Contents
Who Will Be Interested in This Book?
Government Assistance for New Businesses
2 So You Want to Run Your Own Business
Why Are You Setting Up a Business?
What Is Your Business Going to Do?
Where Should You Set Your Business Up (Both Virtually and Actually)?
When Should You Start Your Business?
Who Should You Go into Business With?
What Should You Call Your Business?
Create a Brand, Logo and Business Design
Sole Trader, Limited Company or Partnership?
Limited Company (Incorporation)
4 Buying and Selling a Business
Value‑Added Tax on a Transfer of a Business
How Should You Finance the Purchase?
What Records Should You Inspect?
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 an Incorporated Business
UK Enterprise Investment Schemes
Capital Gains Tax Deferral Relief
Inheritance Tax (IHT) Exemption
SEIS Reinvestment Relief and Capital Gains Tax Relief
Statutory Maternity, Paternity, Adoption and Shared Parental Pay
Optimum Tax Planning for Directors on Low Earnings
Example of Tax Planning Exercise
Capital Gains Tax Rates and Bands
Capital Gains Tax for People Non-Domiciled in the UK
Annual Tax on Enveloped Dwellings (ATED)
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?
What Level of Profit Will You Make?
What Should You Do to Protect Your Income?
What Type of Property Is Best for Your Business?
Freehold or Leasehold: Should You Buy or Rent?
Sale and Leaseback of Property and Gearing
Do You Need a Property Ownership Agreement?
How Do You Finance or Refinance the Property?
Negative Equity and Valuations
Critical Illness and Health Insurance
Debtors (Work in Progress and Prepayments)
Purchase of Assets and Equipment: Cash, Hire Purchase or Lease?
Working Out the Leasing Deal APR
Excessive APRs on Payday Loans
Drawings and the Payment of Tax
How Do You Find a Good Accountant?
What Should You Expect from Your Accountant?
Solicitors, How Do You Find a Good One?
What Should You Expect from Your Solicitor?
Sponsorship and Publicity Stunts
Organize Contests or Free Gifts
9 Now You’ve Got a Successful Business: What’s the Next Step?
Reviewing Sales Promotions and Marketing Campaigns
10 How It Can Go Horribly Wrong
Major Reasons for Insolvencies
Draft Example of a Company Voluntary Arrangement (CVA) Proposal
Alterations to the Proposal (Rule 1.3(3))
Outcomes Other than Voluntary Arrangements
Indications of Poor Performance
Wrongful and Fraudulent Trading
Passing the Business on to the Family upon Death or Retirement
Individual Savings Accounts (ISAs)
Increase in the State Pension Age
Tax Relief on Pension Contributions
What Is the Best Retirement Date?
Investing in Someone Else’s Business: What to Expect
What Are You Looking for from the Investment?
The Pros and Cons of Investing in Privately Owned Businesses
The Customer Should Always Come First