start up legal and tax issues

Question 1

why have legislation?

Answer 1

so the government can keep track of business activity
so taxes can be collected
to protect businesses from illegal activity
to protect customers from illegal business activity

Question 2

the legal requirement of a small business

Answer 2

> regisiter and trade under a unique name
keep records of sales, purchases and names of other businesses they have worked with
register with HMRC
pay appropiate tax to HMRC

Question 3

taxes on small businesses

Answer 3

VAT
Income tax
NIC
corporation tax