Where/how to start?

[kim.ro18]

Hello

i was wondering if some one, anyone can give me a run down on the things i need to do to start up my own business( from home)??? do i pay taxes straight away?

Im really stumped i don't know where to start

Thanks in advance

 

[Lynne Baker]

Here's a really good place to start!

https://www.gov.uk/set-up-sole-trader

 

[Beau-ty]

As far as the tax goes you need to register with them that you are going self-employed. When i did this they sent me an information pack and details of helpful day courses that tell you where to start. keep records, receipts of all your outgoings and incomings and they will let you know when you need to complete your 1st tax form (can't think what you call it). I do all my records but pay an account to do the official bit, then i get my tax bill x

 

[Beansy]

Here you go. This lists what you need to consider

 

[kim.ro18]

Aww thank you, yikes it all seems so scary, im ot looking to et up till i move to my new house etc, seems a way off, but i know it wont be, can you clam vat back on all things bought in the buisness as well?

 

[Beansy]

Only if you are a VAT registered business. You can opt to do this voluntarily but it means you then have to increase your prices by 20% to add the VAT on to your customer.
You have to register for VAT when you reach the threshold (c 77k).