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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.

With HMRC taking a constructive approach to enforcement the outlook is positive.

All VAT-registered small businesses with a taxable turnover of up to £85,000 will have to comply with the latest MTD legislation from April 2022. HMRC has urged these businesses to sign up for MTD for VAT before it becomes mandatory.

HMRC has also announced significant changes to the system for late VAT payments, which were initially due to come into force from April of this year. The new points-based system for late payments was intended to be tougher on repeat offenders but fairer on those who occasionally missed deadlines. This new system has now been delayed until January 2023.

It remains important for this last round of eligible VAT-registered businesses to prepare for MTD legislation and ensure the right processes and protocols are in place.

Some businesses are taking a forward-thinking approach and using the Government’s digitisation drive as an opportunity for further investment in cloud-based technology. However, there are concerns that smaller businesses may struggle to see the initial benefits, at least in the short term.

Key dates:

April 1 2022: MTD for all VAT-registered businesses becomes mandatory.
January 2023: new implementation date for new points-based late VAT payment penalty system.
April 2024: introduction of second stage of MTD for Income Tax Self-Assessment (ITSA).

Skillman Accountancy Limited uses QuickBooks’ HMRC-recognised MTD software, which is designed for small businesses and is a Quickbooks MTD ProAdvisor.

https://www.aatcomment.org.uk/audience/members/transition-to-making-tax-digital-is-proceeding-smoothly-so-far/

The Plastics Packaging Tax is set to come into force from 1 April 2022. It applies to manufacturers and importers of plastic packaging, but could also affect retailers, freight transport providers and fresh food producers.

Under the new legislation, plastic packaging which contains less than 30% recyclable material will be subject to taxation of £200 per tonne.

All businesses that have manufactured or imported more than ten tonnes of plastic packaging over the last twelve months will be required to register for the Plastic Packaging Tax.

HMRC will apply fixed or daily penalties for failure to comply with the new legislation. Guidance published in February included registration advice and tests to carry out to determine when and how to register for the plastic packaging tax.

Under the guidance:

• Businesses are required to register for the tax and pay it, within 30 days of becoming liable.
• The two tests businesses should carry out to determine tax liability include:

1. Look back over the previous twelve months to ascertain if the ten-tonne threshold has been reached.
2. Look forward to the next thirty days to ascertain the likelihood of manufacturing or importing more than ten tons of plastic packaging within that timeframe.

Plastic packaging that comes into direct contact with medicines (such as blister packs for tablets) or containers designed to be used with the goods throughout their lifetime (such as power tool boxes), are exempt from the tax.

Further information:

https://www.aatcomment.org.uk/audience/members/are-you-ready-for-the-plastic-packaging-tax/

Skillman Accountancy Limited

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