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This training session is tailored specifically for individuals from Central and Eastern Europe (CEE) living in Birmingham who are interested in starting or managing their own enterprise. The session will provide practical knowledge on the legal, financial, and operational aspects of running a business in the UK, with a focus on the unique challenges and opportunities faced by the CEE community.Event Agenda
1. Introduction to Different Types of Enterprises
Overview of Business Structures in the UK:
Profit-Oriented Companies: Sole traders, partnerships, limited companies.
Non-Profit Organisations: Charities, community interest companies (CICs), social enterprises.
Self-Employment and Freelancing: Key differences from traditional business structures.
Choosing the Right Structure:
Pros and cons, focusing on common choices among CEE entrepreneurs.
Cultural and legal considerations for CEE migrants when setting up in the UK.
2. Registering a Company in the UK
Steps to Register a Business:
Overview of the registration process, tailored for those unfamiliar with the UK system.
Importance of understanding UK-specific legalities and requirements.
Required Documentation:
Translating and understanding key documents.
Registering with HMRC and handling any language barriers.
3. Director’s Responsibilities and Business Operations
Legal Responsibilities of a Director:
Understanding fiduciary duties and UK-specific compliance for CEE entrepreneurs.
Navigating UK business practices while staying true to CEE cultural values.
Day-to-Day Operations:
Setting up a business bank account and managing finances in a foreign system.
Importance of record-keeping, with a focus on simplifying the process for non-native English speakers.
4. Understanding Taxes and Reporting Requirements in the UK
Overview of Business Taxes:
Corporation Tax for companies vs. Income Tax for self-employed individuals.
Navigating the UK tax system and understanding VAT, tailored for CEE nationals.
Filing Requirements:
Simplifying annual accounts and tax returns for those new to the UK.
Addressing common challenges faced by CEE entrepreneurs.
Penalties for Non-Compliance:
How to avoid common pitfalls, with practical tips and real-life examples.
5. Difference Between a Company and Self-Employment/Freelancers
Key Differences:
Comparing tax treatment, liability, and control from a CEE perspective.
Advantages and Disadvantages:
Discussing flexibility and control in the context of starting fresh in a new country.
Making the Right Choice:
Assessing personal goals, risk tolerance, and the benefits of different structures for CEE nationals.
This training is designed for the CEE Us! Network, if you want to attend please join the network before the training.
Funded by Paul Hamlyn Foundation.
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Event Venue & Nearby Stays
Centrala, Unit 4 Minerva Works, Fazeley Street, B5 5RT Birmingham, United Kingdom, Vivid Projects, Minerva Works, Birmingham, B5 5RS, United Kingdom,Birmingham, United Kingdom
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