When setting up in business, an understanding of the red tape involved is a must, or you will be asking for trouble.
It is essential that you have read through and understand the checklist below to ensure you have a good understanding of the relevant laws and regulations involved in starting a business – click the links to explore in-depth articles on a topic.
1. Tax law
As you will now be self-employed, a knowledge of tax law is essential. If you’re going to surpass the £81,000 revenue threshold you will need to register for VAT – learn how to do so in our step-by-step guide. If you’re going to be running a registered company, get the lowdown on corporation tax and the current rates that apply to small business; similarly, if you will be occupying non-domestic premises you need to know the business rates that will apply. If you plan to take on staff, learn how the new PAYE reporting regulations will apply to you.
Written by Ryan Platt. To read the full article, click here. Premier Business Network™ provides Guaranteed Benefits for Small Businesses™. Feel free to join the conversation about small business benefits at #pbnbenefits. For more small business tips or to become a member, visit our website at www.premierbusinessnetwork.com, and follow us everywhere @pbnbenefits.