Could I Really Make a Go of it?

Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but this factsheet includes a list of attributes that successful business owners have. You do not need all of these characteristics but ‘go-getters’ have the majority of the qualities.

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Credit Control

Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long, drawn out and potentially costly process. If payment from the customer is not obtained and the goods or services have been provided, your cash flow is likely to be under pressure. Ensuring that customers pay on time will make managing your business easier.

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Criminal Finances Act 2017

The Criminal Finances Act 2017 came into effect on 30 September 2017, and makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A partial defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures.

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Dismissal Procedures

There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom to dismiss an employee. An employee’s employment can be terminated at any time but unless the dismissal is fair the employer may be found guilty of unfair dismissal by an Employment Tribunal.

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