Eden Fissaha

First steps to exporting

Exporting can boost your turnover and reduce your dependence on UK-based customers. But moving into selling overseas is a big step – it’s important you consider whether your business is ready for the challenge.As well as identifying promising export markets, you’ll need to plan how to cope with issues such as extra legal complications, organising transport and making sure you get paid.

Buying a franchise

Buying a franchise allows you to set up your own business without starting from scratch. You use a tried and tested formula, and benefit from the experience and support of the franchisor (the company offering the franchise).

FAQs about expenses to claim when
running a business from home

By law, an expense is allowable as a deduction only if it is incurred ‘wholly and exclusively’ for business purposes. It doesn’t have to be billed separately nor does the part of your home have to be set aside permanently for business. For example, you can claim for allowable expenses for a room used as your office during work hours, but it must not be used for other purposes during that time.

VAT accounting schemes

VAT accounting schemes can make your life easier, simplifying your VAT accounting and in some cases improving your cashflow. If your taxable turnover of standard and reduced-rated supplies is below £1.35m (excluding VAT), or if you are involved in retail or selling second-hand goods, a VAT accounting scheme could suit you.