Presentation on theme: "Small Business Seminar 5 February 2003 By Peter Gravestock Consultant with Gravestock and Owen Ltd Former President, Association of Taxation Technicians."— Presentation transcript:
Small Business Seminar 5 February 2003 By Peter Gravestock Consultant with Gravestock and Owen Ltd Former President, Association of Taxation Technicians
Status of Business Sole Trader/Partnership Company LLP
Status of Business Sole Trader/Partnership Simple to understand and operate Company Complex to non professionals LLP Special circumstances Fiscal Neutrality Is professional help required Commercial need
Regulatory Requirements of Starting to Trade Notify NI/ IR/ VAT PAYE Scheme Available Help from Government Departments Other registrations needed Insurances required
Regulatory Requirements of Starting to Trade Notify NI/ IR/ VAT Within 3 months of commencement ? Or, before trading (VAT and other regulatory requirements) How – Internet/Form for NI Other requirements ?
Regulatory Requirements of Starting to Trade PAYE Scheme Role as Employer E1(NE)(2003) lists 9 obligations How about STATUS BENEFITS IN KIND NI RATES STAKEHOLDER PENSIONS NATIONAL MINIMUM WAGE HOLIDAY PAY COURT ATTACHMENTS EMPLOYMENT LAW
Regulatory Requirements of Starting to Trade Other Registrations Activity Based e.g. FSA; Gas Fitters Government e.g. Data protection; Credit Licence Central database – inform by letter, website or library, jobcentre, etc.
VAT Will C & E accept a registration ? Voluntary or Compulsory ? 3 year rule / Input tax recovery Special schemes – FRS; S/Hand; Retail; Cash A/c; Annual Account Change = Difficulties
Non Government help Advisors Accountant/tax adviser Lawyer Insurance agent Bankers Financing the business
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