Start-Up legal and Tax Issues

One thing you must do is come up with a business name. The name must be different to any other business, It cannot be from a trademark such as Nintendo. The name you choose must promote the business.
1. If you are a health spar it cannot be called papas place as that has nothing to do with a health spar that sounds like a restaraunt.
All businesses must keep RECORDS.
1. A record is evidence of things that have happend in the past. Such as customer information, where the businesses money has been spent. What insurance does your business have ect..
  1. Some records must be kept by law, such as TAX to prove that you have paid the right amount. The taxes you pay go to a governement agency called Her Majesty's Revenue & Customs (HMR&C).
Businesses are also responsible for registering themselves with (HMR&C). The taxes you have to pay depend on; the amount of sales you have had over a year; Wether you employ any workers; wether you are a sole trader or a limited company.
1. VAT - Value added tax, is added on to the things you sell. Not for sole traders.
Income Tax is the money a sole trader pays on their profits.
National Insurance Contributions - Pays for government benifits such as state pension.
Corporation tax - is only paid by limited companies. Its a tax on the profits of the company.

Resource summary

	Created by Beth Thornton over 9 years ago