setting up a business

hi i am in the process of setting up a business i will be importing goods from abroad!i will be looking to sell products to shops,the general public,and on the internet.what steps do i need to take do i need to register as a sole trader,or a business,do i need to register for v.a.t as i do not know what sort of income i will generate in my first year.would it be advisable to register?i am new to this kind of thing so any information would be much appreciated!

Moved from Other Financial Issues.

Hi Anto,

There are loads of posts about these topics, your best bet would be to search on 'sole trader', 'limited company' 'vat' etc.

In summary you need to set up as either a sole trader or limited company depending on your situation.

You don't have to charge vat on goods until your turnover is over 70K yearly but again there may be business reasons you would want to.

However, I only run a small business and am not an expert on these matters but did find a huge amound of helpful info by searching the forum

Good luck