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Dynamik Events
22-10-2004, 12:18 AM
Hi all

my brother is starting a 'night' at a local bar. its 1 pound pay on the door and hes organised a sponsorship from carling for 1 pound pints.

does he need to set up as a sole trader, he could essentially make alot of money.

If he does have to go down the sole trader line what does he do, i went straight to ltd so are unsure of anything to do with being a sole trader.

Cheers in advance.

Mat @ Habanero, i havent forgotten, im trying to read through loads of reportd to find there relevance, you'll have it soon mate.

James Smith
22-10-2004, 09:16 AM
Your brother will be a sole trader by default if he doesn’t do anything else.

All your brother has to do is to register with the Inland Revenue within 3 months of starting up by calling 0845 9000 404.

He will then be sent out a tax return etc, and will of course need to keep accounting records etc just as you are doing.

It is actually as lot simpler being a sole trader than it is being a ltd company and you can get away without taking advice until your first return is due although it can be useful from a bookkeeping point of view to get some help earlier on if he is unsure what records to keep and how to lay it out etc.

Regards,

John
22-10-2004, 09:24 AM
You can find a lot of advice about how to set up and run a business here:

http://www.forum4business.com/f4b_library/index.htm

It's all free to download and is added to every week.

As well as this one which I must say is excellent, there's another forum there which you can also ask questions in and get informative answers.

Personally, I tend to use a number of sites for business support as well as for help and advice.

In answer to your question although there is more work because of the need for things like year end returns and other responsibilities in my opinion going limited is best. This is because of the nature of limited liability which in the entertainment business is preferred.

Please not that this advice is given as an opinion and not in any professional capacity.

For professional advice its always best to talk to a lawyer or an accountant for this sort of thing as personal circumstances can affect the best way forward.