Start your own business at 40 it's possible?
Let's immediately remove any doubts: yes it is possible. There are many cases of entrepreneurs who started their own business over the age of 40 and in some cases even well after this age.
Furthermore, you will find interesting information on the opening of the 2019 flat-rate VAT number for those who want to start their own business at the age of 40.
Starting your own business at 40: 4 skills to focus on
It is not easy to imagine opening your own business, it never is, but even more so if you are 40 years old, maybe you have a family and life has now taken a certain turn.
The obligations seem too many to be able to afford to drop everything and monetize one's passion ... but let's try to see if JK Rowling agree.
I mention her because she is the example of a person who never gave up her passion, until she reached the age of 40 to seize the golden opportunity: a publishing house was interested in her book and believed in her.
We're obviously talking about Harry Potter, a very famous book (or rather books, since it's a saga) that we've all heard of. This is certainly not the only case of those who have made a "coup" and it should be remembered that in all cases we are dealing with entrepreneurs.
In fact, among the richest men in the world it is difficult to find famous sportsmen or personalities from the world of entertainment, while much more often they are entrepreneurs, in some cases who started out with very little money.
#1. Experience
Both professional and life experience make an adult much more aware and worthy of start your own business.
Indeed, it is well known that, very often, a boss who has never been an employee cannot understand the latter and is not able to be a true leader and to see his professional and human figure positively recognized.
#2. Contact network
2 → the second skill is linked to network of contacts that we have created over the years of experience behind us. Above all, if you are a sociable person, with a wide network of acquaintances and friendships, this point is right for you.
Assuming that it also depends on the type of entrepreneurial activity carried out, often making yourself known and having a good reputation is essential.
After years of experience you may be more or less known for your skill and reliability, but you have to start at the beginning starting from scratch, almost.
Have one knowledge network important can allow you not to start from scratch, but to have a first job opportunity with people who know you and, perhaps, appreciate and esteem you.
Tell friends, relatives and acquaintances about what you are about to do or are doing, let them participate and you will be amazed at how great an opportunity the Word of mouth you give away
From small towns to large cities, a good entrepreneur can base a good part of his clientele on word of mouth, especially the initial ones.
#3. Sense of responsibility
3 → the third skill for those who want to start their own business at 40 is the sense of responsibility: an instinct often innate in many human beings (not all) which, however, tends to grow with age and to be decisive in the choices to be made.
In fact, starting your own business and opening a VAT number can be an all too demanding choice, which risks being inconsistent with the other responsibilities: children to support and lack of economic certainty are already a huge variable to consider.
In addition, the crisis that has hit many countries in recent years has negative consequences especially on small and medium-sized enterprises (often abbreviated to PMI), forced to close or drastically reduce the number of employees due to the low workload.
#4. Resilience
4 → the fourth skill if synthesized in a strong and effective parola: Resilience. This term, which can be confused with the term resistance but has another meaning, is used to explain the ability of a subject to react to traumatic external events.
A 40-year-old person will certainly be more able to withstand the blows that come from the outside, from trivial criticisms to a thousand more serious problems of a bureaucratic, legal or any other kind.
In fact, it is unthinkable to start a business with the conviction that the initial idea remains unchanged and that everything goes smoothly immediately, a high degree of resilience is needed.
Starting your own business at 40: how to open the VAT number?
You are 40 years old and you have decided to make the "leap": working on your own requires the need to open the VAT number and to comply with current tax legislation.
The "delicate" phases of opening the VAT number require the advice of a trusted accountant. In any case you will need to download the Model AA9/12 available on the Revenue Agency website and attach the documents (valid identity card, tax code, etc.).
The next step is to choose the ATECO code to correctly frame your business activity and choose the cheaper tax regime.
Starting your own business at 40: why should you open the flat-rate VAT number?
You must know that if you intend to work on your own at 40, you will have to open the VAT number and opt for the very convenient Flat-rate scheme 2019.
But, pay attention to the necessary requirements! You must know that from January 2019, XNUMX if you will not exceed 65.000 euros in revenues, you can choose the flat-rate scheme.
The differentiated limits based on the reference ATECO code have been abolished, while the different ones remain profitability coefficients for the calculation ofsubstitute tax at 15% or 5% (only for the first 5 years of activity).
Here they are summarized below:
- payment substitute tax of 15% (From 5% for the first 5 years of activity),
- exemption from accounting records for both VAT and income purposes,
- no qualification of withholding agent given that holders of a flat-rate VAT number do not operate withholding taxes.
- exclusion from IRAP and sector/parameter studies.
Small parenthesis: I have published for a very few days my second book.
Is called Flat-rate scheme 2019 and it's a manual that will explain everything you need to know before opening your VAT number. I'll also tell you how to save thousands of dollars in taxes every year. It's on sale exclusively on Amazon both in paper version (14,90 Euros) and in Ebook version (9,90 Euros)
Do you want to learn more about the Flat Rate Scheme?
Flat-rate scheme 2022
The first guide that explains the New Flat Rate Regime to you even if you don't understand anything about the tax authorities
Starting your own business at 40: how much does an accountant cost?
Do you have any doubts? Do you want to know how much the Consultancy of an Accountant will cost if you decide to start your own business at the age of 40? Discover mine Online Accounting Service dedicated to you.
I will take care of everything that a "classic" Accountant generally takes care of, but the cost of my Service will be only 39 Euros per month if you opt forquarterly subscription, 36 euros per month if you opt forhalf-yearly subscription, 33 euros per month if you opt forannual subscription.
Through my Online Accounting Service I will take care of everything a "classic" Accountant deals with, but, working remotely, there will be no need for physical presence. Specifically I will deal with:
- Open your VAT number
- Manage your Accounting
- Submit your tax return
- Offer you my Assistance 365 days a year
If you have any other doubts about the Flat-rate VAT number for self-employment or if you would like to receive more information on my Online Accounting Service, ask me for one Free Consultation! All you have to do is request it on my website www.resources4gaming.com by filling out the contact form with all your data, I will call you back within a few hours!
See you soon
Giampiero Teresa
