producerpinnell Posted May 23, 2009 Share Posted May 23, 2009 I'm currently in the process of talking to HM Revenue and Customs in the United Kingdom about becoming a Sole Trader, as I have a business bank account for Pinnell Productions (Which is free!)... But I was wondering, if any of you guys, voiceover artists, production people etc, are Sole Traders, and if it's worth it or not? And if I need to become a Sole Trader to do so (I think I do, not quite sure though) Plus, I think it will be nice to see "behind the scenes" as it were of other VO Artists and Producers Discuss Link to comment Share on other sites More sharing options...
Voxjunction Posted May 24, 2009 Share Posted May 24, 2009 But I was wondering, if any of you guys, voiceover artists, production people etc, are Sole Traders, and if it's worth it or not? And if I need to become a Sole Trader to do so (I think I do, not quite sure though) Hi Ian - you should definately register as a Sole Trader. Even if the amount you turnover is tiny you should still register. I believe the Inland Revenue in the UK are even trawling Ebay and keeping an eye out for anyone who appears to be a trader rather than just a hobbyist selling unwanted items. If you have a web presence and you are offering a paid service, you can bet they are doing the same. Registering is easy and when I initially registered, I found IR staff helpful. The first self assessment form you receive may look daunting, but if you fill in the online version you'll find it much easier to complete. There's online help and based on questions that you fill in as you go, it will automatically skip the sections you don't need. Personally, I use QuickBooks Simple Start to keep track of money going in and out, invoicing etc. It's cheap to buy and they were giving away copies at one point, although I think that offer has now finished. Hope this helps. Link to comment Share on other sites More sharing options...
producerpinnell Posted May 24, 2009 Author Share Posted May 24, 2009 Hiya Alan, Many thanks for your response. The chap I rang from IR a couple of weeks ago wasn't very helpful (Mind you, it was during the evening I called them!), I did the online application to register myself as Self Employed today, so hopefully I'll hear from them soon! I'll keep everyone posted Link to comment Share on other sites More sharing options...
producerpinnell Posted June 5, 2009 Author Share Posted June 5, 2009 So, like I said, I'd keep everyone updated... I've applied to be a Sole Trader, and have been waiting for a response, I thought I would ring them up yesterday, which I did, just to make sure they received my application. It's going to take up to 6 weeks for them to confirm everything. So while Pinnell Productions is down, I've been working on the website again, and have new audio for folk to listen too. I'll keep you posted, as per usual. Link to comment Share on other sites More sharing options...
fozzy Posted June 12, 2009 Share Posted June 12, 2009 I have a business bank account for Pinnell Productions (Which is free!)... Your account only free for a year? You dont need a biz bank account your own personal one will be ok coz once the years up you will find they will charge you for everything.. I DONT use a biz bank account they are a real rip off ...charge you to pay in and charge you for just havin it Fozzy Link to comment Share on other sites More sharing options...
MixStream.net Posted June 15, 2009 Share Posted June 15, 2009 You definately need to register, I think you can get a fine if you trade for more than 3 months before registering as a sole trader - but don't quote me on that, I might be wrong. You can open a bank account in your own name, but the chances are that if you do that then people will have to put your name on cheques and not your business name (which could look unprofessional to some people). If you try to open a personal account with the name 'John Smith T/A Smith's Widgets' then the bank will come back to you and tell you that you need a business account. Either way, it is best to have a separate account for your business and personal banking - it just makes it easier to track business related transactions. Link to comment Share on other sites More sharing options...
fozzy Posted June 15, 2009 Share Posted June 15, 2009 which could look unprofessional to some people Untrue Lots of business you have to make payable to someone name not the biz name ... Your a sole trader people will not think its unprofessional... The only time you would need a biz bank account is if you was making alot of money .... Fozzy Link to comment Share on other sites More sharing options...
producerpinnell Posted June 15, 2009 Author Share Posted June 15, 2009 I'm not making a lot of money, and don't think I will (Or at least not for a few years), but I set up my business bank account with Abbey, who provide the service for free (Even after the 1st year). I sent my online form to HM Revenue and Customs a few weeks ago, it takes around 6 weeks for them to process it and give it the thumbs up etc, so hopefully, anytime soon I'll be hearing back from them! James: Maybe this thread could be written up into a fact file for the Broadcasting World Website? It could help a lot of people wanting to get into the industry, or just as a general overview? Link to comment Share on other sites More sharing options...
producerpinnell Posted June 20, 2009 Author Share Posted June 20, 2009 Update: 20/06/2009 Still waiting on HM Revenue and Customs, although I know it will be worth the wait (I hope!). I've been in the re-designing process, completely revamping the website! Thought I'd tease you all... http://www.pinnellproductions.co.uk Hopefully I'll hear something from them soon Link to comment Share on other sites More sharing options...
debbiesprules Posted July 29, 2009 Share Posted July 29, 2009 To start with you could just get paid using paypal and leave it for a while to see what happens. Registering as a sole trader means that you will also need an accountant to help you which is more cost. Link to comment Share on other sites More sharing options...
producerpinnell Posted July 29, 2009 Author Share Posted July 29, 2009 Hiya Debbie, I forgot to update this topic! I'm now Self Employed as of last month! It's going swimmingly Thank you for your feedback Link to comment Share on other sites More sharing options...
Voxjunction Posted July 29, 2009 Share Posted July 29, 2009 I forgot to update this topic! I'm now Self Employed as of last month! Great news, Ian ! Now you join in with the Tax Inspector jokes ie:- Q:- What does a Tax Inspector and a pelican have in common ? A:- They can both stick their bills up their ars*s ! Boom boom....I'm here all week you know.......;) Link to comment Share on other sites More sharing options...
producerpinnell Posted July 29, 2009 Author Share Posted July 29, 2009 Great news, Ian ! Now you join in with the Tax Inspector jokes ie:- Q:- What does a Tax Inspector and a pelican have in common ? A:- They can both stick their bills up their ars*s ! Boom boom....I'm here all week you know.......;) Haha, love it! . You can do it all online though, so it should be easy! (Filling in the tax return that is! haha!) Link to comment Share on other sites More sharing options...
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