Hi this is my very first post on this forum and am looking for some advice. My friend and i are lloking into setting a small business, mainly web based for now but hopefully to go onto having a shop.
We really dont know where to start with regards to tax, ni contributions, vat etc.
Any advice or pointers on where to get info would be fab.
Thanks so much in advance, Faye.
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Welcome to the forum.

You should look at the sticky at the top of the forum on Sole Trader vs Limited Company.

Your best bet would be to have a meeting with an accountant to discuss all the things you mention above. You can find good advice here but this should help put things into context. Many offer a free initial consultation so take advantage of this.
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First step is for you to get your heads together and produce a business plan and use that plan as your target.
Within 3 months of starting the new business you need to register with your local HMRC office as self employed.

Income tax is payable after you submit your first set of accounts.
If you start now then draw up your first accounts to 6/4/09 and they will need to be submitted by 31 October 2009.
Your deadline for paying any tax and NI due will be 31 Januuary 2010.

As the majority of your customers appear to be likely to be members of the public rather than business then you don't need to register for vat until your sales reach the vat threshold of ?7.000 p.a.
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Hi Faye

Welcome to the forums.

As Aaron mentioned, a good idea is to meet with an accountant first to discuss your needs. Usually the first meeting will be no charge or obligation... and we have a Find an Accountant (http://www.accountantscircle.co.uk/FindAccountants/FindMeanAccountant/tabid/529/Default.aspx) service for your specific needs.

All the best in your new venture!

David Toohey
The Accountants Circle (http://www.accountantscircle.co.uk/)
Accountancy & Bookkeeping Forums (http://www.accountantscircle.co.uk/Forums/tabid/59/Default.aspx) | Accountant & Bookkeeper Blogs (http://www.accountantscircle.co.uk/NewsampBlogs/AccountantBlogs/tabid/595/Default.aspx) | Company Formations from ?1! (http://www.accountantscircle.co.uk/OurPartners/UKCompanyFormationsOnline/tabid/667/Default.aspx) | Find Me an Accountant (http://www.accountantscircle.co.uk/FindAccountants/FindMeanAccountant/tabid/529/Default.aspx)
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Have a chat with your local business link or similar about courses on accounts etc or look at the free HMRC courses for a starter. If this is something you cannot / don't want to do then I would suggest getting an accountant.

Good luck with the business - a tough time to start in but hope it goes well.
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