Could A 14 Year Old Teen Start Own Business?

Question

My teenager wants to get a job after I keep nagging him. Now he wants to make his own small local business. I keep saying he cant because he wants to fix computers he is great with computers he has built 2 or 3 computers himself.
Getting to the point:
A) Would he be allowed (be trusted with the locals due to age)
B) What be the case tax wise would he have to register with HM Revenue & Customs and pay tax
C) Could he ask people to pay up front so he could get the parts as he does not have the money to pay for parts them people either not paying or not collecting there computer.

Also add any info that i need to know about it

Many Thanks

Answer 1

A quick phone call to HMRC will get you a definitive answer. He would certainly have to declare income to HMRC. The other option is that you could handle the money on his behalf until he reached 18, if that is what the tax people say.

If he dealt with a firm like Novatech he, or you, could buy the parts with credit card giving delayed payment and get a refund/exchange on unused bits. Novatech will refund on parts as long as they are in a re-saleable condition. There may be other firms who will do the same.

Answer 2

1

Answer 3

I can't answer all of your questions, but I can say I'm 14 and I'm starting my own business too, there is nothing stopping your son start his own business. However, my business is all online, so the rules may be different.



People may be wary of giving him their computer due to his age. Some people have very stereotypical views of all teenagers being rebellious. I disagree with these people (as I'm a teenager myself) and it sounds like you son is guy people could trust.



I think people can pay up front so he can get the parts etc. (as I've seen this done before). It's whether or not people would do it is the problem. The fact he is only 14 makes this even more of a problem.



I think he should wait until he is a bit older so that his customers can trust him without having him to know him

Answer 4

Certainly he can start by doing work for family and friends

but sadly no business is going to trust an unqualified 14 year old

He can't ask for money upfront either, he needs to get some money together first to buy parts etc

my son has a computer repair business, he started when he was 23 and was qualified

he now has a shop and 3 employees

He can register with HMRC once he is up and running, but I've no idea who will give him a business banking account at 14, he'll also need to deposit money in a business account,usually a few grand

but that will depend on what bank he wishes to use

Answer 5

There is nothing to stop someone at the age of 14 working for themselves, but to legally incorporate a company you have to be an adult, or have someone who is 'of age' as the legal owner.



The issue of fixing computers - or any other business - is 'what is the risk if it goes wrong?'. Who does the customer sue and how do they get compensation? If a sole trader, then the person who is doing the fixing can be sued directly for their personal assets. If this is someone who is only 14, it is possible that this liability can be transferred to the responsible adult.



The only way to avoid this is to legally separate out personal and business liabilities through becoming a limited company, which requires an adult to register the name with Companies House. It's really simple, but sounds intimidating.

Answer 6

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Answer 7

He is still of school age so HM Revenue & Customs would not allow him to register. Very few people would trust a kid with their computer.

Why are you nagging him to get a job when he is still at school?

Answer 8

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Answer 9

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http://finance.yahoo.com/career-work/article/109471/meet-the-unemployable-man?mod=career-work

http://www.usnews.com/articles/business/careers/2009/07/22/states-where-the-unemployed-are-giving-up.html

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Answer 10

2

Answer 11

Yes through the internet :)



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