TIPS FOR STARTING A BUSINESS IN 2021

[@AV_204]

I’m 17 and wanting to start a business, I’m still a full time student but putting some time into creating a business plan and a solid idea, I’m also a business economics student but surprisingly have learnt a lot of the knowledge not from school but from KZbin and online. Will get there soon enough.

[@lukematthews2825]

me too I want to be financially free and do not want to be stuck in the trap of a 9-5!

[@AV_204]

@@lukematthews2825 I hear you brother, I think I’d be okay with getting some money saved up through a regular job but then putting that towards investing and a business start up. How are you doing in terms of your business plan so far?

[@HeelanAssociates]

This is quite a common path to starting a business (getting a job and hustling on side to begin with). Also, it's almost a video in itself, but the self employed 'dream' isn't for everyone / often you will make less money. If you look up the average earnings for a self employed person it's not great! Good luck!

[@lukematthews2825]

@@AV_204 fr I'm doing that at the moment I'm working a full time job im 19 and ive been doing it since I was 17 I also make money on the side by selling shoes, clothes, crypto currency and dog walking I am still stuck on a business ideas though im worried it won't be successful

[@AV_204]

@@lukematthews2825 try not to stress about it, you’re still young, most people don’t start successful companies until well into their 30’s, just keep at it and 5-10 years down the line you’ll thank yourself.

[@sophiecollins]

These videos are really excellent - thank you

[@HeelanAssociates]

Glad you like them Sophie!

[@rossthompson3609]

your videos are a huge help. some really great info on them. Thank you.

[@HeelanAssociates]

Thanks Ross glad they are helpful!

[@johnjoe105]

Mu business goes live april 2nd..... excited and scared!

[@HeelanAssociates]

Good luck John!

[@theacefacejames]

And how's it looking 6 months later?

[@TK-Touring]

Sound advice, as always!

[@HeelanAssociates]

Thanks Thomas!

[@iondigital1483]

Any chance of a video on Partnerships? In particular, two sole traders starting a partnership to offer a proportion of their services for the partnership, while still also offering other services as sole traders.

[@HeelanAssociates]

We will add to this list :)

[@kryptoniteee]

My accountant is so annoyed at these videos. He’s losing so much business. This is great.

[@HeelanAssociates]

Hopefully they are gaining some as well, if they are good they have a world of extra knowledge to add to what we cover here on the surface 😃

[@saeidj2470]

I have a question. Let's say I buy goods for 10K from my personal savings and start a limited company. Then i sell the goods for 20k and receive the money in my business account. Now what happens to my initial 10K that was from my savings. Can I take it out or does it need to stay in the company?

[@HeelanAssociates]

Hi Saeid, So 20,000£ - 10,000£ = £10,000 profit. 19% tax on profit 1900. Let to 'distribute' = £8100. You can choose what to do then. Depending on overall state of business/profits, you could pay the full, or part amount in dividend. You could do salary. You could do other stuff. And/or you could pay some/all back as a directors loan against your £10k you put in. Had to describe all options in a comment/without knowing your situation but hope that helps!

[@ahmedaltoukhy1144]

Hi there, Thank you for the awesome tips you are giving in your videos. I have one quick question if you allow me. Someone advised me to open a UK LTD for me to be able to open a stripe account for my online business, But I am not sure if I will be eligible to pay taxes to my new LTD company. As Us LLCs are not paying taxes for non-residence. Please note that I am neither a UK nor EU residence. Thanks.

[@HeelanAssociates]

That’s a difficult one to answer in a short comment. I guess the easiest thing to say is if the UK ltd is earning uk profits, it will need to pay Corp tax.

[@Daniel-hr1cr]

Can A LTD buy goods with cash? Can money be withdrawn out of LTD bank account in order to buy goods (charity shops, car boots, etc...)? How it needs to be recorded? Thank you in advance!

[@HeelanAssociates]

Yes! We are actually going to do a video on this one. You just need to keep the best records you can. Ideally the traders would give you some form of receipt but it can be difficult.... so do what you can. Might be you need to keep a petty cash book detailing your car boot expenses.

[@alejandroletelier1518]

Hi, been going through a few of you're videos and have enjoyed them all so far. Me and a long term friend are looking to start a side company for some passive income we both work, i am in full time employment but work short hours and he works 6 weeks on 6 weeks off but he has his own limited company. We are struggling to decide what type of partnership route to go down we did contact business gateway but no one ever got back to us. Ordinary partnership Limited partnership Limited liability partnership Scottish limited partnership

[@HeelanAssociates]

Hi Alejandro, sounds like you need some professional advice on your situation. We have a consult service for this that can get you the answer. If you get in touch with team on info @ heelanassociates.co.uk we can arrange that help. It might be a partnership isnt the way forward.