Hi,
Background: I came home from travelling in June 04 and went about setting up a sole trader video camera business. However, after doing a business plan I realised that there was no way I could pay off my debts and setup up the business at that time. I went back to working in IT full time for the last three years. I have since done the odd job and have built up a profile in covering weddings. I did a lot of friends weddings and asked to do more and more.....I was doing the work for very little money because I wanted to build up my portfolio.......
Problems: I registered for Vat and as a sole trader back in 2004. However, I haven't filed any returns in that time. I returned nil a couple of times. I want to close this sole trader business down if possible.
I want to go live with my video business next June. i am taking enough bookings for next year to fund my business. I am currently working on a new business plan and have increased my advertising to boost business sales. I am currently doing a start your own business course. I have decided that it would be better if I setup a limited company rather than as a sole trader.
I want to start a fresh and clear everything with the revenue and the vat man but I am not sure where to start.
I know what I did was wrong and stupid and I have learned it is not away to run a business but I want to change asap. I have started properly invoiceing people in Oct this year and I want make the business legitmate going forward. Any advice on how I can get out of this mess and set up a company properly would be appreciated. Thanks in advance for your assistance.
I understand how to setup a company etc....But I want to know how to transfer from being a sole trader......
Tom