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register with HM Revenue & Customs within 3 months of commencement of business. Failure to do this will result in a £100 fine. |
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write a business plan. This should include listing your business ideas, predicting possible scenarios, your strategy, targets and objectives, why you are in business and what you expect to gain from it, is it going to be part-time to supplement your main income or full time thereby needing to provide your main income. |
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produce a profit/loss forecast. This is simply a statement of your expected sales and associated costs, including business overheads. |
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produce a cash flow forecast. This is different to the profit forecast mentioned above and relates to cash flow, taking account of the time difference when making and receiving payments. |
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carry out market research to establish what demand there is for your products or services |
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what is your marketing strategy going to be |
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what are the risks |
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what are your strengths, weaknesses, opportunities and threats |
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record all sales and purchases |
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keep a record of miles travelled for business purposes |
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- keep a separate record of household utility bills if you are working from home |
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open a separate business bank account as this will enable you to identify business and personal finance separately. It will also ease the task of preparing annual accounts.
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register for vat if your turnover is likely to exceed the threshold (see tax rates) |
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register for PAYE if you are planning to have employees |
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partnership only - prepare a partnership agreement |
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speak to an accountant at the outset. Find one that is prepared to give a free initial consultation and estimate of fees, should you wish to use their services |
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check this website frequently for free information downloads and templates which we plan to have available soon. |
