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Setting Up Your Same Day Loans Business
When it comes to starting your own business, you may want to consider a same day loans company. There are many benefits to setting one up and they are profitable and popular. There are a few steps that you should take when it comes to setting up your new company.
The first is that you need to check the laws and regulations on the same day loans. This is to make sure that your business is constantly operating illegally and there is no chance that it will be closed down. If you are in doubt about anything, hire a business lawyer who can talk you through everything and help you with the initial stages.
Name your same day loans business. This is very important and you need to make sure that the name of the business is something memorable and catchy; it needs to make it clear what your business is for. Do a search for the name to make sure that there are no other businesses operating with that name.
When you have your business name, you can register yourself with the Inland Revenue. It is very easy to register your new same day loans business and the HMRC website will take you through everything step by step. You have three months from the start of your business running to registering it, otherwise you will be fined L100.
When you register your same day loans business, it is the start of your time to pay tax. You will need to start keeping an account of your business spending and profits. You should keep all receipts for your business expenditures as these are tax deductible. Think about the cost of the website or the stationary that you have bought. You can also use your lawyer and accountant fees for tax purposes too. Be aware that you need to keep your receipts for six years because you can be audited at any time.
You should make sure that you have a full working website. This is not just about a page that you can create by yourself; this is about a whole website that has a fully working application form and links to pages to explain about your same day loans that you have on offer. Unless you have excellent knowledge of HTML and PHP coding, you will need to find someone else to make your website for you.
You will also need to set up a contract for your same day loans business. This is what you will give to all your customers to make it clear on the terms of the loan and the amount and fees payable. You should have your lawyer check this over to make sure that you have not forgotten anything in the contract that could harm your business.
Remember that you will be putting yourself at a lot of risk by not doing credit checks for the same day loans approval. If you do the credit checks, you will lose out on business so you will need to think of other ways to lower the risk; think of the requirements that you are going to set for the business.