Insurance For Small Business Uk
Insurance For Small Business Uk
Small Business Clubs: Is it Time to Join One?
A small business is defined as the one in which number of employees are small. The initial investment required for the starting of small business is less. The output and profit earned by the business is also small. Usually, the expansion of such businesses is restricted due to its less profit earned and low marketing. Lack of business ideas and financing also hinders the growth of the small businesses
In order to help the small businesses grow and increase its potential, the business owner forms a group that aids each other in the business activities. Such a group is called a Small Business Club. A small business club is a non-profit organization. A small business club comprises of all the small business owners and may include some employees holding higher authority.
The purpose of the small business clubs is to provide each of its members with a platform where they can speak out the problems they are facing. The other members provide innovative solutions to their problems. The small business club also provides new business plans for better productivity. The small business clubs also provide funding for business owners who are in urgent need for money. Small business clubs also provide a stage for finding the right person for a joint partnership venture. Partnership helps in increasing the efficiency of working and is financially stronger than proprietary firms with a larger group of customers available.
Majority of the countries have small business clubs. Many of them are large business clubs, but have a separate or integrated forum for small business owners. The list of small business clubs are as follows
The Small Business Club
The Small business club is a UK based club. They have their city venues at Edinburgh, Glasgow and Napier. The regional venues of the small business club are at Central Scotland, Dundee, East Renfrewshire, and Fife, North and South Lanark shire and West Lothian. They organize pre decided meetings at the above mentioned venues from 12:00 noon to 2:00 PM with all the members. They provide entry for certain visitors in their meetings. The purpose of the meeting is to provide tips for business development and financial assistance. The members discuss and give advices on recruitment, insurance, staffing and legal matters.
Starting A Business Club
This is an online small business club. The objective is to provide business tips for business start up world wide, with advices from experts in the field. The forums in the site contain discussions regarding various issues in starting a small business. Blogs are added by experts giving tips on recruitment, loans and networking. Brainstorming activities are also present in this online small business club.
The Thames Gateway Business Club
This UK based club is supported by the Enterprise Agency of North Kent. This small business club is primarily established to provide advices regarding networking, development, advertising, computer technology etc for start up and established small businesses. The club prints a newsletter named The Gatepost with articles based on the above mentioned topics.
Income tax in the UK?HELP!!!?
I work part time in a retail store as im a student. I also want to start a small online store to make some extra cash. I don’t want to finish my part time job, i will want to use both as my income whilst in University. How do i register my online shop business for tax?? will i need to pay national insurance?? As my income is under £5,000 a year in my part time job i don’t pay any tax or national insurance on that income will this change?? If i earn under a certain amount from the shop will i also not pay any tax for this?? Im very confused, can you help?
You part time employment will be unaffected by your proposed self-employment and you will continue to pay the same tax and NI via PAYE as you do now.
If you start trading as a self-employed person you must tell the tax office. As soon as you do this you will have to pay Class 2 NI contributions, which are £2.40 per week (payable monthly by direct debit). Although if your expected earnings from the self-employment are less than £5000 per year you are exempt from these.
You have to calculate your own tax and NI bill via self assessment. The deadline for submitting the return (online) and paying any tax due for the tax year that ends in April is the following January. Your tax liability is calculated based on your total income from employment and self-employment (and savings and any other sources). If you do the return online all the calculations are done for you and it is relatively easy. This year you can receive £6475 before you gave to pay tax. So if you are paid less than £5000 from your job you can make at least £1500 on your online store before you will be liable for any income tax. But you still need to complete the self assessment form.
The key thing is that you need to keep accurate records of your trading, especially receipts for all expenses that are deductable for tax purposes – eg cost of stock, advertising etc.
Btw, Steve B is technically correct that the cost of “capital” items (things used in the business that last several years such as computers) has to be deducted from your taxable income over several years through capital allowances. However, a couple of years ago something called the annual investment allowance was introduced. This allows you to write off 100% of the value of the first £50,000 of capital purchases each year. For a small business this effectively means everything can be deducted.
