Starting a cricket brand
Advertise on CBF
Pages: [1] 2 3

Author Topic: Starting a cricket brand  (Read 10024 times)

0 Members and 3 Guests are viewing this topic.

nickpain77

  • Colts
  • Club Cricketer
  • **
  • Offline Offline
  • Posts: 125
  • Trade Count: (0)
Starting a cricket brand
« on: January 15, 2016, 07:37:01 PM »
I've halfway through starting a cricket  brand ive finalised sticker design got samples printed sorted out my bat manufacturer and I'm wondering do I need to have accountant and go down that route because I'm probably just sell them in my local area
Logged

Tom

  • Forum Legend
  • ******
  • Offline Offline
  • Posts: 5607
  • Trade Count: (+33)
    • www.cricketinsight.co.uk
Re: Starting a cricket brand
« Reply #1 on: January 15, 2016, 08:38:52 PM »
You might not need an accountant, but you'll need to pay tax so will need to keep records on your outgoings, and money in
Logged

nickpain77

  • Colts
  • Club Cricketer
  • **
  • Offline Offline
  • Posts: 125
  • Trade Count: (0)
Re: Starting a cricket brand
« Reply #2 on: January 15, 2016, 08:40:09 PM »
Quote from: Tom on January 15, 2016, 08:38:52 PM
You might not need an accountant, but you'll need to pay tax so will need to keep records on your outgoings, and money in
How much would that be
Logged

Ayrtek Cricket

  • Forum Sponsor
  • International Superstar
  • *****
  • Offline Offline
  • Posts: 14750
  • Trade Count: (+53)
  • www.AyrtekCricket.com
    • Ayrtek Cricket
Re: Starting a cricket brand
« Reply #3 on: January 15, 2016, 08:42:53 PM »
You'll Defo need an accountant to help squirrel away the millions in profit you're making as there up to a 250% margin on all cricket products being sold dont'yaknow 👍
Logged

Woodyspin

  • International Captain
  • ****
  • Offline Offline
  • Posts: 2232
  • Trade Count: (0)
  • www.twitter.com/thewoodyspin
Re: Starting a cricket brand
« Reply #4 on: January 15, 2016, 08:44:18 PM »
Quote from: Ayrtek on January 15, 2016, 08:42:53 PM
You'll Defo need an accountant to help squirrel away the millions in profit you're making as there up to a 250% margin on all cricket products being sold dont'yaknow 👍
[emoji23] [emoji23] [emoji23]  dont start this now...

Sent from my LG-H815 using Tapatalk

Logged

thegowerwaft

  • County 1st XI
  • ***
  • Offline Offline
  • Posts: 595
  • Trade Count: (0)
Re: Starting a cricket brand
« Reply #5 on: January 15, 2016, 08:49:44 PM »
Though a bottle of SB makes me want to take a different approach. Read the following:

https://www.gov.uk/working-for-yourself/overview
Logged
"The only way he was ever likely to play cricket at the highest level would be if he played on the top of a mountain" Mrs Harper 2014

nickpain77

  • Colts
  • Club Cricketer
  • **
  • Offline Offline
  • Posts: 125
  • Trade Count: (0)
Re: Starting a cricket brand
« Reply #6 on: January 15, 2016, 10:10:48 PM »
But if I'm just selling them to a few of the clubs I'm connected to as a hobby would I still have to pay for all these fees
Logged

Woodyspin

  • International Captain
  • ****
  • Offline Offline
  • Posts: 2232
  • Trade Count: (0)
  • www.twitter.com/thewoodyspin
Re: Starting a cricket brand
« Reply #7 on: January 15, 2016, 10:12:56 PM »
You’re probably not trading if you sell some unwanted items occasionally or you don’t plan to make a profit. You can’t use any losses you make as part of a hobby to reduce your tax bill.

Occasionally sounds good to me!

Sent from my LG-H815 using Tapatalk

Logged

Red Ink Cricket

  • Forum Sponsor
  • World Cup Winner
  • *****
  • Online Online
  • Posts: 3294
  • Trade Count: (+8)
  • Red Ink Cricket
    • Red Ink Cricket
Re: Starting a cricket brand
« Reply #8 on: January 15, 2016, 10:19:30 PM »
Quote from: nickpain77 on January 15, 2016, 10:10:48 PM
But if I'm just selling them to a few of the clubs I'm connected to as a hobby would I still have to pay for all these fees

Yes. If you are producing goods or paying someone to do so, then selling them on, you are a business and need to be registered and paying the associated fees
Logged
www.redinkcricket.co.uk
John@redinkcricket.co.uk
@red_inker

Tom

  • Forum Legend
  • ******
  • Offline Offline
  • Posts: 5607
  • Trade Count: (+33)
    • www.cricketinsight.co.uk
Re: Starting a cricket brand
« Reply #9 on: January 15, 2016, 10:33:31 PM »
Quote from: nickpain77 on January 15, 2016, 08:40:09 PM
How much would that be
Depends which tax bracket you fall into and how your business is structured.

Logged

WalkingWicket37

  • International Superstar
  • *******
  • Offline Offline
  • Posts: 12983
  • Trade Count: (+26)
Re: Starting a cricket brand
« Reply #10 on: January 15, 2016, 10:46:01 PM »
With all due respect Nick or Harry (or Tom or Dick, whatever your name is...), if you've got to the product design and production stage without researching the basics of running a business, I cannot help but feel you're not 100% into this, so almost setting yourself up to fail from the get go.
This whole thing has the feeling of a badly thought out GCSE/A Level project to me
Logged

Batbuddy99

  • County 1st XI
  • ***
  • Offline Offline
  • Posts: 925
  • Trade Count: (0)
  • https://royalascotcc.co.uk
Re: Starting a cricket brand
« Reply #11 on: January 15, 2016, 10:48:31 PM »
nearly but not quite @WalkingWicket37
i am a said gsce/a level student and he has already gone further than i would have!
Logged
Still working on turning massive netting potential into real match runs

hell4leather cricket

  • Forum Sponsor
  • International Captain
  • *****
  • Offline Offline
  • Posts: 1416
  • Trade Count: (+11)
    • Hell4Leather Cricket
Re: Starting a cricket brand
« Reply #12 on: January 15, 2016, 10:51:27 PM »
How old are you nick pain 77?
Logged

nickpain77

  • Colts
  • Club Cricketer
  • **
  • Offline Offline
  • Posts: 125
  • Trade Count: (0)
Re: Starting a cricket brand
« Reply #13 on: January 15, 2016, 11:26:25 PM »
« Last Edit: January 15, 2016, 11:28:50 PM by nickpain77 »
Logged

thecord

  • International Captain
  • ****
  • Offline Offline
  • Posts: 1979
  • Trade Count: (+3)
Re: Starting a cricket brand
« Reply #14 on: January 16, 2016, 12:01:38 AM »
Quote from: nickpain77 on January 15, 2016, 11:26:25 PM
I'm 13

 :o in that case fair play for getting this far, if people had known that up front I'd like to think you wouldn't have been given such a hard time.
Safe to say it is a bit more complicated than you'd maybe imagined but good luck with it  :)
Logged
Pages: [1] 2 3
« previous next »
 

Advertise on CBF