TIPS FOR STARTING A SMALL BUSINESS IN 2023

[@Deanodisco1]

I have just retired early i have worked as an electrician all my life as an employee . I am considering starting up as a sole trader doing electrical work . I am in a position where i dont need to kill myself and watching your videos have spurred me on as you have explained the process in a clear and concise way . Thanks a lot .

[@HeelanAssociates]

I guess that’s great news 😄👊🎉 good luck!

[@jameskenworthy4479]

These videos are gold! Thank you!

[@HeelanAssociates]

Glad you think so!

[@dorcashenderson6630]

Thanks, very helpful.

[@HeelanAssociates]

Glad it was helpful!

[@jeanevenor]

You are amazing it’s so clear to understand when you explain things, thank you!🙌🤝 any tips on how to communicate so clearly on any subject?

[@HeelanAssociates]

Glad you enjoyed! Not sure I’m best places to answer, I generally ramble and talk too fast 😃 I just explain it as it works in my head.

[@heatherthompson91]

I am thinking about starting my own business! I might be loosing my job!

[@HeelanAssociates]

Sorry to hear that 🥲 Might be the world working magic though and it end of being that start of something wonderful.

[@bessyhsn4218]

Thank you

[@HeelanAssociates]

You're welcome

[@charmainemoulden4882]

hi thanks for these videos do you have any on getting a tax ID number and do I need it

[@HeelanAssociates]

We don’t have a specific vid but if you mean a tax ref, check out our becoming self employed vid.

[@shaunstewart5400]

Hi I have a question. I’m starting a roofing business looking to earn around the £50k a year keep it at the 20% tax . My question is if I earned around 35 k a year profit out of the 50k how much tax would I pay etc.

[@HeelanAssociates]

You'd pay tax based on the profit, so £35k. Depending if you were self employed or a limited company would depend on the rate of tax. For self employed, over around £12.5k, you'd pay 20% tax and 9% NI (and a small 'Class 2" NI amount each year with the other tax).

[@rahabarbhuiyan9513]

If I start a KZbin channel and be monitised can I register as a sole trader and hire employees and put them in payroll?

[@HeelanAssociates]

In general terms this is possible yes (and not uncommon).

[@ThufirHarrison]

If i open a shop does the shop need to make a certain amount before i get taxed? I worked outvthe business rates do i pay them on day 1 of opening?

[@HeelanAssociates]

It depends if your a sole trader or limited company. If your a sole trader look up ‘trading allowance’ and personal allowance here on KZbin. Limited companies is effectively £1 profit= tax bill.

[@ThufirHarrison]

@HeelanAssociates so it seems the sole trader trading allowance is around £1000 gross income per year. Not profit. So its not gonna be relevant if the shop will need to take at least 30k a year. So if it takes 30k profit a year maybe 100k turnover. Do I have a untaxed amount of that? Just as example figures.

[@cc-gb3pm]

What's the best accounting software that you don't have to pay monthly? Is NCH Express Accounts any good or can you still use exel?

[@HeelanAssociates]

Honestly, I don't have any advice/opinion on free software. All the ones we regularly use are paid. You can currently use excel for records, it's just not the best way in my opinion.

[@petervenables513]

Your content is brilliant thank you. I have registered a business through Tide but dormant at the moment and learning so much from your videos , my faviourte take away so far is the director loan as i was not sure how to put it. I look orward to watching all of your videos

[@HeelanAssociates]

Hi Peter glad they’ve been helpful!

[@tonyjenkins4920]

Hello. Great channel - thanks for all you share. QQ - as a Sole Trader ... can I claim 100% first year allowances for an EV car, and use the car for both business and personal use? If so, I assume that if I used the car for (say) 50% of the mileage / days in a period I would only claim 50% of the 100% allowance? Thanks in advance.

[@HeelanAssociates]

Hi Tony glad you enjoy. Yes you’d restrict your allowance by the personal use proportion.

[@tonyjenkins4920]

@@HeelanAssociates Okies. Now to make the Q more complicated. Sorry. What if the car is purchased on a PCP? I read that I need to satisfy a S67 rule in order to pass the test. It appears I do “if the balloon payment at the end is less than the value of the car at that time”. However, how can anyone see into the future to know the car WILL BE worth more than the debt? Seems a very odd rule by HMRC. Unless this is where “in the future you may have to pay back some of the tax offset”?? Thanks again for any advice / insight.

[@oliverhopkins8074]

​@@tonyjenkins4920 this reads like youre just trying to dodge tax mate

[@CostaGeo6683]

Love these videos, been waiting for something for 2023 as I’m on the verge of getting out there. Iv done the maths and worked out what I need to make daily based on working 45 weeks (225 days) a year. Working on the next stage and that’s getting the vehicle to do it in 😂!! Appreciate you and your company very much 🥃

[@HeelanAssociates]

Glad to hear they helped! There is another one planned in a few weeks looking at business that have been trading but not going well, but it contains a lot of info I think it good for new businesses as well around the business model. Good luck with it!

[@user-ls2ou2jj9r]

Hello, can we talk about cooperation?

[@HeelanAssociates]

?

[@oliverhopkins8074]

Scummy scammy 100%

[@Hillarymaryy]

Great advice thank you

[@HeelanAssociates]

Glad it was helpful!