Newsletter #132 - Web hosting for small businesses, Business taxes explained, Golden rules for running a retail business, How to switch business bank accounts

In this week's Business121:

1. Business partnerships - an alternative view
2. Web hosting for small businesses - shared or dedicated?
3. Business Taxation - What are the main taxes?
4. Golden rules for keeping a retail business on track
5. How to switch business bank accounts

Small Business News

6. Conservatives propose new US-style company insolvency system
7. More small businesses suffering from late payments
8. Small businesses urged to use mediation in workplace disputes
9. Don't be startled by HMRC's self assessment online glitch
10. Are The Beatles the UK's most successful entrepreneurs?

Business partnerships - an alternative view

In last week's issue, I suggested that if you are going into business with a business partner there's nothing wrong with proceeding with a handshake - providing, of course, that you trust your business partner.

After reading the newsletter, Robert Jones, a business adviser in South Wales, replied with some very good points which deserve a wider audience. Over to you Robert;

Emyr,

Firstly, thanks for the newsletters - decidedly the most relevant and readable of a plethora that used to land in my in-box! Keep them coming please.

While doing business on a handshake is definitely that best way to operate (so long as you know who to trust!), I think you may have missed the point with partnership agreements. I've seen too many go badly wrong, and friendships (sometimes from childhood) destroyed in the process.

If your partner is going to screw you up, an agreement won't stop him/her, although it may give you more clout in court. A good agreement, however, will try to anticipate possible future problems and agree solutions before the event occurs.

Your partner has an accident and cannot work in the business for 6-months - do they still draw a full wage? Best agreed before the event.

You get the offer of a £80k salary to manage a sports facility in the Caribbean - how and how quickly do you dissolve the partnership, or do you? Umpteen options, and obviously you and your partner have different agendas. Best agree beforehand how you would handle such an event. Then you part still good friends and trusting each other.

You may not need a solicitor for this, just a good imagination and an hour over a cuppa. But record what has been agreed before the issue arises.

Thanks for sharing your experiences and ideas with us Robert. You can't foresee all eventualities, but by covering some potential scenarios in an agreement you might save some pain down the line.

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Web hosting for small businesses - shared or dedicated?
When you are looking to set up a website for your business, you will be faced with several hosting options. Before signing up for any type of hosting service, you need to work out your requirements and ensure you get the service your site needs, and at a fair price.

Broadly speaking, there are three types of web hosting; Shared, Dedicated, and Managed Dedicated service plans. Here's what you need to know to make sure you choose the right option for your website.

Business Taxation - What are the main taxes?
Small businesses, and the individuals who run them, are subject to a wide array of taxes - from Corporation Tax to National Insurance. Here is an overview of the main taxes you will encounter as a small business owner, together with links to more in-depth guides on the various taxes.

Golden rules for keeping a retail business on track
With the economy tightening, this guide looks at the reasons why UK retailers are suffering and highlights 5 golden rules for keeping a retail business on track.

How to switch business bank accounts
Most individuals use the same bank for decades, if not for their lifetime. Many small businesses are the same and remain with the same high street name, even if they are missing out on far higher interest rates and lower bank charges that are available elsewhere. Switching bank accounts is still perceived by many as being a difficult thing to do, but it is now a simpler process.

If you're thinking of switching business banks, make sure you read these guides first;

How to choose a business bank account
Choosing a bank account for your small business is an important decision. There are several key things to consider - such as transaction and borrowing costs, what facilities the bank offers, and the type of relationship you want from a bank.

Choosing the best business bank deposit account
If you're likely to have a significant amount of money sitting in your business current account on a regular basis, it's worthwhile opening a business deposit account. Deposit accounts pay far higher levels of interest, so will earn far more interest on your money.

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SMALL BUSINESS NEWS

Conservatives propose new US-style company insolvency system
In a speech to the CBI, David Cameron outlined new Conservative proposals to create a new fast-track, judicial process for distressed companies. The new rules would provide an alternative to administration and are based on the best aspects of the American "Chapter 11" system.

More small businesses suffering from late payments
A new survey has found that 82% of businesses are seeing an increase in the number of customers that are paying late.

Small businesses urged to use mediation in workplace disputes
The employment relations service, Acas, is urging small companies to consider mediation earlier when solving workplace disputes, avoiding the risk of facing employment tribunals.

Don't be startled by HMRC's self assessment online glitch
The ICAEW has warned taxpayers paying their second payment on account for the 2006/7 tax year not to be startled when checking the amount they owe on the HMRC website, following a technical glitch.

Are The Beatles the UK's most successful entrepreneurs?
Quite a bold headline for a news piece - but this is the view of 'Beermat Entrepreneur' author Mike Southon, when he delivers his latest presentation, 'Something about The Beatles' in August.

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

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