20 replies to this topic

[davidv]

Nice being an OAP,i do feel 20 years older now.I do agree give it the hobby test to get it going if you can.I think reading so far you want everything right from the start.May be with the hope you can be your own boss.I did and kept my full time job as long as i could to pay for it and see it worked.I did set up a bus account to keep everything seperate also incase i failed.I was not a limited company.Did meet a few who lost all.I also did do private small bus.advice for a while.Main questions were loans,books, tax and vat.I do expect younger people to call me an OAP i used to say the same thing but years ago.Show us your tatts Chum.

[WiredbyWilson]

Having a business account has got nothing to do with losing everything should something go wrong.
If you are not a limited company all of your personal assets are in the firing line should something go wrong - thats what professional indemnity insurance and the like is for!

If you get the basics right it should all start off fine, no point spending fortunes on something if it doesn't take off to the extreme you are hoping.

As said before, being an accountant only happy to help

[Guess-Works.com]

I have a business account, but there's never any money in it

as you can appreciate, a lot of the work I do is either paid for electronically, paypal, or by cash, neither of which ever sees a bank account...

[davidv]

Yes you can as to many do.Many would agree keep it seperate.Its easy to watch and keep good records.These days you can get a good basic book worm cheap until you hit the vat lines.Mine was called Ratface.

[BoboGib]

BoboGib what other work will you doing other than servicing?

I'd be aiming to do whatever work I could. Currently doing a makes head gasket on his rover 100 as a favour. Think the only thing i'd Struggle with at the moment is doing cam belts as I don't have an impact wrench and some pulley bolts can be a swine to get out.

Other than that i'm pretty capable of doing most things.


Wilson,

Thanks for all your info and help. I can see a PM getting sent your way in a couple of days.

[davidv]

There is good money in the belts.They cost a lot in a garage Just had a quote for my old mothers fiesta Ford 1400cc a bit much at about £180. Still i will shop about and try to find us a new mobile worker. Had to pay quite a bit just for a new fan belt thing fitted and its service with MOT.There is room for people to do well working on cars at a fair cost.When the fellow finished with his small Bus. and sold it to another i was tempted to buy it with someone else doing the work with a good number one job and shares if they did well for us both.To me it could have made a fine hobby i have the bus. skills contacts and customers.I tried something else instead and missed out.If the new owner fails ,sorry i would still like it.The sad thing was the hire shop i looked at had also got a full size car lifter in the back so i should have bought both.Still i like to share the mistakes also.The hire thing failed only 50k lost.I never give up.Having a rest before my next mistake.Should have had my mates small car one it would not have made me rich but enough to enjoy.The price was very good and the history with the customer base .The local customers also new me.