Need advice on starting my own machine shop.

[newtoid1986]

Thanks for your advice guys, the workshop will be the unused downstairs section of a family members industrial unit so I wont have rent to pay until i start making some money. Also, my mums fiance happens to be an accountant, and my brother is an expert in web design so everything is falling into place :-)
Thank you Rogue, i will look into public and product liability insurance too. Purchased my first lathe today - Harrison M300. Lovely machine!

[Robin Hewitt]

You can start selling as a "sole trader", no paperwork required. If you want to limit your liability just tell an accountant, they can set up a new company in their sleep. Best thing about that is you pay 20% corporation tax on your profits and take your money tax free as a dividend.

Insurance is easy if your business is on the list, employing people is a nightmare. When you form a company you get all the paperwork for that, but if you ring them and promise never to employ anyone they excuse you. Arrange to pay your NI stamp by direct debit, about £12 a month.

I did it, after years of living in fear of "da boss" I don't have one. Sometimes I work all hours, but I don't have to, it's a liberation

[Rogue]

...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!