Invest NI No Nonsense Guide 11 (PDF) - Invest Northern Ireland

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Trading regulationsand data protection 48Unfair trading 48Terms and conditions of sale 48Special rules for shops 51Distance selling 51Selling and marketingelectronically 53Accepting credit and debitcards 53Getting paid on time 54Court action for debts 54Preventing money laundering 55Insuring against liabilities 56Data protection 56Recruiting your firstemployee 58How to recruit and selectemployees 58Eligibility to work in the UnitedKingdom 58Drawing up employmentcontracts 59Changes to employmentcontracts 61Understandingemployees’ rights 62Insuring your employees 62The national minimum wage 62Workers and employees 62Staff who are off sick 63Arranging employees’pensions 64Length of the working week 65Giving staff rest breaks 65People working at night 67Paid annual leave 67Time off work other thanannual leave 67Race, sex and agediscrimination 68Religious and politicaldiscrimination 70Workers with disabilities 71Rights of part-time workers 71Right to belong to atrade union 73When an employee ispregnant 74Pay on maternity leave 75Paid paternity leave 75Paid leave for adoptive parents76Unpaid leave for parents 78Employees and flexibleworking 79Resolving problemswith employees 80Discipline and grievanceissues 80The LRA Code of Practice onDiscipline and Grievance Issues81Monitoring email andweb use 81Valid reasons for dismissal 82Dismissals which areautomatically unfair 83Dismissals which areautomatically unlawful 84Giving notice of dismissal 84Written reasons for dismissal 85Constructive dismissal 85Handling redundancy 87Qualifying for redundancy pay 88Sale or transfer of a business 89Government adviceand support 90Your first steps whenstarting a business 90If your business exports orinnovates 90Raising finance for yourbusiness 91Equity finance for yourbusiness 92Tax relief and credits to helpresearch and development 93Training for you and yourworkforce 93Investing in the socialeconomy 94Support for agriculturalbusinesses 94Help with exporting 94Help from your council 95Useful contacts 96The No-Nonsense Guide
When you are setting up a business, you will need to decide on the ‘trading form’ it willtake. Getting the right option for you means finding the right balance between keeping theadministration simple, protecting your personal assets and how you will be taxed in each caseForming a business4Sole traderBecoming a sole trader is themost straightforward way toset up in business — you canget started quickly and you donot have to answer to anyoneelse. But sole traders arepersonally responsible for anybusiness lossesSetting up in business as a soletrader is quick and easy andinvolves little of the form-fillingassociated with starting andrunning a limited company. Soletraders make their own businessdecisions and have completeresponsibility for the running oftheir business.However, sole traders arepersonally responsible for anylosses the business makes. Thismeans your own possessions— including your home — couldbe at risk if you cannot pay yourdebts. You may also find it moredifficult to get finance to fundyour business.Once you are operational,you must keep a record of thebusiness’s income and outgoings.Despite the name, you do nothave to be on your own; a soletrader can take on employees.Although sole traders areoften taxed as self-employed,this is not automatically the caseeven though you will be workingfor yourself.If you are self-employed, youmust register with HM Revenue& Customs within three monthsof starting up (see Next stepsbelow).Next steps● See Employed orself-employed?, page 10● Visit www.nibusinessinfo.co.uk/legalstructures● It is a good idea to seek helpfrom a business adviser orsolicitor when deciding thebest legal form for yourbusiness● If you are self-employed youmust register with HM Revenue& Customs. Contact0845 915 4515;www.hmrc.gov.uk/startingupPartnershipForming a partnership allowstwo or more people to set upin business together, sharingprofits, management burdens— and risksPartnerships allow you to sharethe responsibility of managing abusiness. And joining forces withother people may mean thatthere is more money to invest inthe business.Partners share personalresponsibility for business debts.They put their own possessionson the line — including theirhome — if things go wrong. If onepartner cannot pay their shareof any debts, the other partnersbecome responsible for it.Remember that a partnercan make business decisionsor enter into binding contractswithout the consent of otherpartners. It is sensible to drawup a partnership agreement,setting out how the partnershipwill be run and how the proceedswill be split (it is advisable touse a solicitor). This will help toprevent disputes.Partners are often taxed asself-employed but this is notalways the case. If you are selfemployed,you must register withHM Revenue & Customs withinthree months of starting up.Next steps● See Employed orself-employed?, page 10● Visit www.nibusinessinfo.co.uk/legalstructures● It is a good idea to seek helpfrom a business adviser orsolicitor when deciding thebest legal form for yourbusiness● When setting up a partnershipagreement you should ask asolicitor for help● If you are self-employed youmust register with HM Revenue& Customs. Contact0845 915 4515;www.hmrc.gov.uk/startingupLimited liabilitypartnershipA limited liability partnershipor LLP shares many featuresof a normal partnership — butit also offers reduced personalresponsibility for businessdebtsThe No-Nonsense Guide
Page 1 and 2: The No-Nonsense Guide 2012 NI editi
Page 3: ContentsForming a business 4Sole tr
Page 7 and 8: It worked for meHow I wentaboutform
Page 10 and 11: Forming a businessCheck for changes
Page 12 and 13: Sorting out your taxand National In
Page 26 and 27: What VAT will meanfor youCheck for
Page 28 and 29: What VAT will meanfor youYou also n
Page 31 and 32: All you need to know about the rule
Page 33 and 34: You also need business adviceThis g
Page 35 and 36: It worked for meHow Imade surewe go
Page 37 and 38: You also need business adviceThis g
Page 39 and 40: 38implement the health and safetypo
Page 41 and 42: All businesses own assets called in
Page 43: It worked for meHow Iprotectedmybus
Page 46 and 47: Protecting yourintellectual propert
Page 48 and 49: Is your business in aspecialised se
Page 50 and 51: Trading regulationsand data protect
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Trading regulationsand data protect
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Recruiting yourfirst employeeCheck
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Recruiting yourfirst employeeYou al
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Understandingemployees’ rightsChe
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Understandingemployees’ rightssch
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Understandingemployees’ rightsor
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Understandingemployees’ rightsAar
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Understandingemployees’ rightsYou
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Understandingemployees’ rights}Re
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Understandingemployees’ rightsYou
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Resolving problemswith employeesChe
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Resolving problemswith employees}If
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Resolving problemswith employeesThe
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Resolving problemswith employeesYou
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Resolving problemswith employeeswee
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Government advice andsupport for yo
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Useful contactsNow you have reached
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Useful contactsVenture Capital Asso
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