Business121 Small Business Newsletter #97

In this week's Business121:

1. Win lunch with Dragons Den's James Caan
2. What is a balance sheet and how do you create one?
3. Profit and Loss (P&L) Accounting Guide
4. Financial and Management Accounts - The Differences
5. How to get the best value from your accountant
6. Small business domain names - What types are there?

Small Business News
7. Chancellor's CGT "relief fund" U-turn blasted by business experts
8. Business group calls for November interest rate cut
9. Take time before choosing a business domain name
10. Women increasingly attracted to self employment
11. Government faces small business anger over VAT delays

Win lunch with Dragons Den's James Caan

Business finance specialist Bibby Financial Services has linked up with James Caan, the latest 'Dragon' on BBC's Dragons' Den, to offer business owners the chance to win lunch at a top London restaurant with the serial entrepreneur.

James Caan, who was named PricewaterhouseCoopers' Entrepreneur of the Year in 2003, has been creating, building and selling businesses for over 20 years. He set up the Alexander Mann Group, one of the UK's leading HR outsourcing companies, and grew it to a turnover of £130 million before selling it to a private equity firm in 2002.

He's also the founder and CEO of private equity firm Hamilton Bradshaw, through which he has invested millions in both start-ups and mature businesses in sectors ranging from retail and leisure to financial services and technology.

Caan clearly knows how to succeed in business, so the chance to pick his brains over lunch could really help you to drive your business on. You might even be able to persuade him to invest in your business.

With Bibby's new promotion ten lucky clients will get the chance to chew the fat with Caan. Everyone that signs up for one of Bibby's business finance solutions - which include invoice finance, export finance, trade services, asset and lease finance - before March 31 2008 will be eligible to enter into the prize draw.

Winners will get the chance to dine with Caan as well as the opportunity to share experiences and challenges with nine other entrepreneurs.

Click here to find out more about Bibby's promotion.

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What is a balance sheet and how do you create one?
If you choose to set up a limited company when you start your business, one of the many pieces of paperwork you will have to generate on at least an annual basis is a balance sheet as HMRC requires you to produce one as part of your annual return. You'll probably also need to produce a balance sheet if you're getting a loan or raising investment so it's useful to know what a balance sheet is and how to prepare one.

Profit and Loss (P&L) Accounting Guide
When you're trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L). A P&L will also be necessary if you want to apply for a mortgage, take out a loan, or get other financing for your business.

Financial and Management Accounts - The Differences
Running your own business seems to be as much about playing with figures as it does doing whatever you got into business to do! Just to add to the fun, you can prepare regular management accounts. Management accounts are not required by the government or the taxman but they can be a very useful tool to help you run your business and to keep a handle on how your business is performing. Here's what you need to know about management accounts.

How to get the best value from your accountant
A good accountant is an invaluable source of knowledge, advice and expertise, and can cover their fees many times over with the value they bring or even in cash saved from the taxman. Here's how you can make sure you get full value from your accountant

Small business domain names - What types are there?
What are the key domain name types you can use for your business' online identity - .co.uk and .com lead the pack, but a whole wave of new types are now available, including .biz and .info.

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SMALL BUSINESS NEWS

Chancellor's CGT "relief fund" U-turn blasted by business experts
Following recent newspaper rumours that the Chancellor is set to do a u-turn over the controversial CGT taper relief abolition proposal by being more lenient on "retiring" business owners, the business community has once again laid into the Government over its clumsy handling of the whole affair.

Business group calls for November interest rate cut
The economic outlook has changed a great deal since experts were expecting a series of interest rate hikes by year-end. As business confidence appears is on the turn, the BCC has called on the Bank of England to cut interest rates at its November meeting.

Take time before choosing a business domain name
New research suggests that many small businesses may be rushing their choice of web address. According to a survey released by Fasthosts, 41% of business owners spend under one hour deciding on their business domain name.

Women increasingly attracted to self employment
New research shows that women are increasingly moving from permanent to self-employment.

Government faces small business anger over VAT delays
We've now learnt that small business VAT registration delays have reached new levels. Firms in Northern Ireland are having to wait as long as 54 days to receive a VAT registration number and some applicants having to wait 3 to 4 months before being registered for VAT.

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

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