The New Entrepreneur's Guide to Setting Up and Running a Successful Business

The New Entrepreneur's Guide to Setting Up and Running a Successful Business

by Paul Kendall
Released June 2018
Publisher(s): Productivity Press
ISBN: 9781351015851

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Book description

This book is written for those considering setting up their own business who have a lot of questions that need answers. While not intended to be a global reference book in respect to accounting, business tax and legislation, this book provides the reader with practical answers to the issues they come across every day.

Table of contents

  1. Cover
  2. Half-Title
  3. Title
  4. Copyright
  5. Dedication
  6. Contents
  7. Preface
  8. Author
  9. 1 Introduction
    1. The Aim of This Book
    2. Who Will Be Interested in This Book?
    3. New Business Startups
    4. Government Assistance for New Businesses
    5. Success Stories
    6. Out of Acorns Giant Oaks Grow
    7. eBay and PayPal
    8. Starbucks
    9. Panasonic
    10. Apple
  10. 2 So You Want to Run Your Own Business
    1. Why Are You Setting Up a Business?
    2. Viagra
    3. Evolution
    4. Unemployment
    5. You Can Do It Better
    6. A Eureka Moment
    7. The Post-it Note
    8. Velcro
    9. Technological Developments
    10. Developing an Idea
    11. Vanity
    12. You Want to Be Rich
    13. What Is Your Business Going to Do?
    14. Unique Selling Point
    15. Where Should You Set Your Business Up (Both Virtually and Actually)?
    16. When Should You Start Your Business?
    17. Who Should You Go into Business With?
    18. The Dasslers
    19. Work as a Team
    20. What Should You Call Your Business?
  11. 3 How Do You Start?
    1. The Business Plan
    2. Create a Brand, Logo and Business Design
    3. Sole Trader, Limited Company or Partnership?
    4. Sole Trader
    5. Limited Company (Incorporation)
    6. Partnerships
    7. Budgeting and Cash Flow
    8. Pricing and Costings
  12. 4 Buying and Selling a Business
    1. Is the Price Right?
    2. Value‑Added Tax on a Transfer of a Business
    3. How Should You Finance the Purchase?
    4. Crowdfunding
    5. Tax Issues to Consider
    6. What Records Should You Inspect?
    7. Buying a Franchise
    8. How Will the Purchase of a Business Affect Your Tax Bill?
    9. Is the Business Right for You or Should You Consider the Alternatives?
    10. Is the Split of the Purchase Price Right?
    11. Should You Form a Limited Company to Buy a Business?
    12. Selling the Business
    13. Selling an Incorporated Business
    14. UK Enterprise Investment Schemes
    15. Enterprise Investment Scheme
    16. Capital Gains Tax Deferral Relief
    17. Inheritance Tax (IHT) Exemption
    18. Seed Enterprise Scheme
    19. SEIS Reinvestment Relief and Capital Gains Tax Relief
  13. 5 Staffing
    1. Setting Wage Levels
    2. Staff Pensions
    3. Self-Employed Subcontractors
    4. The National Minimum Wage
    5. Employment Legislation
    6. Employers’ Liability
    7. Staff Management
    8. Staff Relationships
    9. Statutory Maternity, Paternity, Adoption and Shared Parental Pay
    10. Statutory Sick Pay (SSP)
    11. Redundancy Pay
    12. The Gig Economy
    13. Contracts of Employment
    14. Pro Forma Employment Contract
    15. Pro Forma Freelance Agreement
  14. 6 Taxes and VAT
    1. Income Tax
    2. Tax on Dividends
    3. Optimum Tax Planning for Directors on Low Earnings
    4. Corporation Tax
    5. Example of Tax Planning Exercise
    6. Year One
    7. Year Two
    8. Year Three
    9. Value‑Added Tax
    10. Current VAT Rates
    11. Capital Gains Tax
    12. Capital Gains Tax Basic Rules
    13. Capital Gains Tax Rates and Bands
    14. Capital Gains Tax for People Non-Domiciled in the UK
    15. Annual Tax on Enveloped Dwellings (ATED)
    16. Stamp Duty Land Tax
    17. Entrepreneurs’ Relief
    18. Capital Allowances
    19. National Insurance
    20. Inheritance Tax
    21. Agricultural Relief
  15. 7 Accounts
    1. Why Do You Need to Prepare Accounts?
    2. What Accounting Records Do You Need to Keep?
    3. Bookkeeping and Management Accounts
    4. What Do the Accounts Look Like?
    5. Income
    6. Expenses
    7. What Level of Profit Will You Make?
    8. What Should You Do to Protect Your Income?
    9. Tax Enquiries
    10. The Balance Sheet
    11. Fixed Assets
    12. Goodwill
    13. Goodwill Valuations
    14. Property
    15. What Type of Property Is Best for Your Business?
    16. Freehold or Leasehold: Should You Buy or Rent?
    17. Sale and Leaseback of Property and Gearing
    18. Who Should Own the Property?
    19. Do You Need a Property Ownership Agreement?
    20. How Do You Finance or Refinance the Property?
    21. Negative Equity and Valuations
    22. Basis of Valuation
    23. Life Insurance and Endowments
    24. Critical Illness and Health Insurance
    25. Fixtures and Equipment
    26. Motor Vehicles
    27. Current Assets
    28. Stock
    29. Debtors
    30. Credit Card Facilities
    31. Debtors (Work in Progress and Prepayments)
    32. Cash at Bank and in Hand
    33. Current Liabilities
    34. Long-Term Liabilities
    35. Purchase of Assets and Equipment: Cash, Hire Purchase or Lease?
    36. Annual Percentage Rate
    37. Working Out the Leasing Deal APR
    38. Excessive APRs on Payday Loans
    39. Net Assets
    40. Funding of Business Accounts
    41. Capital Accounts
    42. Current Accounts
    43. Drawings and the Payment of Tax
    44. Accountants
    45. How Do You Find a Good Accountant?
    46. What Should You Expect from Your Accountant?
    47. Legal Advisors
    48. Solicitors, How Do You Find a Good One?
    49. What Should You Expect from Your Solicitor?
    50. The Annual Review Meeting
  16. 8 Promoting Your Business
    1. The Business Website
    2. Return on Investment
    3. Mailings
    4. E-mail Campaigns
    5. Social Media
    6. Blogging
    7. Press Releases
    8. Advertising
    9. Subcontract Web Content
    10. Sponsorship and Publicity Stunts
    11. Organize Contests or Free Gifts
    12. Joint Marketing
    13. Other Marketing Methods
    14. Geo-Marketing
    15. Impulse Buying
    16. Push and Pull Marketing
    17. Discounts
    18. Networking
  17. 9 Now You’ve Got a Successful Business: What’s the Next Step?
    1. Extra Outlets
    2. Franchising
    3. Fine-Tuning the Business
    4. Cost Cutting
    5. Reviewing Sales Promotions and Marketing Campaigns
  18. 10 How It Can Go Horribly Wrong
    1. Major Reasons for Insolvencies
    2. Other Reasons for Failure
    3. Insolvency and Liquidators
    4. Voluntary Arrangements
    5. Draft Example of a Company Voluntary Arrangement (CVA) Proposal
    6. Introduction (Rule 1.3(1))
    7. Proposals (Rule 1.3(2))
    8. Secured Creditors
    9. Preferential Creditors
    10. Deferred Creditors
    11. Unsecured Creditors
    12. Associated Creditors
    13. Alterations to the Proposal (Rule 1.3(3))
    14. Realization of Assets
    15. Index to Appendices
    16. Schedule 1
    17. Schedule 2
    18. Schedule 3
    19. Schedule 4
    20. Schedule 6
    21. Schedule 7
    22. Register of Charges
    23. The Process of Insolvency
    24. Outcomes Other than Voluntary Arrangements
    25. Examples of Disasters
    26. Indications of Poor Performance
    27. Wrongful and Fraudulent Trading
    28. Chasing Sales
  19. 11 Retirement and Succession
    1. Passing the Business on to the Family upon Death or Retirement
    2. Retirement and Pensions
    3. Individual Savings Accounts (ISAs)
    4. Pensions
    5. Increase in the State Pension Age
    6. Annuities
    7. Income Drawdown
    8. Annuities Explained Further
    9. Drawdown Explained Further
    10. Tax Relief on Pension Contributions
    11. Different Types of Pensions
    12. Financial Advisors
    13. NEST
    14. Old Pensions
    15. What Is the Best Retirement Date?
    16. Investing in Someone Else’s Business: What to Expect
    17. What Are You Looking for from the Investment?
    18. How Much to Invest?
    19. The Pros and Cons of Investing in Privately Owned Businesses
  20. 12 Essentials to Take Away
    1. The Customer Should Always Come First
    2. Personal Complaints Line
    3. Be the Best
    4. Incorporate
    5. It’s a Team
    6. Don’t Have a Plan B
    7. It’ll Work… Think Positively
    8. Don’t Ever Assume Things
    9. Attention to Detail
    10. React to Change
    11. Don’t Ignore the Financials
    12. Do It for Yourself
    13. Take Advice
    14. Get Insured
    15. Start Your Pension Early
    16. What Makes a Successful Business?
    17. Business Plan
  21. Index

Product information

  • Title: The New Entrepreneur's Guide to Setting Up and Running a Successful Business
  • Author(s): Paul Kendall
  • Release date: June 2018
  • Publisher(s): Productivity Press
  • ISBN: 9781351015851