Much of the past year was taken up with work issues.
Partner was laid off the firm he was working for, and after some discussion we agreed that it would be a good idea to work for himself in future.
As he spent some 20 years or so in the UK running his own business we are aware of the pros and cons.
The immediate disadvantage is the lack of a consistent weekly income.
The advantages are:
• far more flexibility – work where you want, when you want, if you want
• the opportunity to do the standard of work you want, ie good quality, rather than what someone else tells you to do, in order to get a job knocked out quickly, and maximise the profit for the boss(es)
• a better rate for the job
• more variety in the type of work
to name but a few.
In the UK, it was easy. Notify tax and social, put an advert in the local paper/Yellow Pages and you are up and running.
Not so in Gib.
There are four key steps
1) Register a business name at Companies House
2) Apply for a trading licence
3) Notify the tax office
4) Notify the ETB
The first thing to do is to decide on a name for your business and decide whether or not you are going to be a sole trader, partnership or limited company.
This name needs to be registered at Companies House, 1st Floor, The Arcade, between Main Street and Irish Town.
Partnerships, companies, and sole traders using a different name to their own have to register the business name. Sole traders using their own name are also recommended to do so.
Companies House is open from 9am – 3pm, and the staff are helpful.
When you go you need to check that the name you want to use has not already been registered. Either the staff on reception will do this for you, or you can go and check out names on computers which are available for the public to make their own search.
There are three forms depending on which type of business you wish to register. They all ask for name of business, person or people running it, place of business, and home address of people applying for the licence.
The cost is £20. I handed the form in one day and picked it up in the afternoon the following day.
First hurdle completed.
Once the name is registered, you can start printing stationery and anything else you want to put the name on.
We ordered some polo shirts from Cotton Leisure with an embroidered logo. They will also embroider a logo on shirts that you provide.
And we bought a pack of pre-cut business cards from Beacon Press to design and print our own.
Next step – the trading licence.