STARTING AND RUNNING A BUSINESS
An introduction to the benefits, problems and pitfalls of starting your own business including general consideration of the impact of the change from employed to self-employed upon the individual and their family together with general planning aspects to take into account before taking the decision to start a business. This session will also consider the more fundamental aspects of starting and running a business including the location of the business, recruiting and employing staff and various legal aspects such as insurance and employment legislation
This session will look at the initial market research which should be undertaken before starting a new business and the importance of constantly monitoring the market within which the business operates.
A discussion of the various legal trading platforms available from which a business can be conducted including a sole trader, a partnership, a limited company and an unlimited company.
This session will review the common sources of funds that are available to start-up businesses and will discuss the principal financial statements which are likely to be required by banks and other lenders before they agree to make any funds available or, before they renew existing borrowing arrangements.
A review of the way in which taxable earnings are calculated for a business and of the differing rates of tax payable on the various trading entities such as sole traders, partnerships and limited companies. This session will also look briefly at the way in which earnings can be extracted from a limited company.
This session will set out the basic requirements of a book-keeping system and show how a very simple system can supply the information needed to comply with Income Tax, Corporation Tax and Value Added Tax (VAT) reporting and compliance. We will also look briefly at payroll calculation and reporting.
This session will provide a detailed outline of the Value Added Tax system including the various schemes available to businesses and the detailed monthly, quarterly or annual reporting requirements together with details of the, soon to be introduced, “Making Tax Digital” scheme for VAT.
This discussion will look at preparing detailed business and cash flow plans at the initial outset of trading and the importance of comparing actual performance against plan. It will also focus on the importance of updating plans on a regular basis. The second half of the session will consider the various means of funding the expansion of the business.
This will provide a review of matters covered in the previous eight sessions together with a detailed look at pension provisions for the self-employed, the employment of family members within the business and tax and other considerations relating to the possible purchase or sale of a business.