BSc Accounting & Finance with Digital Business Small Business Essentials Assignment Sample 2023
Introduction
In the first task, the benefit of setting up a limited company in comparison to a sole trader, general regulations that one has to follow in setting up the business, and various other regulations are discussed. Different approaches to calculating the price of the product and P&L forecast for the 12 months of Ruby’s business are made and even the payback period is also calculated.
In task 3 the benefits of keeping records for business transactions and computerised accounting systems are discussed. Task 4 gives an idea of the different taxes that Ruby has to pay and how she can reduce them has been stated. In the last part, the importance of a good working environment and 3 risks for Ruby’s business and its mitigation are discussed.
Task 1
Benefits of setting up a business as a limited company
In this research, ruby wants to establish a cafeteria in He eland, a country in South Asia as a limited organization. There are various benefits that this organization can get by starting a business as a limited organization rather than a sole trader.
Minimizing personal liability
The main advantage that limited companies can provide is that this type of company can provide liability protection to the owner of the organization. According to RAJASHEKAR and SWAMY, (2019), in simple terms, if the company is facing any trouble in making profits, it impacts the owners’ assets.
In a limited company, the owner and the company are treated as the separated identity so it can be said that the cushion organization cannot get into any trouble if the company is not able to make profits from the global markets. By accepting as a limited company Rudy can manage all the expenses of the organization freely. These opportunities cannot be obtained by making this organization a sole proprietorship.
Tax efficiency and planning
The limited companies are able to maintain the tax by adopting some easy steps and the owner does not have to pay it from personal resources or assets. There are huge differences between the tax rate of the limited company and the sole proprietorship. If ruby developed the chosen organization by developing the sole proprietorship, then the organization has to pay a high tax rate compared to the limited organization. If Ruby can use the limited company option that can provide the cafeteria to reduce the load of taxes and provide support to the organization to increase development by reducing expenses.
There are other opportunities that this organization can get from developing the business as a limited organization. As per the viewpoint of Nsambuet al. (2020), the tax burden cannot be transferred to the owner’s head and provided the chosen organization builds the development activity to reduce it. However, this opportunity secures the owner the load from the load of the taxes.
Investment and lending opportunities
There are various investment options available in the limited organization and Ruby can get those limited options to build the organization development to increase the development of the start-up business. A limited company provides the opportunity for the organization to get investors and use the investment money to develop or increase the potential of the organization.
Ruby can get plenty of opportunities to build the strength of the start-up business. Sole proprietor ship business does not provide the opportunity to get investors to increase the business and the organization is able to generate stability in the global market to build a successful business.
Maintain an individual identity
In the legal term, the organization and the owner have a separate identity and are able to Tahoe owner assets to run the business. Individuality provides support to the limited organization by being fearless about their assets and taxes. Ruby gets benefits by starting the company as a limited organization to get the advantages of limited liability and this term supports that personal assets are not affected in the future.
As stated by Väätänen, (2019), a sole proprietorship does not provide protection from the use of assets in need. The limited organization has the ability to protect its identity as a separate individual and this activity provides support to the organization to build flexibility in the use of assets. The owner doesn’t have to be conscious about its assets and liability because the cushion organization is not able to put an impact on the owner’s assets. If Ruby started the business as a limited organization, it can save her from the tension of security of her own assets from the organization.
Protecting a company name
The limited company has the legal support to protect the name of the organization and no other organization has the legal authority to sue it in business. Disadvantages give support to building an individual identity in the world with legal protection. As argued by Buyonget al, (2020), the sole proprietorship is not able to provide support to the ruby to maintain the security of the name.
In order to continue the organizational development by increasing the potential of the cafeteria, business ruby has to start a business as a limited organization. The company has to register its name and then no other organization can use company name and the chosen organization as it gets protection from the legal authority. In a sole proprietorship, the organization or the company doesn’t get the opportunity to build the development in the global market to take action to save its name.
Other opportunities
There is another opportunity that can be obtained by developing a business as a limited organization and this opportunity can help ruby to increase its profitability and security in or future. The limited company provides an opportunity to invest the money as a pre-tax trending income to generate a pension in the future. As per the viewpoint of Avdeev and Wong, (2019), in this action, the owner can get the pension by removing the business profits and the personal tax liability.
There are other options that can provide support to the organization to split the income by the shares. In this process, the owner has to issue some shares on behalf of the familiarity members to minimize personal tax liability.
All these opportunities provide support to the organization to build the development by providing extra benefits.
Regulations need to be followed by Ruby
The organization is a limited organization and this organization has to maintain its regulation the limited organization. As argued by Demirel and Kesidou, (2019), the regulations are the guidelines that provide guidance and control the organizational captivity of the chosen organizations. There are various regulations that have to follow to build a limited organization and those regulations are:
- The company must be registered in the company regulation act.
- The organization must have taken the company name as the same name is not registered before and this captivity provides support to avoid confusion of similarities of the name.
- In the company’s regulation act, the company is treated as an individual person to run the business (Årdal et al. 2022).
- The chosen organization must have at least one shareholder.
- The individual or the corporate organization can be a
- There are no restrictions to joining the company and you can leave the company easily.
- There is no problem appearing in the auditing unless the company is not able to generate over 40 lacs as turnover.
- There is no application of dividend distribution tax and the minimum obligation tax.
Industry-specific regulations
Ruby established the cafeteria in Heeland, a country in South Asia and a limited organization and this organization has to maintain the same regulations as the cafeteria business. As argued by Ruesta and Benaglio, (2020), the main aim of the regulation is to develop the organizational position by increasing its strength in legal activity. The captivity of maintaining the ration can provide legal support to the organization to build development activity in the global market. Those regulations are
- The organization has to maintain the safety of the customer by following the food and safety act.
- The company has to carry a health trading license in order to secure public safety.
- The cafe has to take permission from the municipality to run the business in the locality.
- Fire security certificates have to be applied and proceed to continue the business (Hoffmann and Prause, 2018).
- Eating house licenses have to bear to provide safety to the public in the run of the company in the locality.
- Product liability and public liability insurance are also applied in this research to build the development of public safety or customer security captivity.
There are other activities that can be performed to run the cafeteria business in the Heeland and the ruby has to take care of those regulations in the organization. As argued by Sholpanbaeva et al. (2019), the main aim of the specific regulation is to build the development activity and maintains the government’s rules. There are other rules that the organization has to maintain to develop its organizational position in the global markets.
- Companies House can be applicable in this type of business.
- Various types of insurance, for example, buildings insurance have to be maintained to keep safety in the coffee shops.
- Health and Safety regulation acts have to be maintained to provide support and safety to the customers.
Task 2
Evaluation of source of finance
There are various types of finance that are used in the organization to operate the business and maintain daily expenses. There are three most important sources of finance that can be used in this research to develop the resources for the financial stability of this cafeteria business.
Debt finance
In this process compound, y sells the bulls or the fixed income products to collect the money from the global markets to build the financial stability of the scion organization. According to Cumming and Groh, (2018), unlike equity financing, the collected money by using debt financing has to be paid back to the vendors. This process can provide support by lending the money to the organization in the interim or paying back the money in time with interest.
Equity finance
Equity financing is a process that provides support to the organization to collect money from the shareholders by selling the equity shares. As argued by Vasilescu, (2019), in this process the organization does not have to pay back the money to the shareholders because they are considered an investment, and the shareholders are treated as the owners of the organization. In this process, Ruby can generate money by selling the shares to the shareholders to get the fund for developments.
Owners’ equity
In this process, the owner of the company provided funds as a capital investment and established the business. The owner’s capital is the safest and most simple process to collect or increase the fund for the development of the organization (Bai et al. 2020). In this research, ruby has provided $ 5000 in initial capital to establish and develop the business.
Evaluation of price determination approaches
This research provides various details about the cost of the cups, coffee, and milk to establish the business in Heeland. After taking the entire amount from the case study it can be said that the cost of the cups per month is $3000, the cost of the milk is $6000, and the cost of the coffee per month is $ 22500. After taking all assumptions it can say the cost of making 1000 cups of coffee in one month was $31500. All the calculations in this research are based on market research and estimations.
The calculation for the payback period
The payback period is calculated by using the estimated values and the actual techniques to develop a general idea about the cost of this research. As argued by Abuseif and Gou, (2018), the payback periods are able to show the organization’s progress or the payback time to generate the initial investment money. In this research, the initial investment is $5000.
Profit and loss forecast
| Calculation of the payback period | ||
| Years | cash flows | payback periods (Year) |
| 0 | $ 5,000.00 | 2.2 |
| 1 | $ 2,000.00 | |
| 2 | $ 2,500.00 | |
| 3 | $ 3,000.00 | |
| 4 | $ 3,500.00 | |
| 5 | $ 4,000.00 | |
Table: Calculation of pay back periods
(Source: self-created)
Calculation of twelve-month profit and loss statement
In this calculation all the data are estimated based on the cost of goods sold and the amount are provided in this research to develop the profit and loss statements. This research shows the one year’s profit and loss statement of coffee shop of the Ruby.
| Profit and loss forecast | |||||||||||||
| Particulars | January | February | March | April | May | June | July | August | September | October | November | December | total |
| Sales | $ 55,000.00 | $ 58,622.00 | $ 65,737.00 | $ 58,749.00 | $ 64,369.00 | $ 68,033.00 | $ 64,246.00 | $ 66,505.00 | $ 66,506.00 | $ 58,054.00 | $ 65,400.00 | $ 58,489.00 | $ 749,710.00 |
| Less: COGS | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 31,500.00 | $ 378,000.00 |
| Gross profit | $ 23,500.00 | $ 27,122.00 | $ 34,237.00 | $ 27,249.00 | $ 32,869.00 | $ 36,533.00 | $ 32,746.00 | $ 35,005.00 | $ 35,006.00 | $ 26,554.00 | $ 33,900.00 | $ 26,989.00 | $ 371,710.00 |
| Expenses | $ – | ||||||||||||
| operational expenses | $ 52,000.00 | $ 100.00 | $ 200.00 | $ 300.00 | $ 500.00 | $ 400.00 | $ 300.00 | $ 200.00 | $ 140.00 | $ 125.00 | $ 450.00 | $ 452.00 | $ 55,167.00 |
| Advertising | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 20.00 | $ 240.00 |
| Bank fees | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 10.00 | $ 120.00 |
| Bank interest | $ 15.00 | $ 16.50 | $ 18.15 | $ 19.97 | $ 21.96 | $ 24.16 | $ 26.57 | $ 29.23 | $ 32.15 | $ 35.37 | $ 38.91 | $ 42.80 | $ 320.76 |
| Telephone | $ 150.00 | $ 164.00 | $ 249.00 | $ 219.00 | $ 236.00 | $ 271.00 | $ 262.00 | $ 177.00 | $ 196.00 | $ 184.00 | $ 201.00 | $ 188.00 | $ 2,497.00 |
| Rent | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 250.00 | $ 3,000.00 |
| Repair & maintenance | $ 153.00 | $ 151.00 | $ 13.00 | $ 184.00 | $ 96.00 | $ 41.00 | $ 142.00 | $ 126.00 | $ 170.00 | $ 52.00 | $ 72.00 | $ 190.00 | $ 1,390.00 |
| Insurance | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 150.00 | $ 1,800.00 |
| employee Wages | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 240.00 | $ 2,880.00 |
| coffee, milk, cup | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 2,500.00 | $ 30,000.00 |
| Total expenses | $ 55,488.00 | $ 3,601.50 | $ 3,650.15 | $ 3,892.97 | $ 4,023.96 | $ 3,906.16 | $ 3,900.57 | $ 3,702.23 | $ 3,708.15 | $ 3,566.37 | $ 3,931.91 | $ 4,042.80 | $ 97,414.76 |
| Net profit | $ -31,988.00 | $ 23,520.50 | $ 30,586.85 | $ 23,356.04 | $ 28,845.04 | $ 32,626.84 | $ 28,845.43 | $ 31,302.77 | $ 31,297.85 | $ 22,987.63 | $ 29,968.09 | $ 22,946.20 | $ 274,295.24 |
Table: calculation of profit and loss for 12 months
(Source: Self – Created)
TASK 3
The purpose of keeping records for the business transactions and payroll of the worker:
Managing cash flow is Straightforward:
For any business, be it SME or MNEs cash is an essential part of the business. So, maintaining a healthy cash flow helps businesses to survive in the long run (Turner et al. 2018). This is where recording comes in handy. This will help Ruby to understand and identify where the cash is coming from and where it is going out. It will help her to identify the accurate company’s financial health.
Make business decisions:
In a Start-up, every dollar is important and should be spent wisely. So, understanding the cash inflow and outflow from the records will help Ruby to make decisions related to the spending of the cash. It will make her business decisions data-driven.
Save time and costs:
When a company or any business has to file reports or conduct a business meeting then it will make Ruby’s work easy and time-saving (Tweneboah and Ndebugri 2018). As she has to not rush or get panicked with her transaction at the last time and even these deadlines will make her hire someone to manage this transaction which will be another expense that would be added.
Help to minimise fraud or theft:
Be it any enterprise recording data will help in minimising or even totally eroding the risk of theft or fraud in the business internally. Keeping the transaction recorded will help Ruby to identify the extra cash outflow happening due to fraud or theft and help her to take action before it’s too late.
Helps in payment of taxes easily:
Keeping transaction and payroll records will help Ruby to pay her tax on time and avoid penalties. If she fails to pay tax then her penalty is 30% of the potential lost revenue. Keeping records will help her to calculate the Tax in an accurate manner and also help her to find those items which are exempted in the calculation of tax. If the transactions are recorded then Ruby would be able to fill tax on time and there would be no hurry at the last time.
Prevent loopholes and oversight:
With the proper record keeping Ruby can explain the decisions she is taking regarding the business to the investors (if any) with proper evidence from the records. It will also help Ruby to minimize the risk of leading to failure and would help her to take precautions against any risk which would arise (Dave et al. 2020). These records will help her to identify loopholes in the business and then she can take necessary steps accordingly.
Helps in payment of salaries and Wages:
Keeping all the records of the employees will help Rudy the effectiveness of the employees. She can also pay them remuneration on time and with ease. This recording of the transaction will also help her to increase the salary of the employees according to their records.
The benefits of a computerized accounting system for accounts and payroll compared to manual records.
Computerized accounting systems when compared to manual accounting systems are a convenient way of analysing, recording, reporting, and storing financial information. A few of its benefits are:
Reduce the time spent on manual processes: complex calculation which is done in a business manually takes a quite good amount of time, but these calculations are done in automated software then which saves a lot of time. Especially in SMEs or a start-up, these digital accounting systems will help them to save hours of time and resources (Itang, 2020). This digital calculation can be done in a fraction of time and this time can help management to focus somewhere else.
Ease in payment of remuneration: Computerized accounting helps to keep a track of the payment made to the staff and information can be seen in one click. Some automated software pays the remuneration to the staff automatically on the given date (Itang, 2020). This makes a good workforce. This will reduce the burden of remuneration on Ruby’s mind and she can go through all the information regarding those transactions easily.
Fewer errors and increased accuracy: All the calculations are done precisely. So, Rudy does not have to check manually whenever she or any member or any staffs inputs any data in an automated accounting. These inputs can be transactions related to expenses, income, stock, account reconciliation, transactional data, period-end adjustments, and different Taxes.
Real-time financial information: Nowadays this computerized accounting is linked with the bank’s accounts which will help Ruby to get all the information regarding the invoices paid by the customers or the amount paid to the suppliers in real-time. It will help her to make a quick decision related to transactions and other business-related issues (Anaeli, 2018).
Innovative financial technology: there is also a cloud-based computerized accounting which will help ruby to get the details of all the transactions and information even if she is not in the cafe. She can get all that information regarding the transactions through her mobile without going anywhere. This will help to make quick and accurate decisions.
Save money on resources: recording transactions manually takes time and sometimes the company has to keep staff to record this transaction which will raise the expenses. So, for start-ups, computerizing will help them to save money and time for the staff. Ruby can avail of this computerized accounting software at a minimal subscription fee (Ismael, et al. 2020).
Automation of credit notes, invoices and receipts: in computerized accounting various software has enabled automated crediting, receiving, and invoicing processes. That means it will help the staff and even ruby to save time by not making manual invoices, receipts, and credit notes. Some software even sends mail to the debtors and will remind them to pay the amount which is yet to be paid and helps in the recovery of money.
Faster record-keeping leads to more business: By making the complex calculations related to accounts automated will help ruby to keep a continuous awareness of her financial position, and less time would be spent on processing and checking her accounts, she can spend this time focusing on her business operations and increase her profit margin.
TASK 4
Research UK tax rules for small businesses:
Tax on profits Or Income Tax Charged of Rub – what the rules are and what tax deductions are available
Tax on profit is also known as Sole trader tax which is to be paid on the profit earned or the salary which one gets (Sawyer and James 2018). If Ruby’s profit or salary is over H$12,570 then she has to pay income tax depending upon the annual income. Ruby is estimating H$60,00 annually then she needs to pay income tax as it is above H$12,570.
Various tax reliefs are available that Ruby can opt for to reduce the amount of tax payable by her.
| Band | Taxable income | Tax rate |
| Personal Allowance | Up to H$ 12,570 | 0% |
| Basic rate | H$ 12,571 to H$ 50,270 | 20% |
| Higher rate | H$ 50,271 to H$ 150,000 | 40% |
| Additional rate | over H$ 150,000 | 45% |
Table 1: Income tax rate according to the slab
(Source: Collymore, 2020)
It can be seen that her annual profit is higher so her taxable income is H$ (60,000- 12,570) which is H$ 47,430. So, she has to pay taxes annually. In her filing of taxes, she can reduce the money which she has paid as management expenses; she can also opt for the capital allowances which she has spent on buying equipment and machinery. If she has made any charity donations then she can opt for it. She can alternately pay herself a Personal allowance through the company which is also tax-free.
VAT – when to register and what are the rates to charge
Value-added tax (VAT) is mostly added to the products and services VAT is charged on all types of business whether it be Partnership, LLP, limited company, or sole trader (Kao et al.2021). It is mandatory if ruby’s cafe has a turnover of more than H$ 85,000. A company has to register under Her Majesty’s Revenue and Customs (HMRC) (Angeli, 2019). The VAT rate of all the products is 20% except for hospital and home energy which has 15%. There are some products which have an exception on which the VAT is 0% such as water, newspaper and children’s cloth.
If the company is registered under VAT, then Ruby has to charge VAT on her products from her customers. VAT can be reclaimed that Ruby will pay on business expenses. If Ruby’s Cafe’s turnover is less than H$ 85,000 then she has to not register her company until 31st march 2024 under VAT. However, if anyone wishes then she can also register even if her turnover is less than H$ 85,000.
Capital allowances – how to claim and what is available
There are various allowances that one can claim under capital allowance to reduce the tax he has to pay (Faccio and FitzGerald 2018). Ruby can take an allowance for the machinery that she will buy for the cafe. She must not lease them or else she won’t get the allowance. She can also claim allowances for the fittings she would be using in the kitchen and bathrooms, fire alarms, and CCTV systems for capital allowances (Webley et al. 2019). She can also add lighting and air conditions price for getting an allowance
Employees’ tax – what are Ruby’s duties concerning her employee’s
There are various responsibilities which Ruby has to look in the matter of employees such as
Assess risks: Under health and safety law Ruby has to see all the risks in the workplace. That means she has to identify all the activities which involve carrying out operations in day-to-day work. She should also say that she should eliminate the risk of this hazard and protect the employees working.
Provide information about risks: She should also make all the employees aware of all the risks involved in the work and how they can protect themselves. She should also train and instruct them on how to deal with this risk involved in the operations.
Provide health and safety information: Health and Safety Information for Employees Regulations (HSIER) under this regulation employers have a duty which is legal to display the poster in a prominent position in every workplace and also provide each worker with an approved leaflet related to health and safety (Umeokafor et al. 2022).
Reporting a health and safety issue by worker: The worker can report to HSE, in case if they find the owner has exposed them to high risk. Along with this, he or she is not doing the legal duties or if the worker has pointed out the risk but the owner has not provided a satisfactory response to them.
Task 5
Explain the importance of an effective control environment
The environment places an important role in the working of any business. Good working environments will not only cataract skill workers but customers also find it peaceful. A good working environment will make the workers work more efficiently and put more concentration on their work (Dabić et al. 2018). A good environment motivates the worker to work progressively.
Seeing a good environment, skilled workers will also get attracted to working in that industry. If Ruby can build a good connection with the employees, then they will be helpful and stay motivated even in adverse situations and try to make a profit for the cafe. They will make the production of the product more efficient which will make the quality of the product better. A good environment for working will make the daily operation of the cafe run smoothly without any issues.
The 3 risks that are involved in Ruby’s business and recommended controls to mitigate those risks:
There are various risks involved in opening a cafe. A few of them are:
Competition: This eatery industry is going at a rapid pace and every day a new cafe is being opened in the world (Cristea et al. 2018). There are a few giant companies that are running their business in China and all over the world. So, Ruby should try to lower the price of the product and should have a unique idea in terms of the product to survive in such a competitive market.
Ruby should keep her products updated according to the demand and taste of the customer keeping their uniqueness intact. If she fails to improvise her uniqueness in the product then customers won’t be attracted to such a competitive market.
Raw material: There is a continuous problem with raw material. In a cafe, there are coffees and side dishes. These side dishes need raw materials whose price keeps on fluctuating which hampers the profit margin of the product (Huynh, 2019). Ruby should make such a plan that daily changes in the price of the raw material do not affect the profit margin to a greater extent.
There is also a problem with storing this raw material so that they don’t get spoiled. Ruby should buy good equipment so that this product does not get spoiled and be fresh.
Pricing: Pricing is the biggest factor in the cafe market. There are numerous cafes opening each day and every cafe is unique (Marsiwi, et al. 2019). The pricing of the products matters a lot if the product value is high then customers would find an alternative and the sales will drop. The pricing in this industry plays an important role.
Ruby should do research work by going to different cafes around the city and finding out the range of the products. Ruby should try to price the product lower than it is available in the market or at least at par with them. If the price is higher than she would not be able to generate revenue and in turn, the profit will fall and ultimately the cafe will go at a loss.
Conclusion
There are various regulations and laws which Ruby has to follow for opening a cafe in the high street in a large University town The idea is good but there is too much competition in this market so Ruby has to do good research and also be unique in the product to attract customers. There are various tax laws that she has to follow and pay taxes though she can save her taxes by applying for different allowances.
She has to also create a great working environment so that the worker can work efficiently. She should also mitigate all the risks involved related to the employees. Ruby should also record all the transactions and she can also opt for computerised accounting so that she can reduce the operation cost and take decisions quickly.
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