Newsletter #105 - Should you start a limited company or stay self-employed, 5 things you must do when you go self-employed, Hiring staff, Making the most of trading tax losses...

In this week's Business121:

1. 'London 2012 Business Network' launched
2. Should you start a limited company or stay self-employed?
3. 5 things you must do when you go self-employed
4. New Year business tips for entrepreneurs
5. Your responsibilities when you hire staff
6. How to make the most of trading tax losses

Small Business News

7. Basic rate income tax reduction - some potential downsides
8. Self Assessment - last minute filers could face IT problems
9. The 'London 2012 Business Network' launched
10. TV team seeks small manufacturing business for documentary

'London 2012 Business Network' launched

The 'London 2012 Business Network' has been launched today to try and help businesses from all over the UK to access contracts relating to the London 2012 Olympics.

In what must have been an attempt to win some support from outside the metropolis, the London 2012 Business Network was launched at Old Trafford in Manchester!

The aim of the network is to help businesses of all sizes and from all over the country to access some of the 75,000 contracts that are expected to be up for grabs as part of the London Olympics. In total, these contracts are expected to be worth around £6billion.

Access to these contracts will be through the 'CompeteFor' service. After completing a relatively painless registration process, you'll be able to search the site for contracts that might be suitable for your business.

Once your profile is published on the site, you will also be automatically matched to suitable opportunities and the site will send an email inviting you to apply. The 'buyer' will then ask a shortlist of successful applicants to formally tender for the business.

Of the 500 companies that have won contracts to date, two-thirds are small and medium-sized businesses and half are based outside London. It might well be worth a look to see if you can claim your slice of the London 2012 pie.

You can find out more here.

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Should you start a limited company or stay self-employed?
When you start your business one of the first decisions you will need to make is which legal structure to go for. There are several different kinds, including limited liability partnerships and social enterprises. But for most people the choice comes down to staying self-employed or setting up a limited company. Here's an overview of the issues to consider and the implications.

5 things you must do when you go self-employed
One of the beauties of being self-employed is how quickly you can get set up and in business. Even if you are currently employed by someone else, you can also become a sole trader to run your own business in your spare time. This makes it a safe way to test a business idea and see if you like being your own boss. Here are five essential things you must do when going self-employed.

New Year business tips for entrepreneurs
The New Year is synonymous with resolutions and promises of making changes. If you are an entrepreneur, this time of year offers you a perfect opportunity to take stock of your business, as emails are probably at an all-time low over the holiday period. Here's a checklist of priority resolutions for all entrepreneurs for the New Year.

Your responsibilities when you hire staff
Here's a quick summary of the main areas of responsibilities an employer has when employing staff - including the minimum wage, PAYE, the Working Time Directive and how to deal with sickness, holiday and maternity pay.

How to make the most of trading tax losses
As we approach the end of yet another tax year readers with possible tax losses for the current tax year will find this article of interest. A claim to set off losses has to be "all or nothing".

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SMALL BUSINESS NEWS

Basic rate income tax reduction - some potential downsides
On 6 April 2008 the basic rate of income tax will fall from 22% to 20%. More importantly the starting rate of 10% is abolished from the same date. There are three possible adverse affects of these changes.

Self Assessment - last minute filers could face IT problems
Most of us know that failure to submit your self assessment return by 31st January 2008 will result in a £100 fine. However, the ACCA is warning against late filing, as computer glitches in past years have resulted in some self-assessors getting fined even though they submitted their returns in on-time.

The 'London 2012 Business Network' launched
The London 2012 Business Network has been launched to help companies across the UK compete for thousands of business opportunities helping deliver the London 2012 Olympic and Paralympic Games.

TV team seeks small manufacturing business for documentary
Channel 4 Documentaries are looking for a small (10 - 30 employees) manufacturing business interested in receiving help from a top management consultant to take part in a documentary.

** For the latest Small Business News, visit http://www.Bytestart.co.uk **

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