Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. Your plan should provide a thorough examination of the way in which the business will commence and develop.
Continue readingCorporation Tax Self Assessment key features include: a company is required to pay the tax due in advance of filing a tax return, a ‘process now, check later’ enquiry regime when the tax return is submitted, the inclusion in the tax return, and in a single self-assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation and the requirement for companies to self assess by reference to transfer pricing legislation.
Continue readingFranchising is a flourishing industry boasting nearly 1,000 brands in a multitude of different sectors. The business community now takes franchising very seriously and the industry consistently shows 90% of franchisees reporting profitability. The advantages of owning your own business are obvious but so too are the risks.
Continue readingOver the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. In this factsheet we outline some of the key issues for individuals including the Personal Tax Account and Simple Assessment.
Continue readingUnder the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.
Continue readingThe financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise. The financing can happen at any stage of a business’s development. On commencement of your enterprise you will need finance to start up and, later on, finance to expand.
Continue readingVenture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected by the equity gap. While the EIS requires an investment to be made directly into the shares of the company, VCTs operate by indirect investment through a mediated fund.
Continue readingHaving made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
Continue readingMany people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is 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.
Continue readingMajor corporate frauds and collapses hit the headlines from time to time and many of these were high profile and the amounts involved quite spectacular. With the current pressures we are still facing from a slow economy, challenges associated with difficulties in renewing finance, the challenge of achieving targets, even simply paying suppliers bills and it becomes easy to see that the risk of fraud for all sizes of businesses has increased significantly.
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