October 2019

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50 Wanstead Village Directory START-UP, START RIGHT Starting your own business can be an exciting but worrying endeavour. Derek Inkpin, a partner at local solicitors Wiseman Lee, highlights some of the things you should consider when going it alone All the ins and outs of a new business – licences, data protection, satisfying customer enquiries and employing people – may at first seem like quite a mountain to climb. So, where do you start? Carrying out research of the marketplace for your chosen business as well as taking sound business advice is vital. Let HMRC know you are going to be self-employed. Writing a business plan, talking to your bank about financial support and developing your business brand will all be important. You will need to decide which business structure suits your needs. You could choose to set up as a sole trader. This is the simplest type of business which is owned entirely by you. As such, you are entitled to keep all the profits after tax has been paid, although you will also be personally liable for any losses. If this seems a scary prospect, you could set up as a limited company – where your personal finances are separate from the company. The downside is this can require more work on the company’s reporting and management. The third option is to set up your business as a partnership. This is the easiest way for two or more people to run a business together. Business debts are shared, as are the responsibilities, but you will have joint liability with your partner for any losses. Once you are registered you need to think about the many legal aspects of running a business. Are there any licences you need? For example, if it’s a retail store, will there be music playing? Will you be selling food or alcohol? Each of these and more require their own separate licences. You also need to think carefully about data protection. You may think your start-up business is too small, but if you plan on hiring staff or storing any information about customers who use your service, then you’ll need to ensure this data is kept secure, up to date and accurate. It is also vital that the people you are collecting the data from are aware they can see the information you have on them and correct it if it’s wrong. They also have the right to request it is deleted. Before your business begins collecting any data, you must tell the Information Commissioner’s Office how the information will be used or you could face a large fine. Perhaps the most daunting aspect of starting your own business is being responsible for other people’s livelihoods. For this reason, it is paramount you follow the relevant employment laws, including payroll, national insurance, rights to work, pensions and employment contracts. Do also remember you are responsible for the health and safety of both your staff and your customers while they are in your place of work. All of the above, of course, comes with a need to work hard. Good luck! Wiseman Lee is located at 9–13 Cambridge Park, Wanstead, E11 2PU. For more information, call 020 8215 1000 To advertise, call 020 8819 6645 or visit wnstd.com
<strong>October</strong> <strong>2019</strong> 51 Please mention the Wanstead Village Directory when responding to adverts
Page 1 and 2: Est. 2006 wnstd.com Issue No: 164 I
Page 3 and 4: Contents Features Wild Wanstead18-1
Page 5 and 6: October 2019 5 17 YEARS IN WANSTEAD
Page 7 and 8: October 2019 7 Local duo continue t
Page 9 and 10: October 2019 9 Please mention the W
Page 11 and 12: October 2019 11 20% OFF Get 20% off
Page 13 and 14: October 2019 13 St Joseph’s Conve
Page 15 and 16: October 2019 15 * OPI/Gelish Manicu
Page 17 and 18: October 2019 17 McCarty & Smith Win
Page 19 and 20: October 2019 19 In last month’s W
Page 21 and 22: October 2019 21 BOOK A FREE TRIAL S
Page 23 and 24: October 2019 23 Fed up waiting? Our
Page 25 and 26: October 2019 25 My Dream KITCHEN Ki
Page 27 and 28: October 2019 27 ALDERSBROOK PERSONA
Page 29 and 30: October 2019 29 Please mention the
Page 31 and 32: October 2019 31 Don’t miss all th
Page 33 and 34: October 2019 33 Offering you a FREE
Page 35 and 36: October 2019 35 Floating IDEAS Risi
Page 37 and 38: October 2019 37 South Woodford, Woo
Page 39 and 40: October 2019 39 GLENWARD E S TABLIS
Page 41 and 42: October 2019 41 At Alan Patient & C
Page 43 and 44: October 2019 43 heating “Plus”
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Page 47 and 48: October 2019 47 little bears Little
Page 49: October 2019 49 Nurture Curiosity C
Page 53 and 54: October 2019 53 ESSEX ESSEX ART ART
Page 55 and 56: We are based in Wanstead and have o
Page 57 and 58: October 2019 57 REDBRIDGE A festiva
Page 59 and 60: October 2019 WVD_Sleep Apnoea_175.5
Page 61 and 62: 4 Oxfam Books & Music Shop Donation
Page 63 and 64: October 2019 63 INTRODUCING The Bea
Page 67 and 68: October 2019 67 RESTORING Wanstead
Page 69 and 70: October 2019 69 A modern approach w
Page 71 and 72: St Aubyn's School - Savills Essex M
Page 73 and 74: October 2019 73 Serving the local c
Page 75 and 76: October 2019 75 Jean Fullerton Auth
Page 79 and 80: October 2019 79 PHOTO STORY In the
Page 81 and 82: October 2019 81 BATHWORKS JULY_© F
Page 83 and 84: October 2019 83 Working together wi
Page 85 and 86: October 2019 85 Manufacturers of Qu
Page 87 and 88: October 2019 87 Traditional tradesm
Page 89 and 90: October 2019 89 Homesdale (Woodford
Page 93 and 94: October 2019 93 Community events RE
Page 95 and 96: October 2019 95 WANSTEAD FARMERS’
Page 97 and 98: October 2019 97 Rapunzel Woodford P
Page 99 and 100: October 2019 99 1-2 Johnston Road,
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October 2019 101 Mind, Body & Spiri
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October 2019 103 Offered by Anglica
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October 2019 105 Could you make sav
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October 2019 107 Employment issue?
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October 2019

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