This is the book you will need if you are considering setting up your own business. It is aimed at the new business owner who has a lot of questions to ask. It has been written by a successful business owner and provides advice on what, and what not, to do.
While it is not intended to be a global reference book it does provide the reader with practical answers to the issues they will come across everyday, and includes examples of successes and failures from both the US and U.K. perspectives.
Table of contents
- 1 Introduction
2 So You Want to Run Your Own Business
- Why Are You Setting Up a Business?
- You Can Do It Better
- A Eureka Moment
- The Post-it Note
- Technological Developments
- Developing an Idea
- You Want to Be Rich
- What Is Your Business Going to Do?
- Unique Selling Point
- Where Should You Set Your Business Up (Both Virtually and Actually)?
- When Should You Start Your Business?
- Who Should You Go into Business With?
- The Dasslers
- Work as a Team
- What Should You Call Your Business?
- 3 How Do You Start?
4 Buying and Selling a Business
- Is the Price Right?
- Value‑Added Tax on a Transfer of a Business
- How Should You Finance the Purchase?
- Tax Issues to Consider
- What Records Should You Inspect?
- Buying a Franchise
- How Will the Purchase of a Business Affect Your Tax Bill?
- Is the Business Right for You or Should You Consider the Alternatives?
- Is the Split of the Purchase Price Right?
- Should You Form a Limited Company to Buy a Business?
- Selling the Business
- Selling an Incorporated Business
- UK Enterprise Investment Schemes
- Enterprise Investment Scheme
- Capital Gains Tax Deferral Relief
- Inheritance Tax (IHT) Exemption
- Seed Enterprise Scheme
- SEIS Reinvestment Relief and Capital Gains Tax Relief
- Setting Wage Levels
- Staff Pensions
- Self-Employed Subcontractors
- The National Minimum Wage
- Employment Legislation
- Employers’ Liability
- Staff Management
- Staff Relationships
- Statutory Maternity, Paternity, Adoption and Shared Parental Pay
- Statutory Sick Pay (SSP)
- Redundancy Pay
- The Gig Economy
- Contracts of Employment
- Pro Forma Employment Contract
- Pro Forma Freelance Agreement
6 Taxes and VAT
- Income Tax
- Tax on Dividends
- Optimum Tax Planning for Directors on Low Earnings
- Corporation Tax
- Example of Tax Planning Exercise
- Year One
- Year Two
- Year Three
- Value‑Added Tax
- Current VAT Rates
- Capital Gains Tax
- Capital Gains Tax Basic Rules
- Capital Gains Tax Rates and Bands
- Capital Gains Tax for People Non-Domiciled in the UK
- Annual Tax on Enveloped Dwellings (ATED)
- Stamp Duty Land Tax
- Entrepreneurs’ Relief
- Capital Allowances
- National Insurance
- Inheritance Tax
- Agricultural Relief
- Why Do You Need to Prepare Accounts?
- What Accounting Records Do You Need to Keep?
- Bookkeeping and Management Accounts
- What Do the Accounts Look Like?
- What Level of Profit Will You Make?
- What Should You Do to Protect Your Income?
- Tax Enquiries
- The Balance Sheet
- Fixed Assets
- Goodwill Valuations
- What Type of Property Is Best for Your Business?
- Freehold or Leasehold: Should You Buy or Rent?
- Sale and Leaseback of Property and Gearing
- Who Should Own the Property?
- Do You Need a Property Ownership Agreement?
- How Do You Finance or Refinance the Property?
- Negative Equity and Valuations
- Basis of Valuation
- Life Insurance and Endowments
- Critical Illness and Health Insurance
- Fixtures and Equipment
- Motor Vehicles
- Current Assets
- Credit Card Facilities
- Debtors (Work in Progress and Prepayments)
- Cash at Bank and in Hand
- Current Liabilities
- Long-Term Liabilities
- Purchase of Assets and Equipment: Cash, Hire Purchase or Lease?
- Annual Percentage Rate
- Working Out the Leasing Deal APR
- Excessive APRs on Payday Loans
- Net Assets
- Funding of Business Accounts
- Capital Accounts
- Current Accounts
- Drawings and the Payment of Tax
- How Do You Find a Good Accountant?
- What Should You Expect from Your Accountant?
- Legal Advisors
- Solicitors, How Do You Find a Good One?
- What Should You Expect from Your Solicitor?
- The Annual Review Meeting
8 Promoting Your Business
- The Business Website
- Return on Investment
- E-mail Campaigns
- Social Media
- Press Releases
- Subcontract Web Content
- Sponsorship and Publicity Stunts
- Organize Contests or Free Gifts
- Joint Marketing
- Other Marketing Methods
- Impulse Buying
- Push and Pull Marketing
- 9 Now You’ve Got a Successful Business: What’s the Next Step?
10 How It Can Go Horribly Wrong
- Major Reasons for Insolvencies
- Other Reasons for Failure
- Insolvency and Liquidators
- Voluntary Arrangements
- Draft Example of a Company Voluntary Arrangement (CVA) Proposal
- Introduction (Rule 1.3(1))
- Proposals (Rule 1.3(2))
- Secured Creditors
- Preferential Creditors
- Deferred Creditors
- Unsecured Creditors
- Associated Creditors
- Alterations to the Proposal (Rule 1.3(3))
- Realization of Assets
- Index to Appendices
- Schedule 1
- Schedule 2
- Schedule 3
- Schedule 4
- Schedule 6
- Schedule 7
- Register of Charges
- The Process of Insolvency
- Outcomes Other than Voluntary Arrangements
- Examples of Disasters
- Indications of Poor Performance
- Wrongful and Fraudulent Trading
- Chasing Sales
11 Retirement and Succession
- Passing the Business on to the Family upon Death or Retirement
- Retirement and Pensions
- Individual Savings Accounts (ISAs)
- Increase in the State Pension Age
- Income Drawdown
- Annuities Explained Further
- Drawdown Explained Further
- Tax Relief on Pension Contributions
- Different Types of Pensions
- Financial Advisors
- Old Pensions
- What Is the Best Retirement Date?
- Investing in Someone Else’s Business: What to Expect
- What Are You Looking for from the Investment?
- How Much to Invest?
- The Pros and Cons of Investing in Privately Owned Businesses
12 Essentials to Take Away
- The Customer Should Always Come First
- Personal Complaints Line
- Be the Best
- It’s a Team
- Don’t Have a Plan B
- It’ll Work… Think Positively
- Don’t Ever Assume Things
- Attention to Detail
- React to Change
- Don’t Ignore the Financials
- Do It for Yourself
- Take Advice
- Get Insured
- Start Your Pension Early
- What Makes a Successful Business?
- Business Plan
- Title: The New Entrepreneur's Guide to Setting Up and Running a Successful Business
- Release date: June 2018
- Publisher(s): Productivity Press
- ISBN: 9781351015851
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