ACCOUNTS

RECORDS TO KEEP

You will need to keep records of all purchases and sales.

Use a computer accounts package if possible, ( Quick books is highly recommended ) Obtain a ready made bookkeeping system ( Collins account books ) otherwise consult an accountant for advice if you have not run a business before.

BANKS AND BANKING

Shop around for the best deal and expect at least one years free banking.

CREDIT CARD FACILITIES

Its good to offer this service.

Your bank will advise you on merchant services.

INCOME TAX and NATIONAL INSURANCE

Get all the necessary information from your local tax office

VALUE ADDED TAX

Don’t worry till you turnover reaches £55,000-00

Then contact your local VAT office to register.

Remember to save all your VAT receipts for equipment and stock purchases from when you start the business.

When you register at a later date you will be able to recover the VAT paid.

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Photo Quote: The thing that's important to know is that you never know. You're always sort of feeling your way. Diane Arbus