Computer site name?

[waqasahmed]

Hi, I am wanting to officially open a business in June/July time, selling computers, but I am stuck on a name. We build custom PC's, mainly gaming, some office. Also what else(including laws/taxes) should I be aware of(Lucky for me VAT doesn't apply because I dont think it will make £67,000 a year!)

Mods please dont delete this as I am not advertising my business but instead wanting to figure out a name and to know more about business law

[reddiesel]

If you look into limited companys, you can buy one with a name all ready set up for not too much money, this protects you better if the company folds up, and no one else can pinch your name,and get yourself a good accountant, keep all bills and receipts, have a chat with your accountant about ways of claiming tax relief, and leasing or buying a company vehicle.

[dandnsmith]

Originally Posted by waqasahmed

Hi, I am wanting to officially open a business in June/July time, selling computers, but I am stuck on a name. We build custom PC's, mainly gaming, some office. Also what else(including laws/taxes) should I be aware of(Lucky for me VAT doesn't apply because I dont think it will make £67,000 a year!)

I found it quite simple to set up my own limited liability company myself.
Probably the hardest, for internet presence, is to find a domain name which you like and is not already registered.
Apart from dealing with Companies House (for the ltd company), and the tax people, you need to watch out for any site safety/health needs, and, if you operate from home, any mortgage and local authority tax implications.

[waqasahmed]

Well, we(me and my friend) will be working from home and if say we make £4000(£2000 each) or so a month, then we would probably rent a shop-I dont have an accountant-cant afford one and Ive never seen a PC shop with an accountant in it. I am wondering what taxes are there apart from income tax, and how much do I have to pay income tax?. Also, seeing as my friend gets half(he does half the work) and say the business makes £67,000 a year and I pay my friend £37,500 over the year, would VAT be applicable.

I have also realised that this may have been better suited in the hardware forum because its to do with PC building and repairs- sorry Mods-Missed the right topic

EDIT: About national insurance, I know its only payable if you make £6000 a year-Say I make £7500 a year, and £3750 is given to my friend(50% money, 50% work) would National insurance be applicable?

EDIT 2: Oh and the house is not mortgaged-paid for and I know that we'll have to pay any local taxes

[waqasahmed]

Can anyone think of a name. I cant think of any good ones

[reddiesel]

Originally Posted by waqasahmed

Can anyone think of a name. I cant think of any good ones

You only need an accountant to sort your tax return once a year, you dont employ one full time, cost about £500 probably save you more than that.
You should buy basic
nat ins every week if self employed, otherwise you will find in the future your not entitled to things .
I would be careful with using your home for business purposes, keep quiet about it until you can afford somewhere,
You could find you are better off to register for VAT if your buying a lot of parts etc, as you dont pay vat.
As for a name thats your choice, place you live, east west north south, mix of you and mates name.
Basic tax starts at 15.3% going to 25%- 28% -35% you dont pay on first £6000 roughly, you can claim for most things to do with business, fuel, tools,pc, safety equipment, work clothes, use your imagination, keep all reciepts like i said before.

[waqasahmed]

You only need an accountant to sort your tax return once a year, you dont employ one full time, cost about £500 probably save you more than that.

Now that makes a hell a lot of sense

You should buy basic
nat ins every week if self employed, otherwise you will find in the future your not entitled to things .

Nat ins?

I would be careful with using your home for business purposes, keep quiet about it until you can afford somewhere,

I dont understand why, as my friends parents own that house and paying their taxes.

You could find you are better off to register for VAT if your buying a lot of parts etc, as you dont pay vat.

Yeah I thought I might do that when or if the company makes quite some money. I went to a business enterprise show and they said you can claim VAT back after 3 months, so initially its not the best thing as I could go in to minus figures.

As for a name thats your choice, place you live, east west north south, mix of you and mates name.

Thats what I was thinking of-northcomp, but a quick google search found that company

Basic tax starts at 15.3% going to 25%- 28% -35% you dont pay on first £6000 roughly,

Interesting..

you can claim for most things to do with business, fuel, tools,pc, safety equipment, work clothes, use your imagination, keep all reciepts like i said before.

Yeah thats what the people at the business enterprise show said. I was about to LOL

[Flavius]

For a name:

Firstly I suggest reading this
How can you choose a good business name?
To clarify a few things, You dont need to take it all super seriously though P:
Keep it short, sweet and professional
Also your gonna need a professional looking logo
Although most people tend to use the phrase "don't judge a book by its cover"
They judge companies by names and logos believe it or not
Steer clear of stereotyped logos, such as a computer/mouse/keyboard etc

[waqasahmed]

Well I was thinking more of like a name like: Gaming Innovations?

[waqasahmed]

Just wondering how is VAT calculated(if the turnover is 67k a year?
eg: the parts cost me

Shipping: £9.88
Subtotal: £118.99
VAT: £17.88
Total: £136.87

If I want to make £50 profit do I charge £186.87+VAT?