This section contains advice on some of the key considerations when starting a new business.
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An introduction to the tax system for the self employed Key tax issues you need to know about. Business structures - which should I use? Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The structure for you will depend on your personal situation and your future plans. Consider the options available. Choosing your accounting date What is the best date to choose? Considerations when starting a business It is the ambition of many people to run their own business but there are many issues and pitfalls to consider. What issues should you consider when setting up in business? Credit control We consider what you need to be checking in order to understand if your customer can support the amount of credit you are granting. Franchising Franchising is becoming increasingly popular. This factsheet considers the advantages and disadvantages of franchising and points to consider when considering operating as a franchise. Incorporation The issue of whether to run your business as a company or a sole trade or partnership is an important decision. In this factsheet, we summarise the relevant tax changes and show the potential tax savings currently available from operating as a company. Insuring your business Are you sufficiently covered? Names, trademarks, patents and other registrations The key legal requirements. Raising finance Every business needs finance - we look at what type of finance is best suited to the development of your business. Sources of finance The financing of your business is the most fundamental aspect of its management. Get the financing right and you will have a healthy business, positive cash flows and ultimately a profitable enterprise. We summarise the means of finance that are available and where we can help. Taking on staff Issues when hiring employees. Writing a business plan How to write an effective business plan.