Book-keeping business

husmaz12

HI everyone i am thinking of setting up a book keeping business but have a few questions and was hoping someone might be able to help.

Firstly, i am unsure whether to register as a sole trader or a ltd company in terms of tax/NI payable. Also as i will initially be working from home and my home adress will be my business adress will i need to pay additional council tax etc?
I am aware that as a ltd company i will need to register with companies house but as a sole trader must i register or can i just start trading?

Also in terms of withdrawing money from the business what are the ways in which this can be done for either option?

ANy advice appreciated.

Regards,

Maz

meibaker

you can start staight away with sole trader! u need to register within 3 months of ur trading date! have you check the HMRC website, there are all the info you need to know on starting a business! good luck!

tiffany

if you were a sole trader you would take money out just as drawings and would have to pay class 2 NI contributions yourself. If you were a ltd company you would have to give yourself wages as a director under PAYE.

husmaz12

thanks for the info..

another query i have is that i am not yet fully AAT qualified but i do have qualifications from the IAB but they have informed me that i need to register with HMRC under money laundering reg's how do i go about this? apart from HMRC and the data protection commisisioner is there anyone else i need to register with before i can start trading?

thanks!

burg

It may also be a good idea to look at getting professional indemnity insurance.

Here are the details here for MLR with HMRC http://www.hmrc.gov.uk/mlr/index.htm

I would recommend starting as a sole trader and see where this takes you. Don't forget you cannot mention the AAT. Once qualified you will also need to apply for a practising certificate.

No additional council tax just ensure any room you use for business is also used privately.