Am I doing the right thing with my online business?

Smithers37 · #1 22-04-2009, 10:33 AM

I am starting up my own online internet / computing services. I have everything I need to start right away. I have just registered with companyformations247.co.uk to incorporate my business as a LTD company.

I'm just wondering if there is anything else left to do?

What can I expect in the way of paper work?

I appreciate your help. Cheers

#2 22-04-2009, 10:42 AM

Hi again Ben, not sure if this answers your question, but you may find this thread helpful:

What is involved in running a Limited Company?

Smithers37 · #3 22-04-2009, 01:25 PM

Hi IP2, Thanks ever so much for that article!
It really helped and I feel so much better about it.

I'm going to sit throgh the posts and learn as much as I can.

Cheers.

Any more tips and links would be much appreciated!

#4 22-04-2009, 03:53 PM

Not sure if your query is just about paperwork or the running of your business, but from a paperwork perspective you will need to keep up to date accounts, recording all inputs and outputs.

How are you planning to pay yourself Ben?

Smithers37 · #5 22-04-2009, 04:47 PM

I've not got that one figured quite yet. I'm on the look out for some software that will manage all my ins and outs.

Do you have any advice for book keeping?

#6 22-04-2009, 05:10 PM

The only reason I ask about paying yourself is if you are planning to pay yourself a salary, you will need to set up PAYE for the company to pay you, always remember the company is a totally separate legal body from you, even if you own 100% of the shares.

As for keeping records, there are many software programs that you can use, I can't recommend any of them as I use something quite obscure.

You do not necessarily need anything flash, an 'in' spreadsheet with columns:

Date | Customer | Sale (ie what sold) | Amount

and an 'out' spreadsheet with columns:

Date | Code* | Payment to | Description of Purchase/Outgoing | Amount | VAT Amount**

Will suffice to keep you legal.

*Helps to give each purchase a unique reference number / code (Tax office like to see this)

**While you may not be VAT registered immediately, it will help save you a lot of time in the future if you note the amount of VAT involved in each purchase.

Smithers37 · #7 22-04-2009, 06:06 PM

Thank you so much IP2. I think I will try out the FREE Microsoft acounting software. It looks like it will be perfect for the job. Let's see now.

Andy Trish · #8 22-04-2009, 06:57 PM

If you join the accountants network you can get the professional version for free Ben. it is free to join, I'll try and find the link.

OK the official site is here I stress it is free to join this site and you get the full version of Microsoft Accounting 2009. If you happen not to be an accountant then its not my fault.

Smithers37 · #9 22-04-2009, 08:52 PM

Andy Trish, thanks for your link. I've got to say, I am quite pleased with the free express edition but I will bear in mind what you have said.

Smithers37 · #10 23-04-2009, 08:55 PM

Someone told me earlier today that I will need an approved accountant to manage my book keeping and to do the company filings. Is this true at all? This has got me worried. Thank you so much.

Am I doing the right thing with my online business?

Starting a Business - Help and Advice