Essential Book Keeping - QP1 is designed to assess fundamental knowledge in maintaining accurate financial records for businesses. It evaluates understanding of bookkeeping principles, financial control, and compliance with legal standards, crucial for effective financial management.
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Section 12
Section 22
Section 32
Section 42
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Financial gain
Financial control
Taxation
Accounting costs
Accounting books
Bank borrowing
Bank lending
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Generally lower accounting charges
Full personal liability for debts of the business
No need to publish profits
National Insurance cheaper for sole traders than directors
Raising new capital is probably more difficult.
Proprietors taxed under Schedule D – slightly more flexible
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Is self-employed and is not recognised in law as a separate entity for business purposes.
Carries some of the responsibility for running the business.
Takes all the profit of the business. Funds can be withdrawn from the business at will.
Is not liable for all debts of the business.
Can lose personal possessions and be made bankrupt for any debts of the business.
Can be sued and can sue other persons (or organisations) for debts owed.
Will have to register for VAT depending on the level of turnover.
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