How do I set myself up as self-employed?
What are the advantages of being a sole trader?
When do I have to register for VAT?
Can I register for VAT if my earnings are below the current threshold for registration?
What is CIS? Who are CIS contractors and subcontractors?
What is a company tax return?
What do I need to include in my business plan?
Having a solid business plan will help you to set a clear direction for your business both now and in the future and will also reduce the risk of overlooking vital considerations prior to setting up your business. A business plan is also essential if you are looking for credit, business loans or overdrafts from banks or other lenders. It is important that your business plan sets out all the main points and provides a clear snapshot of your business idea. A detailed business plan will usually include the following:
A brief description of where your company is, where you want to take it, and why your business idea will be successful
Why you intend to start your business and the purpose of your products or services, your current position, strengths and weakness of your competitors, target audience, competitive advantages and a brief outline of how you intend to grow the business.
How you propose to meet specific business objectives and goals over a 1/3/5 year period, what strategies you will take and what resources you will need. The business strategy should also include potential threats and opportunities in the short to medium term.
Details of the market research you have conducted within your chosen industry and subsequent marketing plans including how you intend to reach your target audience, what technology you will use to promote your business to clients, how you will build trust and credibility and your marketing budget.
Team and Management
Details of the structure and experience of your team and any external advisors
Financial Budgets and Forecasts
Cash flow forecast, profit & loss forecast, balance sheet forecast, capital expenditure budget