SEMI-URGENT) I’m 19, Going to run my own full time income business. From UK but know 0% on selfemplo

[Aspwlf]

Noone in my family is self employed. So there no point asking for help.

So basically I’m going to start my own business selling on amazon. I know how to do it and have been learning it for like 2 years. Now that I have the income to do it, I’m going to have to become sole trader if not LTD :O oh nooo

Look I’m only 19 and I know NOTHING about self employment, tax, vat this or that. All I know is once I make 80k I gotta do vat.

Is there like someone I can genuinely hire for a one on one mentor to help me on my journey? Idk if an accountant would be the right person..., maybe an accountant would know? But I’m sure they expect me to know like what I m doing at least.

This is so hard idk where to go or start. All I do know is how to start making a full time income on selling Amazon, that’s it.

Please advice me where to get support. Like literally I need a mentor or something to teach me about well everything I need to do.

I understand the gov website explains a bit but I just ughhh so overwhelming because idk where to start

 

[Employer]

If your skills are more focused on actual trading then you will need somebody like an accountant help in the financial administration side. Once you have appointed an accountant I would ask them if they have any information on self-employment, taxes, etc so that you can do your own research. Any accountant worth the salt would help you.

 

[Needhelp]

If you have a particular skill then you need to focus on that scale and bring in outside sources to supplement areas where you are not as strong. The more time you spend researching self-employment and taxation the less time you are spending on your strength, trading on Amazon.

 

[Szymon]

I second the above replies in that you will need an accountant so that you have a clear structure and make informed decisions (but I am biased... ). There are pros and cons for each structure and is not a one-size-fits-all. Quick summary below:

Self-Employment
Pros - Flexibility, Ususally cheaper to set up and run than a LTD
Cons - All profits are taxed (so limited flexibility in terms of tax planning),less protection than LTD

LTD (reverse of the above)
Pros - Very flexible in terms of profit extraction, Limited liability (more protection)
Cons - Typically more expensive to manage in terms of accoutnants fees due to more compliance work involved.

Let me know if you have any questions or if you need any help with this - I am a qualified accountant (FCCA). Good luck.