- Cover
- Half-Title
- Title
- Copyright
- Dedication
- Contents
- Preface
- Author
- 1 Introduction
- 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?
- 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?
- 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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