The Twelve Days of Business 2010: Act Two
Our weekly Swindon business advice column with Gail Gibson
Read on to discover Act Two’s next 4 days of Business. If you’ve missed Act One, click here
5th Day of Christmas
What is your Financial Situation? A thorough assessment of your financial pot so to speak, is one of the primary things you must look at. If you are facing redundancy and you receive a good remuneration, how will long will it last if you set up a business? Likewise, if you leave your current job and start over, how long will your savings cover your costs? Work out exactly how much money you have at the start, how much you will need to cover personal expenses such as mortgage and living, as well as start up costs, to give you a clear picture of how long your finances will carry you. Alternatively look into options of ways to get support finance, either from your bank or an angel investor?
6th Day of Christmas
Sole Trader vs Limited Company. The best source of professional advice about the type of taxation structure most suited to your business is a qualified accountant. If you have no access to an accountant at this early stage, you can visit the HMRC website, which is full of helpful advice, support and downloadable forms etc From here, other legal matters to consider include registration/non registration for VAT, employee rights, responsibilities and roles, and personal and public liability insurances.
7th Day of Christmas
Legal Decisions. Early in your setting up stage you will need to register for tax, once you’ve decided what type of entity you will be i.e. sole trader or limited company, register your company name and consider trade marking, open a business banking account and arrange a business loan (if required) to cover set up and initial ongoing costs, buy a domain name(s), and hire an accountant or bookkeeper (or use online accountancy software such as Kashflow).
8th Day of Christmas
Do I work at home or rent an office? Wherever you choose your business to be based from, there is an extensive list of office requirements to think about. Plan to work from home? Do you have suitable office space such as a spare room? What will you need to set up your office – a PC, printer, a good sized desk, filing cabinet, shelving, cupboards, broadband, a telephone or mobile connection? Ask your accountant for advice about claiming expenses on your spare room office or rented office space and other related costs.
Read Act Three for the 9th to 12th Days of Christmas
Written by Gail Gibson of True Expressions
Discovery, Change, Transformation
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True Expressions - website |
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