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Thread: New to business question

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    New to business question

    Hi there,

    I recently "started my own business". I would like to know what are the regulations in regards to registering etc.?

    I started it but basically I just have a name and website, so basically im freelancing but as a company rather than as an individual. I dont have any staff members or anything like that.

    Thanks,
    Lance

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    Diamond Member wynn's Avatar
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    Just carry on as you are until you start to make serious money or you get a good few clients, then when the cash starts to flow think about registering.
    Any income in the meantime can be reported on your Income Tax Return so that you stay legal.
    "Nobody who has succeeded has not failed along the way"
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    Thanks a lot, i was worried i had to be registered etc and start paying company tax.

    So will that automatically go into my e-filing or should I be recording every amount that comes in so I know how much I make by the end of the year?

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    You'll be a sole proprietor, so you'll have to produce a basic financial statement at the least. Keep a record of income and expenditure - and make sure you can prove all your expenses (keep your slips).

    You'll be taxed on your income less deductible expenditure - which is pretty much anything related to income generating expenditure.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thanks Dave, unfortunately I haven't been keeping all my slips other than petrol slips so that will help I suppose.

    Would I need to get an accountant to do my financial statement or is it something simple enough for me to do?

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    Diamond Member wynn's Avatar
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    Unfortunately most accountants see a page with a thin black line with income on one side and expenses on the other, we solopreneurs however see a rather wide grey column in the middle of the page.

    Just a simple spreadsheet with income and provable expenses will do you just add the income after expenses to any other income you receive.

    Petrol slips fall under travel and vehicle expenses etc. and you need to keep a log book for that writing down mileage before and after you use the car for work and it has to have be a provable destination so "local Spar for bread and milk" won't cut it
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by lance71 View Post
    Would I need to get an accountant to do my financial statement or is it something simple enough for me to do?
    As a sole proprietor, you don't have to get an accountant involved, but I do recommend that you do. Nothing like a set of experienced eyes running over things, especially if this is something new and foreign to you.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thanks a lot, I think I will get one involved and try learn a thing or two for the next time.

    Thanks for the feedback, will bear all in mind.

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    Would it not be advisable to register with CIPRO so that even though you not compliant you have you business name reserved

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    Quote Originally Posted by david2677 View Post
    Would it not be advisable to register with CIPRO so that even though you not compliant you have you business name reserved
    Hi David, thanks for your input, do you mean registering a company name with CIPRO? How do you go about that (excuse my ignorance) and what would the costs be about?

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