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ekinnee's Avatar ekinnee ekinnee is offline
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Join Date: Apr 2009
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Tips on How Best to Set up and Run Your Home Business


STARTING OUT RIGHT

Setting up a business from home

Many types of businesses, such as consultancy, teaching/training, cottage industry (e.g. crafts, food) or professions (e.g. accountants, therapists, architects) can successfully be operated from home. If yours is the type of business that requires you to go to your clients or customers to deliver goods or render services, then a home base could work quite well.

It is essential that your customers be able to get in touch with you quickly and easily by phone, fax or email. It is also important that you guard your own privacy and make it clear that business is to be done during the business hours that you establish.

If your business requires your customers to come to you, if only occasionally, it is important that you receive them in a business-like atmosphere, with all the privacy they would expect from a business premises.

Make the most of your space If your business is a cottage industry, you need to ensure that you have enough space in which to process your product(s). Remember that you will also need storage space for equipment, materials, etc. as well as a way to get these things in and out of your home, bearing in mind that equipment such as fax machines, photocopiers and PCs take up quite a bit of room You may find that you also need to allot space for the office side of the business.

Its good to have a routine It is important to set yourself some sort of routine for working from home, as it is very easy to get sidetracked when working outside of a typical office setting.

Watch your overheads You need to be sure of what overheads on your home you can claim for business purposes. For instance, you should be able to claim a portion of your lighting, heating, telephone, security and cleaning.

You can safely claim anything to do with the business. If you start claiming for rates or water rates, you may be liable to Capital Gains Tax when you sell the house. Council Tax should not be affected by the fact that you work from home.

Your accountant will be able to tell you which household expenses can be claimed for business use and how they should be recorded in your books. For example, you should be able to claim VAT (if you are VAT registered) on your business telephone calls, and on a proportion of any telephone rental charges. If you have cleaning help in the home, some of this payment might be offset as a business expense, but take care that your cleaning person does not become an employee for personal tax or National Insurance (NI) purposes.

Other things you might be able to claim for the business are a guard dog, the installation of security devices, extra telephone points and secretarial services provided by other members of the household, but you should always check with your accountant first.


For more information on this topic, please follow this link to our Business Library:
http://www.shell-livewire.org/busine...king-from-home


Sources:
"Starting out right: Setting up a business from home." Informnorth Magazine March 2009: 48.

Hughes, Vera, and David Weller. Setting up a Small Business. London: Hodder Education, 1997.
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MichealThomas MichealThomas is offline
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Thanks for the useful post.

In these times the online business is an ideal business environment, because anybody, regardless of race, religion, education level or experiences can prove himself, succeed and achieve his dreams. And the World Wide Web is open for everybody. Another important thing is that the web is bombarded with online marketers who aggressively push many business opportunities that are supposed to bring you massive amounts.
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