SEARCH, INDEX, UPDATES, CONTENTS, SERVICES, START UP ADVICE
You will probably have given a lot of thought to a major new project, even a new direction in your life.
You need the independent, confidential but sympathetic and empathic ear of someone with commercial awareness, experience and plain common sense.
We can review your plans within the background of our technical knowledge and the mistakes we, and others, have made.
We can advise you on the best structure for your business, as a Sole Trader, as a Partnership, a Limited Liability Partnership, or as a Limited Company.
If you are going to use a business name, do you know the requirements of the Business Names Act 1985?
If a Limited Company is appropriate, we can advise on the need for a shareholder agreement, and explain the basis on which shareholdings, particularly minority ones, are valued. We can acquire a company for you and help with the initial documentation.
We can advise you on the impact of VAT on your business and help you with your VAT Registration and the completion of your VAT Returns.
We can explain the PAYE & NIC regulations and get a scheme set up with the Inland Revenue quickly.
We can help set up your bookkeeping system, and explain the records you will need to keep.
We can remind you to talk to an insurance broker. If you have any employees, under the Employers Liability (Compulsory Insurance) Regulations 1998, you will need a minimum of £5 million cover, and you must keep your certificates of insurance for 40 years. (40 years is not a mistake, the idea is to know which insurance company was on risk at any given time.)
We can outline the requirements for employers to designate a Stakeholder Pension scheme, and suggest make yourself aware of employment legislation, particularly relating to contracts of employment and unfair dismissal regulations.
If you are self employed (i.e. not operating through a Limited Company) you will need to notify the Contributions Agency that you have commenced in business. Subject to certain exemptions you will need to pay Class 2 National Insurance Contributions by direct debit or on invoice. A new penalty for late registration has been introduced from January 2001 if you do not register within 3 months from the end of the month in which you start trading. You may also need to make a new claim for Working Family Tax Credit on becoming self employed.
The Inland Revenue publish a very useful guide "Starting Up in Business" which includes the registration form. A £100 penalty will be imposed for passing the deadline, but this can be rescinded if earnings for the offending period can be shown to be below the small earnings exemption limit (£3,955 for 2001/02, £4,025 for 2002/03).
We can explain the National Insurance Small Earnings Exemption to you, and discuss the advantages and disadvantages of claiming it.
The Health & Safety Executive has a Small Business Start Up Service which provides useful advice about registration requirements.
One source capital and useful information about writing a business plan is
the Development Capital Exchange.
See also Partnership Agreements, Budgeting, Payroll, Stakeholder Pensions, Regulations.
Reminder - disclaimer applies. Please feedback your comments. This page was last modified 1 September 2002.