![]() ![]() You also always need to take a step back and look at what risks you might face in the future or what other opportunities could arrive at your door. Once your business is established and can stand on its own two legs, it’s essential to look back on your past performance and figure out what went well and what you could improve. If you have to pitch your business to investors or banks, this is where a well-formulated business plan will prove essential. Research each option thoroughly and ensure you can pay off your loan or live with giving up some control of your business to investors for access to funds. Nowadays, many sources exist, including crowdfunding, venture capital, bank loans and Government grants. To get your business off the ground, you need cash, so don’t turn away from external funding sources. You need to send to HMRC to pay customs duties on your goods. This can be done through a freight forwarder, shipping company or courier service. You’ll also be able to identify rules for certain products. This will help you identify the customs duty and other taxes you pay. Determine the classification of your goods.You need one to import goods into the UK, except in Northern Ireland. Make sure your invoice and certificates travel with the goods. You can hire someone to deal with customs and transport for you or you can do it yourself. Ensure your buyer has the necessary import declarations and licenses their country requires. You need an EORI number that starts with GB to export goods from England, Wales and Scotland. There are special rules for certain goods that require licences, including animal and plant products, chemicals and medical devices. Checks duties and customs procedures with HMRC. Duties, documents and restrictions may differ in your destination country. Check the rules for exporting your goods. ![]() Importing and exporting your goods has its own intricacies you need to be aware of. You need to register your company with Companies House and for corporation tax.ģ. ![]() Sole traders do not need to register their business with HMRC, but they do need to register for self-assessment and keep certain records. There is no right or wrong answer when it comes to choosing a business structure - only what makes sense for your business, so talk to an adviser if you need a second opinion. We wrote an article on the difference between the two business structures, but to summarise: a limited company pays corporation tax on its profits, and the owner’s finances are protected if the company goes bust a sole trader pays income tax on their profits, but their personal finances are at risk if the business fails. There are multiple ways to set up a business, but if we assume that you’re opening your business alone, your two main options are as a sole trader or limited liability company. You can do a lot with that, from clarifying your business goals and mitigating risks to managing resources and forecasting financial performance. Meanwhile, a business plan will provide a roadmap for your new business. Estimate demand so you can make informed decisions about production and sales.Assess the competition to develop strategies that improve on their weaknesses and differentiate you from them. ![]()
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