Setting up your own small business

[Sanj[UK]]

I am currently on a agency contract Now the problems is. I was paying around £30 to the umbrella company a week in fees so I thought fuck that, did no research and jumped on PAYE from which I have found out il be loosing up to £15 a day

Now Ive been told that I can do all the petrol/food stuff myself, but im struggling to find a decent guide anywhere.

Ive been told that I need a small business account, why cant i just use my normal debit account?
How would I go about registering my company?
Ive been told il get around 25% tax back..is this correct?

I need to get this done ASAP because the PAYE kicks in next week and i want to have this all sorted by then ..thanks

[hxbro]

Talk to an accountant, they'll be best to advise you.

I can refer you to my accountants if you want, they cost 70.50 a month and they process all my paye, tax, and anything else, I just send them my expenses and invoices each month and they send me back what my profit is and pay slips.

Banks don't like you using personal accounts, most business banking they charge you for. It's also best to keep personal and business finance separate, the tax man will have a field day if you ever got audited. You also want your account to be opened in your company name, this means you can deal with cheques and other things in the company name.

How much tax you pay is down to how creative your accountant can be, in the last few years I paid zero personal tax (in fact I got money back from them!), I still had to pay corporation tax on the profits though (this will vary depending how much profit there is).

[Freddy]

Just to note that Abbey don't charge for business banking if you re interested. Good for startups. Once you are on your feet and actually need a decent service then change to another bank.

[Sanj[UK]]

thanks for the replies guys..i need to get something sorted ASAP, im getting butt fucked by my agency and by the umbrella company..cunts the lot of them!