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Any online courses on setting up a company Watch

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    I want to learn more about finances, tax preferred payments and general accounting. Khan academy do good courses but only for personal stuff and not UK focused.

    Anyrhing out there doc using on Sole Traders or Limited Co? I will still pay an accountant but it seems beneficial to be knowledgable
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    startups site is good
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    (Original post by TrojanH)
    I want to learn more about finances, tax preferred payments and general accounting. Khan academy do good courses but only for personal stuff and not UK focused.

    Anyrhing out there doc using on Sole Traders or Limited Co? I will still pay an accountant but it seems beneficial to be knowledgable
    Setting up a company is a 5 minute job. Use Company Formations 247
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    (Original post by swirly)
    Setting up a company is a 5 minute job. Use Company Formations 247
    It's not about setting it up. That's the easy bit. Learning about taxation, accounting etc is what I want.
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    (Original post by TrojanH)
    It's not about setting it up. That's the easy bit. Learning about taxation, accounting etc is what I want.
    Which is advice a good accountant should give. You can't expect such advice for free?
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    Hey this term coming up at uni I have to set up a company and close it all back down, so if you want I can keep you updated on it? With all of the money side of things?
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    (Original post by Mega0448)
    Which is advice a good accountant should give. You can't expect such advice for free?
    Khan academy does exactly that for the US.
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    (Original post by mattr888)
    Hey this term coming up at uni I have to set up a company and close it all back down, so if you want I can keep you updated on it? With all of the money side of things?
    Oh man that would be very cool. If you wouldn't mind could you PM the company details as I want to see if its in the same industry as mine.
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    (Original post by TrojanH)
    I want to learn more about finances, tax preferred payments and general accounting. Khan academy do good courses but only for personal stuff and not UK focused.

    Anyrhing out there doc using on Sole Traders or Limited Co? I will still pay an accountant but it seems beneficial to be knowledgable
    I am in the same boat. Have you gone down the sole trader or Limited route? I have found it surprisingly hard to find the answers that you need when it comes to deductibles and mapping everything out.
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    (Original post by nomad992)
    I am in the same boat. Have you gone down the sole trader or Limited route? I have found it surprisingly hard to find the answers that you need when it comes to deductibles and mapping everything out.
    Yeah I figured the same haha! You just get attitude from people that know even less when you post things on TSR.

    I'm thinking of Sole Trader and then going to Ltd Co when I am more comfortable as I would be less liable. Theres a lot of pros and cons but when you're just starting out it makes no sense to set up a Ltd as its a lot of extra work for not much gain (when you make little money).
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    (Original post by TrojanH)
    Yeah I figured the same haha! You just get attitude from people that know even less when you post things on TSR.

    I'm thinking of Sole Trader and then going to Ltd Co when I am more comfortable as I would be less liable. Theres a lot of pros and cons but when you're just starting out it makes no sense to set up a Ltd as its a lot of extra work for not much gain (when you make little money).
    Yeah I think here is probably not the best place to ask questions of this nature haha.

    That is the same route that I am going down. Just set up as a sole trader officially and next year I will go to ltd after I have completed my return.

    Are you doing business online or physically? I am online and I know that you can deduct a % of your internet cost for example however there is no solid info on how to work that out when you are living with multiple people using the same connection and you are not using it solely for business!

    Currently I am just calculating tax based off my earnings and putting aside that amount each month, then I am expecting to benefit from some nice deductions. I am definitely going to get an accountant for the self assessment but I am just trying to learn myself when I have free time.
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    (Original post by nomad992)
    Yeah I think here is probably not the best place to ask questions of this nature haha.

    That is the same route that I am going down. Just set up as a sole trader officially and next year I will go to ltd after I have completed my return.

    Are you doing business online or physically? I am online and I know that you can deduct a % of your internet cost for example however there is no solid info on how to work that out when you are living with multiple people using the same connection and you are not using it solely for business!

    Currently I am just calculating tax based off my earnings and putting aside that amount each month, then I am expecting to benefit from some nice deductions. I am definitely going to get an accountant for the self assessment but I am just trying to learn myself when I have free time.
    Are you a student? If you're getting taxed I assume you already make over 11k PROFIT per annum? Past that you get 5k divident allowance, and past that up to 27k more dividend is hit at 7.5%?

    My business is online, a web dev chop shop basically. Yeah theres a lot of things you deduct as expenses, depending on the nature of business, even things like iPhones and PCs. I believe you can only deduct expenses for things that are solely business expenses and not costs you would have incurred otherwise. Again, not too sure though.


    Should definitely keep me updated as I am interested, would be fun to see how you get along
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    (Original post by TrojanH)
    Are you a student? If you're getting taxed I assume you already make over 11k PROFIT per annum? Past that you get 5k divident allowance, and past that up to 27k more dividend is hit at 7.5%?

    My business is online, a web dev chop shop basically. Yeah theres a lot of things you deduct as expenses, depending on the nature of business, even things like iPhones and PCs. I believe you can only deduct expenses for things that are solely business expenses and not costs you would have incurred otherwise. Again, not too sure though.


    Should definitely keep me updated as I am interested, would be fun to see how you get along
    I am starting University on Friday! I am a couple of years older though as I went straight into work as I did not want to make a poor choice in degree and I have generally been good at making money.


    The way that I have been reading it is that you can claim for capital allowances, which would mean that say you bought a laptop, and you would be using it for both University and work, you could deduct a percentage of the purchase price depending on the amount you used it for business purposes.

    Are you currently at University? If so, how much time are you putting into the business each week?
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    (Original post by nomad992)
    I am starting University on Friday! I am a couple of years older though as I went straight into work as I did not want to make a poor choice in degree and I have generally been good at making money.

    Yeah I am on track for around £17k profit by April provided I keep it ticking over when I get to University but I am sure I will.

    The way that I have been reading it is that you can claim for capital allowances, which would mean that say you bought a laptop, and you would be using it for both University and work, you could deduct a percentage of the purchase price depending on the amount you used it for business purposes.

    Are you currently at University? If so, how much time are you putting into the business each week?
    Yeah that's cool, I'm starting in a few weeks! Where are you going and to do what?

    Nice that's a very healthy profit. 17k shouldn't be much in tax. I believe you'll pay NICs and 11k (personal allowance) + 5k dividend allowance would be tax free meaning you'd only pay 7.5% tax on the 1k dividend remainder. That's my rough calculation anyway, theres probably stuff like Corporation Tax I'm missing out here.

    Yeah I believe its a percentage of business. I want to know if you can claim back the VAT? Otherwise it would offset the profit but for young companies you don't really need to do that too much.

    When I start I imagine I'll put in 5-10h learning web dev on the side alongside my CompSci course. When I do go into business it's not really a set amount. I would probably spend 1 week (5-10h) getting clients and the next few taking on their contracts. Profit's not even my ultimate goal here, the experience is more important for me at this stage. But yeah, it beats any bar-tending gig for sure.
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    as both of you are wanting to set one up this was recommended in my reading list https://www.lynda.com/Business-Skill...h/95896-2.html I havnt watched it yet so might be utterly useless but by the title it looks like it should be useful.
 
 
 
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