The Basics of Setting up as a Virtual Assistant

When you first make the decision to start out as a Virtual Assistant and run your own business, it can seem a little overwhelming with what you need to do to actually get started.  Before you even think about marketing to attract clients, you need to decide on some basics first.

Company Structure

There are three main ways to set yourself up in business and I recommend you seek the advice from a qualified and reputable Accountant to get advice that is tailored to you.

Sole Trader

This is quite an easy route to set up in business, you just need to register with HM Revenue & Customs as self employed and you are off. Why not look at their website for more information at www.hmrc.gov.uk.

Limited Company

This is the other most common route for a VA and leaves a lot of flexibility for the future depending on your business goals and aspirations.

Visit Companies House website at www.companieshouse.gov.uk for more information and you can either file the relevant forms yourself or use a Company Formation Agent to do it for you.

Partnership

You may decide to set up with a business partner (a trusted friend, associate or family member). I recommend that you consult with a solicitor to draw up a partnership agreement to ensure that all parties know exactly where they stand.

Bank Account

A bank account is a must for your business to ensure that all expenses are kept separate from your household and personal accounts. Why not have a look at the comparison websites (such as www.moneysupermarket.com) to compare the different types of accounts available to you depending on your requirements.

VAT Registration

Most VA businesses will not need to register for VAT as the current threshold is set at £64,000. However, you should talk to your Accountant to see if you want to voluntarily register as it may be a pre-requisite for dealing with larger companies.

Each VA business is unique and you need to do what is right for you and nobody else!