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by Paul Kendall
The New Entrepreneur's Guide to Setting Up and Running a Successful Business
Cover
Half-Title
Title
Copyright
Dedication
Contents
Preface
Author
1 Introduction
The Aim of This Book
Who Will Be Interested in This Book?
New Business Startups
Government Assistance for New Businesses
Success Stories
Out of Acorns Giant Oaks Grow
eBay and PayPal
Starbucks
Panasonic
Apple
2 So You Want to Run Your Own Business
Why Are You Setting Up a Business?
Viagra
Evolution
Unemployment
You Can Do It Better
A Eureka Moment
The Post-it Note
Velcro
Technological Developments
Developing an Idea
Vanity
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?
The Business Plan
Create a Brand, Logo and Business Design
Sole Trader, Limited Company or Partnership?
Sole Trader
Limited Company (Incorporation)
Partnerships
Budgeting and Cash Flow
Pricing and Costings
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?
Crowdfunding
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
5 Staffing
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
7 Accounts
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?
Income
Expenses
What Level of Profit Will You Make?
What Should You Do to Protect Your Income?
Tax Enquiries
The Balance Sheet
Fixed Assets
Goodwill
Goodwill Valuations
Property
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
Stock
Debtors
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
Accountants
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
Mailings
E-mail Campaigns
Social Media
Blogging
Press Releases
Advertising
Subcontract Web Content
Sponsorship and Publicity Stunts
Organize Contests or Free Gifts
Joint Marketing
Other Marketing Methods
Geo-Marketing
Impulse Buying
Push and Pull Marketing
Discounts
Networking
9 Now You’ve Got a Successful Business: What’s the Next Step?
Extra Outlets
Franchising
Fine-Tuning the Business
Cost Cutting
Reviewing Sales Promotions and Marketing Campaigns
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)
Pensions
Increase in the State Pension Age
Annuities
Income Drawdown
Annuities Explained Further
Drawdown Explained Further
Tax Relief on Pension Contributions
Different Types of Pensions
Financial Advisors
NEST
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
Incorporate
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
Index
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The New Entrepreneur’s Guide to Setting Up and Running a Successful Business
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