discussion Self-Employment and Trade accounts

[AlanG]

Hi Peter

Already looked into that. HMRC allow you 45p a mile for car expenses up to 12k mileage a year and then 25p a mile there after. Business rates are reduced because i would be running it from my house and only need about 10 square ft of space. But because i'm running it from home, like you said i can claim on heating,electricity and phone costs.

 

[stillp]

Alan, check with your house insurer. They probably won't cover any business stock, but best to make sure they're happy with you running a business from home.
I found it cheaper to not claim on electricity, heating, etc than to pay business rates on part of my house.
Pete

 

[dave]

I used to work for an electrical wholesaler/retailer. When buying we had general discounts with a supplier, on heating, ventilation etc. Then specific discounts on certain products based on quantities bought, so fast movers we would buy in large numbers to get the discount, balancing the discount against the warehouse space occupied.

 

[AlanG]

Just a quick thanks to all that have given advice to me regarding this topic. Using the questions you supplied i have now got myself two suppliers for items i want. Well chuffed. Now i just need to find £2k to get stock and equipment to get the ball rolling.

Onwards and upwards

 

[Guest]

Great news Alan.

 

[AlanG]

Cheers John. Just looking into start up loans and crowdfunding options. I'd rather do it on my own money if possible then i know the profit is all mine.

It's actually scary just how much the little items for admin and packaging all add up into quite big figures.

 

[Guest]

Keep a list Al of all you spend on the setting up, when I started the tax people were so helpful about things like that.
I was like you want to be I didn't have any loans just grew slowly and in profit not owing anyone. Stay that way if your able .