spending 50k on car and equipment for new business legal/tax

yea i was already aware of that. cheers though.

 

disregard my reply 7 minutes ago, i have a basic understanding of it. from that you register for it if turn over is 75k+ sole trader / company structure.

 

not really!

 

Geoff’s given some good advice.
If you’re starting up you should not be spending that much money, but it depends on your goals of course.
If financial success/freedom ASAP is your goal, this will be a big mistake.

Capital preservation is the number one goal to financial success.

You could start off with a good van for 10k instead of 30k, which will make more difference than you realise in this game if compound growth.

If you spend the absolute least amount possible when starting up your chances of success will increase dramatically.

The more your spend now, the less you will have to invest later.

 

Sorry meant to type 250k but I now see it was actually 230k. That's beside the point, I'm genuinely trying to give you something to ponder, from someone who has set up many businesses and entities, some badly and some properly and personally strongly feel that you're pinching the pennies at the important bits and spending at the discretionary ones

You say the 20k extra for new Vs 2nd hand has value, would how you compare:

the extra value gained in spending an additional 20k to get a newer car for a business than an older car that would also work;

Vs

1k to get legal advice from a specialist acting in your interest regarding the entire legal basis your new career will be started on and from (longstanding potential future repercussions on a life-changing event)

Vs


600 bucks to get registered or certified or whatever in your particular profession, which would enable you to pursue your goal of never working for someone again (again a significant life changing decision and event)



Ultimately it's a topic you yourself say you know nothing about, which would make seeing them more important not less but I'm just thinking logically here, perhaps in error...

You've asked for advice, I'm giving you my experienced and educated advice as a multiple business owner over many years who has a decent knowledge of the topic but is not a lawyer or accountant. This is a free country, you're not obliged to listen to a word of any of our advice but I suggest developing a thicker skin and consideration your priorities if you're gonna make things work because it's all sink or swim once you're out on your own and not having the knowledge is not gonna get you any special treatment

By the way, congrats on being only 25 and having amassed such a decent amount of savings, plus having the drive to attempt to start your own thing and the thought to ask for advice. You're doing a lot more right than wrong so keep that in mind pls, it's just more important that people point out what you're potentially Doing wrong when you're asking for advice

 

I'd just like to point out that someone looking nfor structure advice has now exchanged multiple posts with someone who literally has structure lawyer in their name and more focus is on a getting a car for an as yet started or existing business than on getting the business right


Christ almighty