can only get better (I hope anyway)

 

[Pinkbunny28]

I think it will. I've had trouble with mobile work being very slow but the treatments I have booked 2nd week of jan are my highest earners since I started! Can't wait and hopefully will get more booked in.

I've been really good and made up some awesome leaflets which I will get printed in the new year and hopefully get loads of business from x

 

[claires secrets]

hi i know these posts are from last month but im new to all this so im just catching up, (lol) i just want to say that you are ALL an insparation. And although im not a newcomer to the industry your posative threads really do fill me with hope for the very unsertane year ahead.xxxx
P.s im better at nails then spelling thank the lord.xxxx