Business Planning (L1) Flashcards
What types of business are there?
Partnership (unlimited liability)
Co-operative
Limited Liability Partnership (services)
Private limited (limited liability)
Public limited (limited liability)
Sole practitioner
PLC
What is your company?
Private limited company:
Mixed tenure partnerships developer.
Requires:
ARTICLES OF ASSOCIATION /MEMORANDUM
6 years COMPANY RECORDS
FILING ACCOUNTS & TAX RETURN
CORPORATION TAX
What is a Business Plan?
Forecast for a long term view of activities.
Includes:
Business summary, objectives, market, management, service, finances, funding and projections.
Steps to close a practise?
Inform RICS
Inform Clients
Inform PII
Return client money
Run off (6 years) and Locum
Retain files for 6 years
What may or must a company be to be RICS registered?
25% principles may
50% principles must
Or
Provide surveying services to the public.
What is a pestle analysis?
POLITICAL
ECONOMIC
SOCIAL
TECHNOLOGICAL
LEGAL
ENVIRONMENTAL
Establishing a new business - RICS compliance
Inform RICS / register
Appoint responsible principle
PII
CHP + log + Officer
Client money handling procedure
VRS Registration if req.
logo
Annual Return
Establishing a new business - LEGAL compliance
Business name
Disclosure to companies house
Equality act 2021
Financial Services
Bribery Act 2010
ML Reporting Officer
H&S
GDPR
Fire Safety
VAT and Tax (HMRC)
Employment Law
PII/necessary insurances
What is a responsible principle?
Other person who ensures RICS professional, technical and ethical standards are upheld in assurance framework within the regulated firm.
How is corporation tax charged?
25% (if profits are over £250k)
19% Small profits rate (<£50k)
What is the residential property developer tax rate?
4% (if profits are over £25m)
What is in the RICS business plan?
3 year goals
- sustainability
- to remain in demand and attract diverse members
-to be trusted
-thought leader
What is the difference between a debtor and creditor?
DEBTOR = Borrower
CREDITOR = Lender
