Startup requirements?

[donnk]

On 14/01/2018 at 23:21, Jonny69 said:

If you earn more than 40K per year now. Your 50k investment wont get you that income without running very efficiently. Also you will need the quantity of work, which may be hard to come by for the first couple of years. Expect a pay cut for a while, the grass may be greener eventually. 

 

 

 

dont forget a £40k PAYE salary is not the same as a ltd co salary. You wont be paying tax for a couple years as you will be loaning the company cash to startup/buy kit. you get to pay yourseld this back (and still have the kit to sell in future) and its not income so no tax.

 

Once you work for yourself you really dont want to 'earn' much more than your tax code in wages, find a decent accountant (NOT a bookeeper) and he will work for free in what you are not paying in tax.

 

In fact when I started my first business I was a higher rate taxpayer at the time and had a very good tax refund the first year of trading. 

 

I wont mention the tax credit joke/gravy train if you are eligible for it.

Edited January 19, 2018 by donnk

[Arborowen]

On 1/14/2018 at 21:50, Steve Bullman said:

In answer to your actual question though, truck and chipper..I would buy brand new, present a nice clean image.  I would get both these on 0% finance but put the value of them into a savings account to fall back on.  There would be more than enough left over to buy the extra saws you need to start out.  Anything else you need price it into the work and buy it as you need it

Good advice, all that needs to be said really, other than i would like to have 50k :-)