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Laws And Regulations For Business In Uk

814 words - 4 pages

Task 1A
Regardless of legal form there are certain laws and regulations that all operating businesses within the UK are obliged to follow. So as a start up business in the aspect of catering consideration of the following is recommended;
All employers are required to take part in ‘PAYE TAX’ (pay-as-you-earn) this is a system of withholding of income tax from payments to employees. This money will be deducted from employee wages by the employer and then becomes the responsibility of the government to be refunded back to employees. As a catering business you will be providing a service and therefore by UK law you are required to collect VAT (value added tax) on behalf of the government.
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Sole trading business tend to be small for example a news agents or a bakery. Like all legal forms there are advantages and disadvantages. The drawbacks of operating under the form of sole trader include sole responsibility, the proprietor of a sole trading business has unlimited liability toward any credit owed by the business. It is entirely up to perception whether or not ultimate responsibility is an advantage; ‘Sole-trading is popular with people who are the business and want total control and unlimited responsibility for their own business and its debts.’ Duport companies house (2012). A further disadvantage is that as the only proprietor all capital required for the start up of the business or further developments will need to be attained unaided as there are no other investors. A sole trader can apply for a loan from the bank but this may prove to be difficult for the reason that small start-up businesses can be seen as a risk by banks. The usual consequence of this is that a high percentage of interest is charged making for expensive repayments. Self-employment could be regarded as an advantage as the hours worked and complete control interest would be at the owner’s discretion.
The legal form of franchise entitles the purchase of the rights of an already established company name. Examples of franchises include KFC, Domino’s Pizza and McDonalds these are all examples of fast food providers however many other types of franchises exist. Stated on the British Franchise...

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