Monday, 14 April 2014

Things Needed to run a Business

I decided to go to my mum as she owns a business and ask her what will be needed to run a business, including all the technical and legally aspects. Things that I might not be able to find online whilst researching. Although she is a Sole Trader, therefore she said that some things won't apply for me as our business will be a Private Limited Company. I decided to take notes on the things needed, and will do more research after to find out more specifically for a PLC.

Register with inland revenue as self employed company.
Set up a rti (real time information) for pay as you earn.
- Calculate tax and national insurance for employees, pay monthly.
Register with inland revenue for VAT.
- Depending on projected turnover (net profit).
- If you turnover more than £77,000 a year you need to register fr VAT.
Business plan.
- All about money - so that you can show banks
PRS (performing right society) even if its just background music.
Limited Company needs.
- Name and adress.
- Register with companies house.
- Have at least one directer.
- Have at least one Shareholder.
- Articles of association - agreed rules about running the company.
- set up for corporation tax.
Set up bank account.
May need to pay National Insurance contribution. (rti)
Employing people, set up contracts for employees.
Check out employees are legal.
Get a solicitor - preferably someone who knows the business.

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