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How Much On Average Does Insurance Cost For A Small Business In UK?

Question by indigo | Posted in Insurance


Answer: Depends on the size and type of business and where situated.

A shop insurance policy (which covers liability) will cost from a few hundred pounds in a low risk area to several thousand depending on stock and location. A liability policy for a low risk trade could be less than £100 but if you are working at height e.g roofing and employ anyone then several thousand.

Again for manufacturing it depends on fire risk , hazard and location - premiums range from the low hundreds to the thousands.

You may also need to consider professional indemnity insurance if giving advice, accident and sickness, goods in transit, key person, directors & officers.
 
 

How Easy Is It To Register A Small Dog Walking Business In UK For Taxes?

Question by Glimmering Winter | Posted in Small Business

Hi, I am thinking of setting up a dog walking business to get a little extra cash, excercise and experience with animals as I wish to get into a career with dogs.

I have got a few quotes for public liability insurance etc. and am now researching the tax side of everything.

I have been told that I must contribute taxes and NI on any money I get but I am useless with numbers and I am pretty sure I wont be earning more that £50 a week maximum so wont be able to afford to hire someone to go over my tax return forms.

Is it really complicated to set up this business tax wise or will the tax office help me through (free of charge)? Do I have to report to

Answer: Strictly speaking you have to tell the tax office that you are going to be self employed. They will confirm this. All you have to do then is keep a good record of cash received and expenses paid out for the business. Near the end of the year you will get a self assessment form which you must complete. The tax office will calculate the tax, if any, for you if you get the form in before a certain date. You should also get an exemption from NI for small business. If the net profits don't come above the nil rate tax band you will not pay any tax. It is better to keep a business bank account seperate from your personal money.

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I Want To Start Small Business, How Do I Stand With VAT And Tax (uk)?

Question by | Posted in Small Business

if i start a business that earns me 20k a year what level will i start paying tax, also do i have to register as a business to be all above board and legal? or is it ok to start selling unregistered and be self assessed for tax national insurance ect, im not quite sure how it works.....

Answer: You'll need to register with Inland Revenue (HMRC) within 3 months of setting up your business to say that you are running a business. You usually only pay tax on the profits of your business and you don't start paying until you reach a certain level. (You'd need to check this out with HMRC.)

VAT is similar in that there's no compulsion to be registerd for VAT unless your turnover reaches the threshold point - around £68K, I think. It can be useful to register voluntarily for VAT below that level if you buy a lot of items that you have to pay VAT on. That way you can claim it back and set it off against the VAT you charge your customers. There's a bit more paperwork to do

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Payslips For Small Businesses UK?

Question by Seven of 9 | Posted in Small Business

We have just started a small company (limited liability) and we need to do the payslips.

We have one employee then just me and my sister do the rest. How do we do all the National insurance stuff? and are there systems we can use to print one out. is a handwritten one ok.

I know there are government websites with most of this information but I find it really difficult to wade through them. I am good at sewing, not all that business stuff!

I worked for an agency once and every week they would give you a payslip, with the hours worked, pay, dedutctions blah blah. How does that work and how can we make our own thing with all that?

Thanks

Answer: Have you registered with HMRC as self employed, if not and you are trading, you are in trouble. They will send you all the stuff you need to deduct NI and details of tax deductions.
I used wage packets bought from Staples, on the front is the relevant sections to fill in. You must keep accounts and enter everything in them.
You should not be employing someone if you do not know the basics of business.

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What Is The Various Business Statuses Now In UK?

Question by | Posted in United Kingdom

Hi please give me a small idea on various businesses status like sales, insurance and software etc in this current bad weather and holidays season in UK.

Answer: This is taxes.

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10 Year Outlook For DRAM | Laptop Insurance UK

by Matt

DRAM Demand in Consumer Electronics is Anticipated to have Accelerated Growth from 2010 Onwards The global DRAM market for consumer electronics is expected to grow at a Compound Annual Growth Rate (CAGR) of 12. The advanced technology and small form factor of DRAM makes it the first choice for use in consumer electronics, including in printers, car navigators, mobile phones, smart phones and DVDs, among others. Global DRAM sales volumes are forecast to go from 11 billion in 2009 to 16 billion by end of 2010....

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