What Outgoings do you Have to Pay When Running a Business

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Although running a small business of your own in the UK is a great way to earn a living, before you start one it is also crucial that you understand and are aware of the various costs that come along with it, so that you can work out your financial predictions and ensure that you are earning enough to cover the costs of running the business and also to earn a living yourself.

Here are some of the costs that you may face, and how to manage them…

Business Rates and Taxes

These can be a significant part of your business outgoings, and it is important that you ensure these are paid on time, or you will incur hefty penalties. It is all too easy to fall behind with taxes if you are not careful. Having a professional accountant like this accountants Chippenham based company https://chippendaleandclark.com/ is a great help to make sure that you are staying on top of your business taxes.

Business rates are also something to take into account when you have a business premises – they are a form of tax on a non-residential property.

Staff Costs

If you have any staff or you are considering taking on staff in the near future to help with the daily running of the business, you need to be aware of how much this costs the business. Wages, staff training and pension contributions are some of the things that you need to take into account when you are considering taking staff on.

Rent

Another big issue to consider is rent for the premises that you are using. Whether you are hiring a shop or an office or another form of business premises, you will need to make sure that you can cover the rent, and also the utility bills for that premises such as water, heating and electricity – things that can add up quickly for some industries.

Equipment

To be able to run your business successfully you are likely to need some equipment. What equipment you will need of course will depend on what industry you are in – it might be that you need a van for a handyman business for example, or if you are setting up as a builder, you will need to make sure that you have all the tools that you need.