Business Advice Info

[Superdan]

Thanks all for your replies and offers for help, they are greatly appreciated.

I am really not looking at starting something big, just very little to start with and gradually build up turnover over the years to come.

I basically buy and sell a bit of gear, old and new, mainly over the net and wanted to see if there is a way of legitimising it for tax breaks/benefits/write-offs etc.

Hey there's another question, does anyone know if you need a traders or such licence to partake in this kind of thing legitimately??

[tab]

' Dont worry, you get it all back on your tax'.

Was just having that discussion today, a little bit of knowledge in the wrong hands can be very dangerous.

[harvyk]

Hi Superdan,

Remember my step one, pay for good advice. By the sounds of it your wanting to speak with a business lawyer, they will know the rules and regulations for licenses \ permits \ and other things you will need to do to keep on the right side of the law. Whilst it may seem a little expensive up front it will save to heaps down the track (speaking from experience, getting good legal advice at the front has saved my skin in business on more than one occasion). Combine that with a good accountant and your well and truely on your way.

I know it can seem a lot to do (and pay) to get even something small off the ground, but there is literally to much to know about getting a business off the ground for one man to know. Anyone who tries to tell you differently, don't trust them, as if they ever get audited or legally challanged they may be in for a rude shock.

Just out of interest what sort of things are you planning on buying and selling, and more importantly how are you going to differenciate yourself from every other E-Bay seller out there (I'm imaging that's the type of business your wanting to get into) - in other words why should I spend my money with your business?

[sixfan]

Dan,

been doing just that for two years, I agree with everyone who said get a good accountant, they save you lots of money and let you sleep at night, mine also set up the buisness and has been great in advising on all money matters, I can call him up whenever and his bills are nothing compared to the stess and trouble I would have had otherwise.

[Dillz]

Ok so the next question would be how the hell do you find a GOOD accountant? Often you don't know there crap untill it's too late

[Superdan]

I've been using the same tax guy for a few years, and spoke to them a couple of days ago and they do look after this kind of thing, and offered a CD/Info package for ~$100 covering all the info I need to start something like this. (not sure if I want to pay for cd's though, surely they'd be out 'there' somewhere) or around $250 to sit down and chat with them.

A 'good' accountant I think would either be one you trust already, or one that specialises in what you're looking for?

[Mat]

Even when you trust your accountant, its not always in the businesses best interest to use that person. We were using same guy for years (for the business and most of the staffs tax returns) and while he was good and we trusted him, we ended having to spend 10's of thousands to get things 110%. Huge amount of work involved actually.

[ronburgundy]

It's just like choosing any other 'professional' - maybe ask around, see if you can do some homework on them.

And yes FWIW I am an accountant.

Reputation is everything

[Superdan]

Dan,

been doing just that for two years, I agree with everyone who said get a good accountant, they save you lots of money and let you sleep at night, mine also set up the buisness and has been great in advising on all money matters, I can call him up whenever and his bills are nothing compared to the stess and trouble I would have had otherwise.

What have you been doing? Started and running a business? Or running it how I want to?

Even when you trust your accountant, its not always in the businesses best interest to use that person. We were using same guy for years (for the business and most of the staffs tax returns) and while he was good and we trusted him, we ended having to spend 10's of thousands to get things 110%. Huge amount of work involved actually.

On that note, will 'business' accountants do personal tax also?

[Mat]

On that note, will 'business' accountants do personal tax also?

Not entirely sure about that. He did, however every year he seemed to struggle to find time to fit everyone (maybe 20 people) in. New accountants arent apparently