Sole Trading. Laws and regulations affecting my business

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By Amy Heath

BUSINESS COURSEWORK: ENTERPRISE 2

1a) The business I have decided to set up is as a sole trader:

Legal Process of setting up this business:

As a sole trader, you will not need to notify Companies House, nor deal with any administrative or accounting requirements which are required of limited companies.

If you start working for yourself, you must register with HMRC as self-employed, even if you already send in a tax return. There are some exceptions for particular industries, like the construction industry.

You should register the moment you start out as a sole trader; otherwise you could incur a financial penalty.

1b) Laws and regulations affecting my business:

Health & Safety at Work:

This describes the rights and responsibilities of employees and employers with regard to safety in the work place.

EXAMPLE: John split his coffee on the floor and said it was responsibility of the cleaner to clean it up.

Working Hours Act:

Stipulates the maximum number of hours a week a worker can be asked to work.

EXAMPLE: Sarah has just signed a contract of employment and there was a clause which said she had agreed to opt out of working more hours. This clause is on all contracts.

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1c) Complete the following table for 6 records that a business must keep:

TASK 2

2a) Preparatory Stage:

2b) Planning Stage

2c) Implementation Stage

TASK 3

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The most suitable source of money for my business would be a ...

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