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Starting as sole trader

unknownguest · 2006-10-30 14:44:12

Been thinking about starting a little business where I would be offering a service. There is also opportunities to work as a subcontractor and I could be earning about 1K a week. I have no idea how to go about setting myself up though. Should I set up as a sole trader even though later on I may need to employ a helper?…

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30-10-2006 3:44pm

#1

unknownguest

Closed Accounts Posts: 43 ✭

Join Date: December 2004

Posts: 28

Been thinking about starting a little business where I would be offering a service. There is also opportunities to work as a subcontractor and I could be earning about 1K a week.

I have no idea how to go about setting myself up though.

Should I set up as a sole trader even though later on I may need to employ a helper?

What about tax and everything? Would I need to apply for tax clearance and that kind of thing?

Also, I'll be borrowing about 6K to get started, if I earn 1K a week, and need 400 to live on myself, can I pay 600 a week off the loan so it will only take 10 weeks to repay, or must I pay tax on that straight away or is it only once I hit a certain earning per year?

Anyone know what to do re setting up as sole trader/company with a website name too and then bank account? Can I turn my personal account into my business and personal account?

Cheers!

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