Starting up your own small business

deman

How do you go about this?

I don't want a Limited Company, just a small business, self employed, hoping to be able to employ a couple of temperary, part-time staff (involving sales) in the future.

[Jackass]

Here's a start.

You can set up a business in a sole trader name...If you follow links on that page there are links to differnt forms of government funding you will be entilteld to for setting up a small business, some details and legal issues on employing people and different tax implications for how you form your business.

The first steps really are to register as a company and register for VAT...then you are entitled to employ, claim back vat and pay your taxes.

I would suggest the biggest and most important research you should do is into tax schemes for saving money and also how to calculate your tax returns and make sure you're paying correctly or you could face serious issues down the road.

It wouldn't be a bad idea to consult a financial adviser before setting up the business who can advise you on all these issues whilst also help you with financing your business and what kind of borrowing you should enter into (if at all)

For example, for a small business, I would suggest any equipment or vehicles should be bought on lease (financed by any of the big banks) where you will pay and claim your vat back monthly and the vehicles/equipment will (hopefully) pay for themselves as you go (monthly repayments on finance) as apposed to hire-purchase where you will need to pay VAT sums upfront and then claim it back, which is cheaper in the long run, but may not be affordable in the immediate term for a small business and you will need to decide what kind of term you want to lease these goods and insurance finance etc. (at the end of the term you will own the goods)....but as I said, all of these should be consulted with a financial adviser if you are really serious of trying to break into big business.

Best of luck

Diamondmaker

try askaboutmoney.com also, similar to boards but much more focussed on, well money.....business etc.
Some vry informed posters there.