Registering a business

[openspaceman]

2 hours ago, trigger_andy said:

Hey all,

 

I need to register a business to get finance for some equipment. How do I go about this and is it very time consuming?

 

Cheers,

 

 

Why not just register as self employed (as additional work from your employment) get a Unique Taxpayer Reference (UTR) and crack on?

 

Only drawback will be filing a self assessment eact year.

[Ratman]

Whatever your gona be selling..... i aint buying! [emoji4]

[Johnsond]

2 hours ago, trigger_andy said:

Im not sure really? Just that the finance company Davies Implements uses requires me to to be registered as a business to qualify for their rates.  I currently have any more details. 

 

Andy

Andy what I found is that until I’d had at least a year of trading to show accounts for no one would even look at offering finance to the ltd company. Accountancy fees for a ltd company can add up and if vat registered that’s a return every quarter. As has been said it can be a good thing but also a total minefield.Good advice is a must. My woodlands was bought on a 0% credit card and paid off in a few lumps before the interest kicked in, free money if you play it right. 

[Paul Cleaver]

If your turn over is going to over the VAT threshold you will have to be VAT registered.

If your clientele are going to be company based - ie VAT reg themselves, you might as well be VAT reg yourself  as it will be financially better.

If you are below the VAT threshold, your clientele are public based (ie  not VAT reg) and you are not paying shit loads on capital assets, then don't go VAT reg

hope that makes sense as my body has been corrupted by gin at present

[trigger_andy]

Thanks for all the help and advice guys.   Looks like its not a viable plan. 

[trigger_andy]

12 hours ago, Ratman said:

Whatever your gona be selling..... i aint buying!

I dont blame you.  

[trigger_andy]

11 hours ago, Johnsond said:

Andy what I found is that until I’d had at least a year of trading to show accounts for no one would even look at offering finance to the ltd company. Accountancy fees for a ltd company can add up and if vat registered that’s a return every quarter. As has been said it can be a good thing but also a total minefield.Good advice is a must. My woodlands was bought on a 0% credit card and paid off in a few lumps before the interest kicked in, free money if you play it right. 

Yeh, that seems to be the case after another email from them today. A 0% Credit Card might be the way to go. Its for the Logosol Trailer Package and its eye wateringly  expensive. Inc VAT and Delivery from Germany its close to £4000. But as I have a Generation 1 Mill I'd need a whole new bed to go with it.

[topchippyles]

1 hour ago, trigger_andy said:

Yeh, that seems to be the case after another email from them today. A 0% Credit Card might be the way to go. Its for the Logosol Trailer Package and its eye wateringly  expensive. Inc VAT and Delivery from Germany its close to £4000. But as I have a Generation 1 Mill I'd need a whole new bed to go with it.

You are far better off doing that way andy which is what i do and it makes no difference if vat registered or not,Your turn over will not get near the vat threshhold  as you have a full time job to.

[maybelateron]

18 hours ago, Paul Cleaver said:

If your turn over is going to over the VAT threshold you will have to be VAT registered.

If your clientele are going to be company based - ie VAT reg themselves, you might as well be VAT reg yourself  as it will be financially better.

If you are below the VAT threshold, your clientele are public based (ie  not VAT reg) and you are not paying shit loads on capital assets, then don't go VAT reg

hope that makes sense as my body has been corrupted by gin at present

In principle I would agree. I was not VAT registered until my turnover meant I had to be. I dropped the contract that put me over the threshold after three years, and could deregister for VAT if I wanted. But I always have enough work coming in, despite being 90% tree surgery and tall hedges. Doing the quarterly VAT return myself is easy peasy, and I still get to reclaim VAT on most of my expenses. I would only deregister for VAT if I was losing too much work because of the the VAT.

Flip side of coin is it is probably easiest to start off not VAT registered, and register later if you want or have to.

[topchippyles]

1 hour ago, maybelateron said:

In principle I would agree. I was not VAT registered until my turnover meant I had to be. I dropped the contract that put me over the threshold after three years, and could deregister for VAT if I wanted. But I always have enough work coming in, despite being 90% tree surgery and tall hedges. Doing the quarterly VAT return myself is easy peasy, and I still get to reclaim VAT on most of my expenses. I would only deregister for VAT if I was losing too much work because of the the VAT.

Flip side of coin is it is probably easiest to start off not VAT registered, and register later if you want or have to.

Andy works on the rigs most of the time and his saw is when he is off for a couple of weeks a time

Edited August 6, 2019 by topchippyles