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  1. #11
    Quote Originally Posted by newtoid1986 View Post
    ...my mums fiance happens to be an accountant...
    He's about to become your new best friend :lol:

    It's great to see someone taking off on their own. I really wish you all the best. I believe the general rule is that if you're making a profit in your first two years then you're doing it wrong!

  2. #12
    m_c's Avatar
    Lives in East Lothian, United Kingdom. Last Activity: 9 Hours Ago Has been a member for 9-10 years. Has a total post count of 1,832. Received thanks 192 times, giving thanks to others 5 times.
    I've looked at the HM site previously, and tax isn't too bad to deal with (hardest part is keeping on top of all the invoices/bills so you have all the figures needed to fill in your tax return), however a good acountant should save you more than what they cost.
    Other option is one of the many online accountants that cater to small buisnesses/sole traders.

    Only reason I've been looking, is I should really be doing a tax return for the mountainbike guiding/coaching I do :whistling:

  3. #13
    Mmmm, how beefy is the bandsaw? Need one that cuts straight and if your on your own, unattended + suds pump. Can't beat a really big recipricating hacksaw with lub pump. Then just leave it to do what it does. I have a Sealy, saves me no end of time. Like this http://bandsaws.co.uk/Product/Power_...ealey_Hacksaws , second hand mine was free, broken gear, fixed = 12.
    Tom
    Sherline lathe, Chester DB11V lathe, Myford/ Rodney mill, CNC mill Isel/ home made, Sealy Hack Saw, Meddings Pillar drill.

  4. #14
    Quote Originally Posted by m_c View Post
    You've got to remember to pay yourself the minimum wage though.
    Hmm, that rules me out then...I probably hardly ever get more than that for the things I make, but it's fun so meh.

    Quote Originally Posted by black5f View Post
    Mmmm, how beefy is the bandsaw? Need one that cuts straight and if your on your own, unattended + suds pump. Can't beat a really big recipricating hacksaw with lub pump. Then just leave it to do what it does. I have a Sealy, saves me no end of time. Like this http://bandsaws.co.uk/Product/Power_...ealey_Hacksaws , second hand mine was free, broken gear, fixed = 12.
    Tom
    Putting 'bandsaw' and 'cuts straight' in the same sentence is very risky!
    I have this one, and I think Jazz has it too. It now seems good and cuts pretty square:

    http://www.axminster.co.uk/axminster...aw-prod719253/
    (The best thing is I won it, so it cost me nothing!)

    There's a quite big reciprocating one at school... it takes longer than the bandsaw, but it cuts nicely and seems reliable.

  5. #15
    Quote Originally Posted by Jonathan View Post
    Hmm, that rules me out then...I probably hardly ever get more than that for the things I make, but it's fun so meh.



    Putting 'bandsaw' and 'cuts straight' in the same sentence is very risky!
    I have this one, and I think Jazz has it too. It now seems good and cuts pretty square:

    http://www.axminster.co.uk/axminster...aw-prod719253/
    (The best thing is I won it, so it cost me nothing!)

    There's a quite big reciprocating one at school... it takes longer than the bandsaw, but it cuts nicely and seems reliable.
    They are slow but I can just leave it and get on with fun stuff. We have a good band saw at work, god knows what it cost! The axminster one looks good, and free, even cheaper than mine!
    Tom
    Sherline lathe, Chester DB11V lathe, Myford/ Rodney mill, CNC mill Isel/ home made, Sealy Hack Saw, Meddings Pillar drill.

  6. #16
    Setting up a new business: you say you've budgeted 13k for plant, but 200 for misc tools - have you considered your measuring gear (micrometers, slip gauges etc)? These can cost a small fortune on their own. Have you considered the likely largest sizes of gauges you'll need? Bear in mind some customers may ask for evidence of calibrations etc, ie . Have you considered the rest of your start up costs? Rent (if applicable), business rates, material stock (bear in mind you'll likely have to pay for it possibly weeks before you see a penny), energy? What about transport? Have you a plan (and a budget) to deliver finished items? And a reserve to cover cashflow while things are lean? Have you budgeted the installation cost of machines eg upgrading / relocation of electrical systems (and pipework if need be)? Accountancy fees? Legal fees? Have you neighbours near your workshop who might object to factors like noise or traffic? Is there a possibility that you may need planning permission etc? What about lifting / moving equipment (pallet truck, forklift, overhead crane)? Have you set a budget for these thing if you need them? This might seem like a silly question, but have you a sub-contractor that can do work for you that you can't handle yourself?

    It might seem like a long list (and possibly off-point), but the more factors you're aware of, the more thought you can give it, and the less likely you'll run into hiccups later on.

  7. #17
    Another thing came to mind recently, ISO registration many companys will not give work to unregistered subcontractors. As Adie said in the last post the more you are aware of the less pitfalls you will encounter along the way.:tup:

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