ARE YOU A NEW COMPANY?

BUSINESS STRUCTURE  (Sole Trader, Partnership, LLP, Company)

BUSINESS PLAN

• 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

VAT REGISTRATION

• 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

INFORMATION

• 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

COMPANY CAR

• 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.

Posted in