It is imperative to abide by the various rules and regulations before starting a business venture. Make sure to understand the statutory legislation applicable in your region. At the outset, acquire a license from the regional council to establish your trade. You might not want to join a popular market, but it is still mandatory to obtain a legal license to put up your stall. Approach your local authorities to guide you through the right process. You might be entitled to pay a minimal administration fee after filling up the application form. Make sure to pay a self-assessment tax at the prescribed intervals to avoid paying a huge penalty.
When you establish yourself as a trader, you are warranted to provide details on your annual gains. You must also pay the national insurance contributions. Value Added Tax is another important taxation feature. Make sure to get a comprehensive knowledge in these areas. There are options to reclaim your investments made on the purchases. Most importantly, maintaining accurate account statements will be of great help. During the first year, you will be entitled to several checks by the local authorities. Make sure to maintain your accounts diligently. The next important step is acquiring public liability insurance. It is a mandatory legal requirement for all traders.
The National Market Traders Federation provides you an insurance package that covers both employers and public liability. It is necessary if you hire employees to facilitate your trade. Before acquiring an insurance package, make sure to research the web for finding the best deal. Being a proprietor, you must ensure that you abide by the Trade Descriptions Act. As a seller, you must only sell quality merchandise. There is no space for selling counterfeit goods. Similarly, it is imperative to advertise your products in the right way. Any misleading marketing strategies can lead you to pay a massive fine. Thus, gain a good reputation for achieving a grand success with your new business.