Help in dealing with shared premises costs

S

scruff

Registered User
Messages
27
Hi Folks,

Hoping someone can help me clear up some questions i have RE: a new business venture I'm hoping to get involved in next year. I've always been an enterprising person and have always strived to own my own business one day. Ive recently been given an opportunity to start my own business and I'm so excited about the future now. I know a good bit about business as its been an interest of mine for years but there's a hell of allot i don't know.

I have tons of stuff i need to figure out but there is one specific question id like to ask here. Basically i will be moving into a premises which already houses a retail business and sharing costs (rent, bills etc..) with that other business. I was wondering if there is anything i should be considering that i may be missing in relation to this particular structure?

I am not sure about bookkeeping and the personal filing of documents for my own vat returns (should i just photocopy bills associated with the premises?) Also i wonder will the way we share costs have any implications for tax/vat returns. Will i have to explain to anybody why i am not responsible for half of the costs?
 
Surely the amount of your costs should be agreed before the signing of any sub-lease or agreement.

If your business is renting 50% of Zone A of a retail premises, surely you'd pay the same equation of costs of rates, insurance and service charges.
 
Yes the cost will be 50/50, however my question is not about cost. I was asking, as an inexperienced business owner is there anything else i should be considering in relation to this type of agreement? Maybe to do with paper trail, or any other hidden difficulties that may arise?
 
You are going to have to ask your solicitor to ensure you are covered for any eventuality.
 
You must log in or register to reply here.
Back
Top