BUSINESS STRUCTURE (Sole Trader, Partnership, LLP, Company)
• What is your mission, vision, your goals and objectives?
• What experience have you got to make your business a success?
• How is the business to be financed?
• How viable are your Profit and cash flow forecasts?
• How are you going to draw up your business plan?
BANKS & FINANCE COMPANIES
• To open an accounts, cheque books, debit cards
• Free banking for 2 years
• Overdraft facilities, credit cards, grants and loans
• All sales over VAT threshold need to be registered
• Include your VAT number in all invoices
• Ensure you always receive a VAT invoices from any suppliers. If they claim they are not VAT registered, obtain a genuine invoice detailing the date, company registration number, full address, telephone number and website details
• Make sure you submit your VAT returns on time and avoid the dreaded VAT inspection
• If you are self-employed ensure you notify HMRC of your current status
• If you are an employer make sure you speak to Employer Section and are PAYE registered
• Ensure you have a valid partnership agreement if entering into a Partnership or LLP arrangement
• If you are a company ensure you are registered with Companies House
• Any self-employed individuals are required to keep a log of business mileage as proof when claiming for tax relief
• Company owners will need to assess if there is a tax benefit of operating a company car or if it is more viable to maintain a private car and charge the permitted rate per mile up to a maximum of 10,000 miles before the dropping to the lower tier thereafter for business use.