Month: March 2022

Business plan templates
Download a free business plan template on The Prince’s Trust website.

To help you manage your finances you can also download a free cash flow forecast template or a business plan template

How to write a business plan
Get detailed information about how to write a business plan on the Start Up Donut website.

Why you need a business plan
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.

A business plan helps you to:

• clarify your business idea
• spot potential problems
• set out your goals
• measure your progress

You’ll need a business plan if you want to secure investment or a loan from a bank.

Read about the finance options available for businesses on the Business Finance Guide website. It can also help to convince customers, suppliers and potential employees to support you.

Further information:

https://www.gov.uk/write-business-plan

What you need to do to set up depends on your type of business, where you work and whether you take people on to help.

Register your business
Most businesses register as a sole trader, limited company or partnership.

Sole traders
It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.

Find out more about being a sole trader and how to register.

Limited companies
If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities. https://www.gov.uk/running-a-limited-company

Some people get help from a professional, for example an accountant, but you can set up a company yourself.

Partnerships
A partnership is the simplest way for 2 or more people to run a business together.

You share responsibility for your business’s debts. You also have accounting responsibilities. Find out more about being in a partnership and how to register.

Further information:

https://www.gov.uk/set-up-business

HMRC can help you if you need extra support because of your condition or circumstances. You might need extra support if:

you have dyslexia, autism or cognitive difficulties
you have reduced mobility or physical disabilities
you have sensory disabilities, like a visual, hearing or speech impairment
you have mental health conditions, like depression, stress or anxiety
you’re experiencing financial hardship – for example you cannot afford essentials like food, bills or rent
you’re a victim of domestic abuse, including economic abuse
you’re in hospital

Further details:

https://www.gov.uk/get-help-hmrc-extra-support

From 1 April 2022 the National Minimum Wage and National Living Wage rates are increasing.

Employers should start paying the new rates on the first pay reference period on or after 1 April 2022.

Further information:

https://www.gov.uk/national-minimum-wage-rates

Customers logged into their HMRC account can choose to scan a QR code to complete the payment on their mobile device.

Customers paying this way should be reassured that an HMRC QR code is genuine only if it is presented while logged into their HMRC account via the Government Gateway.

Payment details displayed on their mobile banking platform should mirror those shown in their HMRC online account.

The QR code will first be displayed when customers are logged into their HMRC online account through the Government Gateway, on a desktop browser.

They will then be able to use their mobile phone to scan the code which will allow them to complete the payment on their mobile.

HMRC will never send a QR code to a customer. If you receive a QR code this way, it’s a scam.

Self Assessment customers whose payments and returns are up to date have the option to start a Budget Payment Plan. Customers can set up and manage their Budget Payment Plan using their HMRC online account
and make regular advance payments by Direct Debit payments towards their next Self Assessment tax bill,
reducing what they will have to pay on the 31 January and 31 July deadline.

Customers can decide the regular weekly or monthly amount they want us to collect and choose to:

1/ amend their regular payment amount
2/ suspend payment for a period of up to six months
3/ cancel it at any time

Having a Budget Payment Plan doesn’t mean customers can delay payment beyond the due date. They must ensure that any balance still owing (after subtracting their Budget Payment Plan payments) is paid off by the due date. Any balance still owed after the due date will attract interest.