dear Tony & Mike
P.P.S do you think it is possible to turnover six figures in the first year of business (cleaning?)
I'm in month 7 of my business, and am now in the six figure bracket. I got a lot of advice from this site, still do, and have tried to help out where I can by way of reciprocation. One of the MAJOR mistakes I made, and there have been a few, was taking on builders cleaning work and registering with the Inland Revenue as CIS4 rather than CIS6.
More experienced heads will be shaking, but for those who dont know about this, it means that every invoice which has been paid to me from building companies has been in the form of 82% payment, with a voucher for the remaining 18% redeemable against PAYE and NI for employees. Since I operate the £89 rule as far as possible, this means that I now have about £12 000 worth of vouchers against PAYE/NI liability of about £600, and I won't get that money until after the wage year ends have been calculated.
Take home message, which I know now, is to go to the tax office and dig your heels in for a temporary CIS6 card which will prevent this occurring.
PS. There was talk of a get together in March for Cleanitup posters, is that still happening?