Professional Studies -Self-employment tax national insurance legal issues and basic planning

Today i have looked at:

Paying tax and action insurance

No what is required from keep a record 

Tax and national insurance 

Set business expenses against tax bill

Only tax on net expenses 

Tax alliance to use before you pay tax

Form to send to tax

Self-assessment form online

National insurance -normal payment class two

Class 4 contributions

Keep record of

Sales and takings

Purchase and expenses

Records show profit loss

Health insurance

Public liability insurance

Employment of people further insurance  

Copyright law

CRB checks

Vat register –you can claim vat back

Basic business plan

It will help focus aims targets set aims

You need a business plan for funding

Benefits

Basic Business Planning

Business plan stating:

·         mission/vision

·         the history of the business

·         the product and the service - unique selling point = USP, what is the product, who will buy it)

·         market research - is there a demand for the producr, what research have you done, field research where to question the public, describe yur customer, describe the characteristics of the customer

·         the market – what is the size of the market is it growing describe the target customer and competition

·         research and development – what work have you done so far on your product

·         basis of operation – sole trader, premises, staff

·         management - have you got a management team, who is involved, how many people, the staffs background and commitment, staff qualifications

·         cost – initial set up costs, on-going costs, funding requirement or potential sources