PRIME discussion forums » General business discussion

1. aamcle
   Member

   Hi All.

   I'm new here and initially just looking for some simple advice.
   I'm part way through setting up a e-commerce store, the margins seem good, I have my merchant number and will integrate with sagepay this weekend, the website is at the dev stage but should go active next week.

   My query is about the LTD company I set up, it's very easy to set up but I'm a lot less sure about the administration of actually running one. I know I need to submit reports but to who and when?
   Are there any courses I could go on? I'd prefer to go rather than just read.

   My situation has been massive complicated by yesterdays events; I was told I'll be redundant on the 31st (Happy Christmas) and that means I'll have to claim and I'm afraid that having the company will cause huge problems even though it's going to be months before I can expect much return.

   I could swap the company into my wife's name she's self employed but her work has gone dry as well.
   How can I find out what it the best thing to do?

   Many Thanks aamcle

   Posted 7 months ago #

2. DAVID URMSTON
   Member

   Hi,
   in reply to your question, "I know I need to submit reports but to who and when?"
   This web site has all the information you want on this topic.
   Your next question, "Are there any courses I could go on?"
   Yes, depending on your location, there are organisations like, Business Link which operates in the Thames Valley Region. These run some FREE courses and some you pay for. These are very good for beginners. I also found similar course run by the Asian Cultural Centre in Oxford. Your local library should be able to help. Also you could find a longer course available at your local college of further education.
   Lastly, regarding Claiming Benefits whilst starting up a business,
   "How can I find out what it the best thing to do?"
   You are entitled to one hour free consultation with most accountants. You will need an accountant if you do not plan to do your own accounting. If you shop around, you can ask them if they can advise on your specific requirements before you book the appointment. When you decide on one to give you your free advice hour, make sure you have a list of questions prepared so you won't waste time and discover later that there was something important you forgot to ask.

   I am in a similar position, trying to launch a limited company whilst on Incapacity Benefit. If you go through the steps in the right order, there is some, limited help from the Job Centre. Keeping up "signing on" is important, you will ensure your National Insurance contributions are maintained apart from anything else. Then, you may also get help with Housing Benefit. Both these organisations will require Income Statements from you on a regular basis. These show them just how much income you have received in each period. You will/may be entitled to some assistance until you are earning above a certain threshold which is calculated according to your family needs.

   I hope this helps.

   David Urmston
   www.crackpots.org.uk

   Posted 7 months ago #

3. Queens
   Member

   Dear David Urmston.
   That bit about benefits was interesting - is it the same for Pension Credits? I don't want to be caught breaking the law, but have just finished my training and won't earn anything for a while. I don't fancy starving. Very little is mentioned anywhere about Pension Credits and how to find your way round it's little crevices, not even in the Prime literature and website, only how to get it, not when and how and if to come off.
   Thanks,
   Queens.

   Posted 6 months ago #

4. DAVID URMSTON
   Member

   Hi Queens,
   I am sorry but I do not know anything about Pension Credits specifically.
   Are these the same as Working Tax Credits ? If so, they will be managed by HM Revenue and Customs.
   The best people to talk to about your situation is the benefit awarding body. Their telephone number will be on their letters, probably an 0845 number. Phone at 8-30am to 9am rather than later, as you will have a longer wait otherwise. They will answer all your queries, they are very helpful.
   Otherwise it's back to the accountant. If he/she doesn't know off the top of the head, they should be capable of looking this up. But it may cost you more than the phone call to HMRC.

   regards David Urmston

   Posted 5 months ago #

5. DAVID URMSTON
   Member

   PS. Queens,
   you can be a company director and entitled to receive benefits - depending upon your income.

   As an employee of the company your situation is somewhat simpler and better than if you were a Sole Trader. The reason being that if you decide to pay yourself little or nothing at all, the agencies USUALLY want to see your pay slips ONLY. As a sole trader, you would have to show them a Balance Sheet every week/fortnight/month/ whatever. In this case they decide whether or not the business can pay you a wage and consequently whether or not they can pay you any benefits.
   You may also be entitled to Income Support and Working Tax Credits if your income is low enough.

   If you pay rent for your home, you can try to claim Housing Benefit and you should also apply for a discount on the Community Charge.

   Regards David Urmston
   www.oxfordpcsolutions.co.uk

   Posted 5 months ago #

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