Now my business is rolling

Discussion in 'General Business' started by powerlifer, Oct 2, 2007.

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  1. #1
    Hello everyone well my business has been live for 3 weeks now and from sales i have made a turnover of around £1500-1600GBP. Now i have no idea to the financial side of business. I dont want to spend a penny of the profit i make unless its for new stock, business expenses etc. But what do i do with the profit do i take a wage from my business then put that money into an ISA or do i let it build up in the business bank account.

    How do i know how much tax im due etc.

    Is there any books or anywhere i can get some help on the financial side of things.

    Any helps is greatly appreciated
     
    powerlifer, Oct 2, 2007 IP
  2. PHPGator

    PHPGator Banned

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    #2
    Well, you are now considered self employed if you wish to turn in taxes, and you probably should if you are making that much. You should work with an accountant in the area during tax time. You need tom ake sure you keep reciepts/records of every expense you have as well as all the money you are making. I'm not sure in the UK, but here you have to file for a DBA and a Sales Tax ID and charge taxes for people in your area (state here). You might be better served if you go to a CPA now.
     
    PHPGator, Oct 2, 2007 IP
  3. powerlifer

    powerlifer Active Member

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    #3
    Thanks for the information i intend to do all the tax stuff etc.

    Keep it coming people
     
    powerlifer, Oct 2, 2007 IP
  4. Valley

    Valley Peon

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    #4
    I am assuming you are from the UK and if so I am genuinly so pleased that it is working.
    Please, please get an accountant.
    I see on average 20 business a day which are making big mistakes.
    They argue like mad over a dollar then gibe a thousand to the taxman.
    1. Accountant
    2. Sage accounts package
    3. Register all domains
    4. Register self employed/ VAT etc
    Ask more questions
     
    Valley, Oct 2, 2007 IP
  5. chriswick

    chriswick Peon

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    #5
    Nice to hear that business is going good. If you don't need to don't take a wage just put all the money back into the business if you have bills like tax then just pay them off and move on....
     
    chriswick, Oct 2, 2007 IP
  6. powerlifer

    powerlifer Active Member

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    #6
    I dont need to take a wage i would rather save the profit made so that i can either expand the business or keep it mounting up so i can buy a house.

    I will defintley get an accountant and get this sorted out.

    Do you guys know of any good books on the financial side of things or maybe even a website?

    Thanks again:)
     
    powerlifer, Oct 3, 2007 IP
  7. dans107

    dans107 Peon

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    #7
    You have already registered as self-employed, right?
     
    dans107, Oct 3, 2007 IP
  8. powerlifer

    powerlifer Active Member

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    #8
    No doing that this week mate
     
    powerlifer, Oct 3, 2007 IP
  9. Roido

    Roido Active Member

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    #9
    Congratualtions. Just curious what kind of business do you deal with.
     
    Roido, Oct 3, 2007 IP
  10. powerlifer

    powerlifer Active Member

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    #10
    i have just started two projects but the one im reffering to is a niche in alternative medicine/health.
     
    powerlifer, Oct 3, 2007 IP
  11. MartynD

    MartynD Well-Known Member

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    #11
    Hmm i'd contact tax man quick before they come after you... I do my tax's weekly.. you might be fined for not declaring your earnings to them.. you will also need to be registered.. i also don't see how/why anyone will buy from you if you arent registered.... what do you work from a website? or...
     
    MartynD, Oct 3, 2007 IP
  12. powerlifer

    powerlifer Active Member

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    #12
    I dont have a website yet most of the sales have been in person. You get 3 full months to register as self employed, my business has only been live 3 weeks mate.
     
    powerlifer, Oct 3, 2007 IP
  13. SEOBusiness

    SEOBusiness Well-Known Member

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    #13
    What kindly of business you did?How can you make £1500-1600GBP within a month?You can write something on this and sharing it with us.Some people here are willing to pay for that?On the other hand,I do not think it is a good idea to ask question on tax here.Good luck mate.
     
    SEOBusiness, Jan 4, 2008 IP