Checklist: 70 Steps to Start a Business
Before starting your business there are many things to consider. Remember, that planning is a core of success. Alan Lakein, well-known author on personal time management, has famously said, “Failing to plan is planning to fail”. A business plan helps you to clarify your business idea, to set out your goals, to prepare strategies, to […]
Template: Business Cash Flow Statement
The term cash flow refers to the net amount of cash and cash equivalents being transferred in and out of a business. The purpose of a cash flow statement is to provide a detailed picture of what happened to your business’s cash during a specified period, known as the accounting period. It demonstrates your business […]
Sole Trader: Set up & Register a Business in the UK
Sole Trader Sole Trader means you run your own business as an individual. If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed – even if you haven’t yet told HM Revenue and Customs (HMRC). You can keep all your business’s profits after you’ve paid tax on them. You’re […]
HMRC: Business Tax and Registration
Once you have registered a business, you might need register for certain business tax. Corporation Tax If you run your business as a limited company, you must pay Corporation Tax on profits from doing business. You will need to register with HMRC for Corporation Tax service within 3 months of starting to do business. This […]
10 Key advantages to have a Limited Company (Ltd) vs Sole Trader
Starting up as a sole trader is without doubt the simplest way to start a business in the UK. All you need to do is inform HMRC that you are working as self-employed, and report your business activities through the annual self assessment tax return. Setting up in business as a LTD involves a more […]
VAT: Do I Have to Register Business for VAT
VAT is one of the things all businesses need to be aware of. It’s important, for example, to understand what the VAT threshold is and when you need to register for VAT. It’s also important to consider what benefits you might get from registering even if you are below the threshold. Also you need to […]
National Insurance: What I am Paying for
National Insurance (NI) in the United Kingdom is a system of contributions paid by workers and employers to qualify for certain benefits. The national insurance scheme is administered by HM Revenue and Customs (HMRC). National Insurance Number A National Insurance number (NINO) is a number unique to you which is used to keep track of […]
Bookkeeping: How to Minimise a Headache
As a business owner and company director, running a business could be frustrating. For lots of business owners, bookkeeping is a nightmare. Whatever your size of business, you should be routinely receiving data about your numbers and analyse it accurately to understand the flow of money through your business. Bookkeeping and keeping good records is […]
Employer: What Need to Know about Workplace Pension
As a result of Automatic Enrolment, millions of people now have a workplace pension. Find out how this affects your business. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called ‘automatic enrolment’. If you employ at least one person […]
7 Steps How to Start an Online Business
More people are online than ever before and asking questions that you might have the answers to or looking for product that you might offer. Therefore there’s never been a better time to start an online business than right now. There are many reasons why people are starting an online business such as: Perhaps you […]