Tag: become

This process, especially in the beginning, is just as important as providing a quality product or service. The best small businesses have products or services that are differentiated from the competition. This has a significant impact on your competitive landscape and allows you to convey unique value to potential customers. Regardless of which option you choose, it’s vital to understand the reasoning behind your idea.

Ultimately, it is up to you to determine which type of entity is best for your current needs and future business goals. It’s important to learn about the various legal business structures available. If you’re struggling to make up your mind, it’s not a bad idea to discuss the decision with a business or legal advisor.

Business debts are dealt with under what’s known as Joint and Several Liability. This means all members of the partnership are responsible for the debts. This is either in … Read More

The good news is, you’ll have a good idea about how much tax you owe at the end of the previous tax year. This means you’ll need to plan how you’ll pay what could be a substantial bill. However, you’ll also need to think about your personal costs, such as rent, mortgage, utility bills, childcare and food. A limited partnership must have at least one general partner and one limited partner. While these are the easiest to set-up and understand, there are some other options.

To present to people outside your business – usually to banks or potential investors if you’re looking to raise money. Collaborating with more established brands in your industry is a great way to achieve growth. Reach out to other companies and ask for some promotion in exchange for a free product sample or service. Partner with a charity organization, and volunteer some of your time … Read More

Well, if you’re getting paid for work on a monthly basis, there’s probably very little difference. But, if you agree to and invoice someone for work several months before you get paid, it can change the year you pay tax on that income. You’ll need to keep track of what you’re charging customers for your goods and services, as well as any business-related expenses.

If you’re running your own business, it’s important to make sure you’re insured. However, you can claim back VAT you pay for goods or services relating to your business. If your business has a taxable turnover of £85,000 or more, you will need to register for VAT. But some businesses might benefit from registering, even with a turnover below this. Regardless of who you’re presenting it to, it’s important to be realistic and honest about your costs and earning potential.

For example, if your business will … Read More