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 Post subject: Documents required to start business in uk?
PostPosted: Sat Mar 09, 2019 2:24 pm 
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Joined: Sat Mar 09, 2019 1:34 pm
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Hey guys,
Hope everyone is doing well. I was wondering if anyone here knows what exactly I need to start my gemstones business in United Kingdom? I mean in terms of legal documents or government bodies?
Thanks in advance for the help. :)


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 Post subject: Re: Documents required to start business in uk?
PostPosted: Thu Mar 14, 2019 8:35 am 
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Joined: Mon Aug 28, 2017 10:39 am
Posts: 53
Location: Birmingham - England
It depends on how you are trading
Are you setting up as sole trader - Ltd company etc?

If starting small you can opt to register for VAT before reaching the required
limit. This has many advantages. If you are importing/exporting you will
probably require an accountant. VAT is pretty simple and you
can do it yourself if you are not import/exporting. (I did for many years
and found the infamous VAT-man to be very helpful )
If you are importing I'd recommend a good accountant not a book-keeper unless
they have previous trade experience.
For Ltd. company visit companies house. Online incorporation is very popular
these days but get some advice first..
If buying through Europe almost anything could change in the next
few months!

This is a good starting link for most questions:
https://www.gov.uk/government/organisat ... nies-house


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 Post subject: Re: Documents required to start business in uk?
PostPosted: Thu Mar 14, 2019 5:36 pm 
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Joined: Sat Mar 09, 2019 1:34 pm
Posts: 3
johngemo wrote:
It depends on how you are trading
Are you setting up as sole trader - Ltd company etc?

If starting small you can opt to register for VAT before reaching the required
limit. This has many advantages. If you are importing/exporting you will
probably require an accountant. VAT is pretty simple and you
can do it yourself if you are not import/exporting. (I did for many years
and found the infamous VAT-man to be very helpful )
If you are importing I'd recommend a good accountant not a book-keeper unless
they have previous trade experience.
For Ltd. company visit companies house. Online incorporation is very popular
these days but get some advice first..
If buying through Europe almost anything could change in the next
few months!

This is a good starting link for most questions:
https://www.gov.uk/government/organisat ... nies-house



I really appreciate your response to the post. I would go for Ltd company and then register for VAT later.
Apart from registering your company, do I need to register anywhere else e.g with any gems and jewelery association or organisation? Keeping in mind I will be exporting and importing gemstones.


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 Post subject: Re: Documents required to start business in uk?
PostPosted: Tue Mar 26, 2019 8:43 am 
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Joined: Mon Aug 28, 2017 10:39 am
Posts: 53
Location: Birmingham - England
Just keep in mind - if your business does well and you go over the VAT limit
you will be required to pay VAT on all your previous sales. That money has to
come from somewhere.

Incidently - remember you can claim VAT back on qualifying costs for a
couple of years previous to starting to trade - check the web site for exact
details. (I think its changed a bit since I registered)

You don't need to reqister with any trade organisations if you don't want to.
That being said there seems to be a growing pressure for "fair trade" registrations
(gems and more recently metals) I've noticed.

While I think most of us want the people at the sharp end to get their decent cut
and keep out the gangsters use of the material - It is a bit concerning that
the pressure to pay money to organisations just to stick a label on something
seems to be growing. It smacks little of market control or opportunism to me.


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