me and a friend want to start an electricians business??

Question

where do we start ?? we have the money for the van the tools ,we have paid 600 pound on courses,and feel we are ready .how do we register ,what do we tell tax people ,does the tax man allow time for us to start earning ???? what can we claim back??? etc any help would be grateful

Answer 1

first thing to do is agree terms of your partnership. what are you each putting into the business i.e start up capital, tools etc... and then discuss if you are splitting the profits 50/50 or split per share of capital introduced. you can put something in writing to this effect and both sign infront of witnesses. you would be advised to open a joint business account too, but be careul as each bank charges differently for this.

secondly. you will need a form CWF1 for each of you which you can search for and download from www.inlandrevenue.gov.uk

you have 3 months from the end of the month in which you decide to start trading in order to complete form CWF1 and sent it to the tax man. even if you dont make any money in the first few months, you can still claim the expenses. I would suggest having a year end of 31 march or 5 april (both treated the same) so do you books up to one of these dates for the first accounting period. if you dont make any money in the first year the losses from all your expense can be offset against any profits next year.

you will pay class 2 NI on a 4 weekly basis is elected to pay by DD. this will be about £9 a month. you will also pay class 4 NI on any profits over £5035 for the 06/07 tax year.

its a little to much to explain all the details on here, but your best bet is to find a small local firm of accountants that wont charge you a great big fee. I would suggest finding some example of bookkeepping and look at using a cathedral book (big red one) which you should be able to get from wh smiths or similar places.
they tend to be the best for analysing out all your expenses.

Answer 2

There is lots of info on the internet about starting a small business. I don't know the laws in the UK, but you need to talk to an adviser and have a written plan. Then, you start advertising your business. Start with friends and family, make special offers, etc. Then hopefully, word will spread about your business.

Answer 3

First you have have been given to go with the foundation on which you're going into company mutually. issues like who will pay for education are something you will ought to handle first. A partnership is extra low priced to establish than a constrained company, yet while the corporate is going broke - so do the two certainly one of you. in case you opt to establish a partnership sharing the installation expenditures and the income 50:50, the tax guy will prefer to look on the income of the corporate as an entire (the van comes off at this point). he will then examine you as persons in keeping with 50% of the income (your person allowances come off at this point). as quickly as issues are prevalent, your income are based on your paying for and advertising year. You finished a tax return for here April and pay the tax in instalments in July and January. it is somewhat extra complicated interior the 1st year and it is worth getting an accountant to set issues up for you.

Answer 4

Cotact the NICEIC - national Inspection Council of Electrical Installation Contractors about joining them. this gives you good stead in winning contracts. Also get yourselves a good accountant, he wil lhelp you with all you money , tax queries.

Answer 5

I think you need to go to bank and talk to a small business advisor! They will have all the answers for you.

Answer 6

FIRST GET A GOOD ACCOUNTANT HE WILL DO ALL THE REG/TAX ETC AND LEAVE YOU TO EARN YOUR FIRST MILLION HE WILL TELL YOU HOW MUCH TO TAKE FOR YOURSELVES AS WELLGOOD LUCK WITH YOUR BUSINESS REMEMBER WORK WORK WORK