Starting a Web Design Business
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- Leckenby
- Elite Rocketeer
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Well my idea is to make a little money (not much) from web design
I live in the UK, and wonder what I actually need to do to trade legally as a sole trader. I am sixteen and still in education
What did you guys have to do to start your business in terms of legalities, taxes etc.
Cheers
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- mas
- Sr. Rocketeer
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Just start as self employed - no need to register as a company or anything - you can do that further down the line if things take off. For now you just need to contact your local Inland Revenue Office and tell them you're self employed.
Keep a good record or your income & expenditure and at the end of the year you can fill in your self employed tax return online (financial year end that is in April). They'll sort out any tax you owe and how you need to pay for it.
Its a good idea to open a separate account and lots of banks will give you free business banking for the first year so you can see if its worth carrying on.
More info is available from business link
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- Leckenby
- Elite Rocketeer
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I was looking through that yesterday
Noticed the forms to declare as self employed
Would have to pay £2.10 for NI and income tax
I was going to keep good records
So you reckon I should declare I am self employed then, even though im 16 and going to university etc.
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- James Spencer
- Preeminent Rocketeer
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Bloggs_x wrote:
I was looking through that yesterday
Noticed the forms to declare as self employed
Would have to pay £2.10 for NI and income tax
I was going to keep good records
So you reckon I should declare I am self employed then, even though im 16 and going to university etc.
You are still self-employed - James Spencer / Developer & Support / Hull, UK
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- mas
- Sr. Rocketeer
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if you're making money you have to declare it - depending on other jobs/how much work you do you have you might not have to pay any tax (but you still have to do self assessment). If you've got another job I think theres a form you can get to choose not to pay the National Insurance but you best check this with the tax office because if you don't pay it you can end up losing some entitlements.
Its not really a big deal just a couple of phone calls and self assessment online is easy if you do it well in advance (which reminds me I should do mine now!!
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- Dan L
- Elite Rocketeer
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I think you need to prepare your expectations for how long some stuff can take.
I've thought about working in a part/full time job and doing development in my spare time, but I don't even have time to even consider that notion these days...and I'm not a slow worker by any means!
I've been working 12+ hour days now since Christmas and even will some weekend time, it's still not enough time.
So be prepared...or set your goals lower and only take on what you can cope with.
/heeds own advice - Toolbox Digital | Dribbble | Forrst
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- Dan L
- Elite Rocketeer
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Don't get me wrong...I love every second of it...but it does consume your life.
But choice is there? Time really does equal money ;D - Toolbox Digital | Dribbble | Forrst
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- Leckenby
- Elite Rocketeer
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Thanks for the advice everyone
im planning just to sortof learn abit as I do it to
It's only going to be something to make abit as im in education
Should help in the future, and I enjoy doing it
Does anyone know a bank that allows someone of the age of 16 to open a business account
Lloyds TSB only allows 18+
And HSBC doesn't say
HSBC also looks good for e-commerce...
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- mas
- Sr. Rocketeer
- Posts: 104
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- don't bother with a business account for now - you can use a personal account as a self employed person as all cheques etc. will be in your name - its just a good idea to keep a separate account so you can keep track of income & expenditure when you need to do your self assessment (+ to check you're making money!)
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