I am recently started a baking business, so I have registered my business with my local council (Wandsworth) and I did a food safety in catering level 2 course.
I have arranged a trial day with my local farmer's market to sell cupcakes, but if I decide to stick with it, what else do I need to do?
In terms of paperwork and tax and all that kind of stuff? I don't know anything about business stuff and am very confused by it all.
Thank you very much for any advice!
There's a good book that outlines a lot of what you need to do - Its called 'starting a cake decorating business from home' by kathy moore, there is a new edition out this year and they have it on amazon but maybe try your local library too.
You have 3 months to register with hmrc for tax purposes etc
You might also want to check with your local trading standards as to what labelling you need if you are going to be selling at farmers markets (some want full ingredients, some don't)
I would suggest separating personal and business accounting as well and your bank probably has business advisors - new businesses often get free banking for a period of time.
The other thing to consider is some kind of public liability insurance, a few companies do it so search around.
I would definately recommend having separate bank accounts - as well as making sure that all your receipts for your purchases are kept safely. You will not only be buying ingredients in order to make your cakes - as well as boxes, boards, ribbons and cases for cupcakes - but there are cake equipment purchases too. I am always fascinated by the new ideas that arrive into my local cake decorating supplier, crimpers, flower shapes etc. One piece of advice - if you do nothing else - make sure you keep track of your expenses and split into costs for actual baking - and costs for buying equipment. Don't just tip all receipts into a plastic bag without writing them down and tracking them first. If you wait until you have a mountain of them - you will never start!! K