Kraken Business

Category: Starting Up

  • Computer software: the basics

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    Information technology is a major investment for any small business – and computer software is a key part of that investment. Software not only makes your computer hardware perform important tasks, but also helps your business work more efficiently and could even lead to new ways of working. It is therefore a crucial business asset and…

  • Rules for naming your limited company or limited liability partnership (LLP)

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    The name of your limited company or LLP must conform to certain regulations. If you choose a name that does not meet these requirements, you will not be able to use it. This guide provides guidance on how to choose a name and gives examples of the controls which apply to prescribed and other sensitive…

  • Are you ready to import?

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    Suppliers around the world offer a wide variety of goods that might suit your business. You might be able to find lower-priced supplies, giving you a competitive edge, or new supplies that allow you to sell a completely different product. Just as when you buy within the UK, it’s important to find good suppliers, make…

  • Starting a business from home

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    If you are thinking of starting your own business you should consider the possibility of working from home. Home-based businesses are a popular option for many types of smaller business. Generally the costs will be lower, you can avoid travel expenses and you have the freedom and flexibility to work the hours you choose in…

  • Introduction to VAT

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    VAT is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK. It’s also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells to either…

  • Set up a social enterprise

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    A social enterprise is a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners. Within this definition, social enterprises can take on a variety of legal forms, including: A social…

  • How to complete your VAT Return box by box

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    At the end of each VAT period – usually every three months – you need to complete a VAT Return. A VAT Return tells HM Revenue & Customs (HMRC): This guide explains in detail how to complete your return if you are not on the Flat Rate Scheme. How to complete your VAT Return You…

  • The benefits of business mentoring

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    Building a relationship with a mentor can have a positive effect on your business, whether you are just starting up or are already established. A mentor can help you develop important business skills, support you in making important decisions and put you in touch with useful business contacts. If you already have plenty of experience in…

  • Buy a franchise

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    Taking on a franchise is an option worth considering for anyone who wants to run a business but doesn’t have a specific business idea or prefers the security provided by an established concept. The right franchise can give you a head start. Instead of setting up a business from scratch, you use a proven business idea. Typically, you…

  • Buy an existing business

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    If you’re thinking about running your own business, buying a company that’s already established may be quicker and easier than starting from scratch. However, you will need to put time and effort into finding the business that’s right for you. Also, the costs involved in buying an existing business can be substantial and should not be underestimated.…

  • Common mistakes when starting up – and how to avoid them

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    Launching a small business can be risky and success is not always guaranteed. Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years. These figures should not scare you off, but should…

  • Environmental responsibilities

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    You have a legal responsibility for the impact your business has on the environment. For example, it’s up to you to ensure that your waste is treated and disposed of properly. Going beyond environmental compliance can also bring business benefits. Many businesses have realised that acting in a socially and environmentally responsible way is more…