What other questions do you have about starting your business? Comment below.
@mike1434
Жыл бұрын
Hi Ken, just found you on youtube-excellent videos!! With the recent budget completed, it would be really helpful if you could do a video on 'is it worth moving from s sole trader who is VAT registered to a Limited company'. Obviously I would expect a far better title than that😃 Cheers Ken
@KingZee1
Жыл бұрын
This was amazing! Really needed this for guidance. hoping to start my business end of 2023!
@TheHumblePenny
Жыл бұрын
Awesome! Shout if you need some more help. We work with other beginner entrepreneurs over at Financial Joy Academy FinancialJoyAcademy.com
@jeanlouiecastillo
9 ай бұрын
Thank you for the video! One question: when do I register? I haven’t made any money yet, so I feel like I should register once I start seeing some money
@TheHumblePenny
8 ай бұрын
I'd do it from the start. However, you don't need to. You can do it when you start trading.
@MaybeAnotherDayArtist
3 ай бұрын
Can you switch from sole trader to ltd company if you change or mind or believe that a different legal entity would be an advantage at a certain point of your journey?
@TheHumblePenny
3 ай бұрын
Yes you can
@RichieBebb
Жыл бұрын
Considering starting my own comic book/ collector shop in Wales. There's nothing like it local to me. Listened to this with a notebook 😂 thank you for everything
@zerperior
5 ай бұрын
How’s the comic books going
@TheKlink
2 ай бұрын
Replying in case you reply to the other guy
@Fiozeey
Жыл бұрын
Just what I needed! God can speak to you through KZitem! 😂 Thanks Ken!
@TheHumblePenny
Жыл бұрын
Indeed! 😀
@crownedwithcoils3363
Жыл бұрын
Thank you for such detailed information Ken! I was wondering whether it would be possible to change the set up of your business i.e., if you set up as a sole trader and later want/need to become a limited company, is it possible to transition in this way? Thanks!
@TheHumblePenny
Жыл бұрын
Thank you! Ofcourse you can.
@tunde5463
Ай бұрын
Hi there, thanks for sharing. I have been self employed for a while but haven’t been quite successful and I’m thing of starting a different business perhaps going into Tenders from the uk Council. I’m wondering if you have any advice.
@Baecationhut
3 ай бұрын
What if the business wil be done online can you register it and if you wil be doing it on your own
@TheHumblePenny
3 ай бұрын
Yes you can. Our business is online too
@Android1X
2 ай бұрын
We know the legal and tax requirements gets updates, so where do I look to make sure I'm updated and still compliant? I know theres the GOV website but theres so many information and links to go on and I dont know which one.
@BG-rl1jm
23 күн бұрын
Thank you, please make more videos like this going into details of these steps video by video x
@MK-un8rl
6 ай бұрын
You are awesome, really informed me the best way doing the right things for my business.
@TheHumblePenny
6 ай бұрын
Happy to help! 😊
@abucketofelves
Жыл бұрын
Good stuff, however if you're earning 50k in your day job, presumably setting up as a limited company means you're paying 25% corporation tax plus 33.75% on dividends meaning unless you want to put it all in a pension you'll be better off being taxed at 40% as a sole trader? (Assuming you have minimal expenses)
@al.sevenviith
Жыл бұрын
Would love to hear this answer
@TheHumblePenny
Жыл бұрын
The 25% Corporation Tax rate is for companies with profits over £250,000. Most SMEs will be below that number. It remains at 19% for profits under £50,000 and tapered for profits between £50k and £250k. Putting money into Pensions is ofcourse very attractive given one can now contribute up to £60k a year per person. Plus there are many other benefits to using a limited company such as limited liability, business name protection, allowable expenses, VAT reclaim, etc. But the choice of Limited Company vs Sole trader will really depend on the individual and their current personal circumstances.
@vivianiroanya
Жыл бұрын
Heyy! Thanks for these videos, just came across your channel. Could you do a video for sole traders too?
@vxchrxs7931
2 ай бұрын
Thank you for such an informative video - just what i was looking for! 🙏 I wanted to ask, I just started a small art business and want to go down the sole trader route, but register trademark and VAT separately. Is this okay/a good thing to do? I want to be able to reclaim VAT I pay for resources that go into my art production, or is that not how it works?
@TheHumblePenny
2 ай бұрын
Hey 👋🏾. You're welcome. Yes, you can be a Sole Trader and also register for VAT.
@vxchrxs7931
2 ай бұрын
@@TheHumblePenny thank you for answering! 🙏
@annayah_khan_mua_
8 ай бұрын
Thanks so much ken! I'm in the process of starting my small business & your videos come through on the right time for me! Love them. Thanks a million for educating so many on they journey to becoming independent! ❤
@TheHumblePenny
8 ай бұрын
You're absolutely welcome, Razwana ❤️
@annayah_khan_mua_
8 ай бұрын
@@TheHumblePenny May Allah bless you immensely ❤️🙏
@shineyflipflop
16 күн бұрын
Synchronicity! The videos came to me by sheer luck too! Thank you Ken. You’re a legend
@PoiJonesy
Жыл бұрын
Just starting off my business, should I register for a VAT?
@TheHumblePenny
Жыл бұрын
No. Do so if you expect to hit £85k in annual revenue.
@PoiJonesy
Жыл бұрын
@@TheHumblePenny thank you, In one of your videos, you mentioned to register with tax man does that apply to the Vat tax or something different? 🙌🏽
@drdjmj4410
9 ай бұрын
hopefully you got your answer by now but just incase or anyone else passing by this comment i *think* he means ensuring your business is registered with HMRC and Company house (if an LTD)@@PoiJonesy
@carlmcn
Жыл бұрын
Unbelievably valuable/helpful content. Thank you!
@TheHumblePenny
Жыл бұрын
Cheers, Carl 👊🏾. Please share with others
@GEM_TALK
4 ай бұрын
Hi I just open a business and want to be sure about business taxes and how to declare it do you have any recommendations on how I can go about it
@martinemms8174
3 ай бұрын
I'm a bit lost on the best way to go about my situation. I'm in full time employment ( under 50k ), I also started making a bespoke items a few years ago as enjoyment but over the last 5 months I'm really starting to get noticed and getting busy. I'm running this from home and no interest in employing anyone. I've not registered the business yet because HMRC said I needed to turn over £1000 at the time I looked into it. I'm a point now where I need to register but totally confused about the tax and what I need to do.
@TheHumblePenny
3 ай бұрын
Probably best to start as a sole trader and if things really take off, register a limited company.
@njemilenantan2269
Жыл бұрын
Thank you so much.
@TheHumblePenny
Жыл бұрын
You're welcome!
@koereactz9886
10 ай бұрын
Thank you, I’ll continue to study (Subscribed)
@StaciesBudget2509
9 ай бұрын
You forgot property licensing xx
@TheHumblePenny
9 ай бұрын
Thank you for contributing this :)
@marianaradu1083
8 ай бұрын
Iam 55 years old, i work full time, and i will like to make extra income by selling handmade jewelry online.Please i would like to know if i have to pay taxes and register for this extra income.I'm verry grateful if you can help me with this question. Thank you so much!🙏
@TheHumblePenny
8 ай бұрын
Yes, anything you earn over the first £1k will attract tax. However, this shouldn't put you off. Still do it. Tax is just part of doing business and you only pay it on profits not income (revenue).
@ekezieclaire910
4 ай бұрын
Hello Ken , i just stumbled on your video online while i was researching about starting my limited company. My question is about visa restriction as a health and care worker. Can I open a business while on this visa? Thanks for your reply.
@TheHumblePenny
4 ай бұрын
Does your visa say you can't start a company?
@ekezieclaire910
4 ай бұрын
@@TheHumblePenny I don’t see anything like that ,the restrictions is with 20hrs extra work. Nothing to do with business on the visa page .
@jamesmckellop9810
Жыл бұрын
Great video. Im going the sole trader route but i still want to protect my business name so that its available when i decide to switch to a limited company in a year or two years time. Is there any way I can protect my business name from now while still being only a sole trader?
@TheHumblePenny
Жыл бұрын
Thanks! You can trademark it. www.gov.uk/how-to-register-a-trade-mark
@jamesmckellop9810
Жыл бұрын
OK thank you. I'm actually starting a pressure washing company and I plan on placing a large order on Monday of all the equipment which will be quite expensive. Will I benefit from registering as the sole trader before I make this purchase to get tax benefits or anything from buying it through the business or it won't make any difference? Hope that question makes sense
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