I have a few questions...i am hoping to start a bookkeeping service from my room that i rent above a pub, the thing is i already have a desk, a laptop, a printer and everything i will need except from bookkeeping software, insurances and a few stationary supplies. I have managed to save nearly £2000 pounds which i will use for the initial running of the business...
As i rent a room above the pub i work in i have no rates to pay...
I am not going to have any business assets as such as i have bought this equipment from my own personal money a good few months ago...so am wondering am i in a good position or a not so good one as a business needs assets???!!!
Not really sure on what you're asking however you do not 'need' assets to run a business as such and as a sole trader they are yours anyway.
In regards to the business, you need to be registered for MLR before you can begin to trade (either with HMRC direct or an organisation such as ICB, IAB etc) and have insurance.
When starting out in business, the less you have to spend, the better it is as getting clients is the hardest part of it and £2000 will not last long, well not me anyways.
If these assets are going to be used wholly, or almost wholly, for the business you could potentially bring these into the business at market value and at the end of the day claim capital allowances etc.
However from what you describe the assets wouldn't have much of a market value do probably not worth doing / spending much time considering.
As BoG says it does not really matter what assets you have as long as the work is done to a standard that you and your clients are happy with.
On a personal note you will need to remember to register as self employed etc with HMRC and register for money laundering regs as mentioned above etc.
Good luck going fwd.
__________________
Forgive the typo's I generally do not proof read. Just lazy I guess!
