Essay --

DESCRIBE THE RESPONSIBILITIES OF A SOLE TRADER. AS A SOLE TRADER, EXPLAIN THE KEY STEPS TO BE TAKEN WHEN SETTING UP AN INTERIOR DESIGN SERVICE. Sole Trader A sole trader is a self employed person running a business as an individual. As a sole trader you are responsible for: †¢ Completing a self assesment tax return every year. †¢ Any debts that your business incurs. †¢ Paying national insurance and income tax on any profit that your business makes. †¢ Keeping records of sales and expenses (bookkeeping). †¢ Putting your own name and/or business name on any official paperwork. †¢ Bills for stock and equipment for the business †¢ You must register for VAT if your business takings exceed  £79,000.00 a year. When setting up an interior design service as a sole trader the key steps to be taken are: †¢ To think about and decide what your personal and financial business aspirations are. †¢ Be prepared to do what it takes to get your business up and running , there will be long hours, financial outlay, and you should be able to handle rejection and negagtivity, when the going gets tough. †¢ Be realistic and understand the tasks involved in setting up and running your business. †¢ Create a realistic working business plan, this can be done with the help of a solicitor or accountant. Your business plan is not set in stone, infact it should be reviewed with the continued progression of your business. A business plan will map out the direction your business should take and by working through it should also hi-light any possible flaws in your business idea. Your business plan is also an essential tool if you are intending to borrow any money as any prospective lender will want to know what they are abou... ...uides Display books †¢ You will also need to budget for and make consumable purchases. The following list is a guide: Ink cartridges and paper for printer Business stationery and envelopes Pens and Pencils Eraser and putty rubber Scalpel blades Spray mount/glue Notebooks and pads Presentation materials (card etc) Staples and paperclips †¢ Set up trade accounts with relevant suppliers. †¢ Create a marketing plan to sell your products and services. †¢ Make up display books to take with you when you visit your client. This will be a way of displaying your skills and versatility. †¢ Spread the word, promote your business in everyway possible, tell all your friends, relatives, acquaintances, related businesses and sub contractors. BIBLIOGRAPHY Websites www.wikipedia.org www.bbc.co.uk www.gov.uk www.smarta.com Essay -- DESCRIBE THE RESPONSIBILITIES OF A SOLE TRADER. AS A SOLE TRADER, EXPLAIN THE KEY STEPS TO BE TAKEN WHEN SETTING UP AN INTERIOR DESIGN SERVICE. Sole Trader A sole trader is a self employed person running a business as an individual. As a sole trader you are responsible for: †¢ Completing a self assesment tax return every year. †¢ Any debts that your business incurs. †¢ Paying national insurance and income tax on any profit that your business makes. †¢ Keeping records of sales and expenses (bookkeeping). †¢ Putting your own name and/or business name on any official paperwork. †¢ Bills for stock and equipment for the business †¢ You must register for VAT if your business takings exceed  £79,000.00 a year. When setting up an interior design service as a sole trader the key steps to be taken are: †¢ To think about and decide what your personal and financial business aspirations are. †¢ Be prepared to do what it takes to get your business up and running , there will be long hours, financial outlay, and you should be able to handle rejection and negagtivity, when the going gets tough. †¢ Be realistic and understand the tasks involved in setting up and running your business. †¢ Create a realistic working business plan, this can be done with the help of a solicitor or accountant. Your business plan is not set in stone, infact it should be reviewed with the continued progression of your business. A business plan will map out the direction your business should take and by working through it should also hi-light any possible flaws in your business idea. Your business plan is also an essential tool if you are intending to borrow any money as any prospective lender will want to know what they are abou... ...uides Display books †¢ You will also need to budget for and make consumable purchases. The following list is a guide: Ink cartridges and paper for printer Business stationery and envelopes Pens and Pencils Eraser and putty rubber Scalpel blades Spray mount/glue Notebooks and pads Presentation materials (card etc) Staples and paperclips †¢ Set up trade accounts with relevant suppliers. †¢ Create a marketing plan to sell your products and services. †¢ Make up display books to take with you when you visit your client. This will be a way of displaying your skills and versatility. †¢ Spread the word, promote your business in everyway possible, tell all your friends, relatives, acquaintances, related businesses and sub contractors. BIBLIOGRAPHY Websites www.wikipedia.org www.bbc.co.uk www.gov.uk www.smarta.com