Assignment Sample Built on Issues in Wedding Planning Business

Question 1- Identify and discuss the different types of documentation required when setting up a wedding planning business? Answer - When we want to set up a wedding planning business we can establish a private company to run our business. The documents which are required for formation of a wedding business company is Form IN01 which contains the name of the company, the location of companys registered office, name of first directors, name of company secretary, statement of capital and the class of shares. The second document required is the memorandum of association which contains the names and addresses of the subscribers who form the company. In case the company is limited each subscriber should have to the least one share. The last document required is the articles of association which states the rules to run the company handle and manage the internal affairs of the company business and states the legal responsibilities. In case of articles of Association if a standard Model articles are used then the need to submit it to the Companies House is not there (Startups Team, 2014). Now the formation of company has become much easier as the whole process of formation has become online and so now physical signatures are not required. The Companies House has started with these services on their website by using a system called business link. This has led to decrease in the cost of formation of a wedding business company. Question 2- Discuss various aspects of the data protection act 1988 that relate to a wedding planning business? Answer - The Data Protection Act 1988 helps to regulate the personal information that is used in the wedding business plan. The main aim of the Act is to protect the privacy rights which are held by the wedding business. The personal data and information of people are to be kept in safe manner (Terry Gorry Co. Solicitors, 2015). There are certain principles which are supposed to be used in a strict manner. The information of wedding business should be used in fair and lawful manner. Also it can be used only for stated and limited purpose (UK Government, 2014). The act covers all business, self-employed and people who work from home and all others who have information whether it is large or small on computer which is personal and related to a living person. It is obligatory to put and record all the information other than name, address and phone number in the Data Protection Registrar. Everyone have been given the right to see any information related to them and get it deleted or changed in c ase they do not think it to be appropriate. The wedding business has to get registered before starting its operations. After the registration is done a Code of Practice is issued to all the businesses in order to keep the information held by them in safe mode, to ensure to keep correct information and meets the needs of people. The wedding business has a lot of personal information about people in their records and it is their duty to maintain the privacy of such information. They should abide by the individual rights where the one whose information is given in computerized form has the right to see any information and to correct the information which is wrong or needs to be deleted from the records. It is essential that the people whose personal information is kept with the wedding business assure that their information shall not be used and revealed without their prior agreement to the same (Brumfitt K , Barnes S, Norris L, Jones J) Question 3- Describe ways in which a wedding planning business can be marketed to gain maximum exposure to potential clients? Answer - It is very essential that the people should know about your business and its product. The wedding business cannot exist in the market unless it attracts the people towards its features. There are many ways by which the wedding planning business can be marketed to the potential clients. The message should reach the potential clients in the same way as it is being represented. It should be concise and clear. First is the use of print media. This would include brochures, newspaper, mail letters, magazine, advertisements and circulars. These helps to reach the mass media and to make public at large know about the company and its features. Through this there would be more awareness among people about the products offered. The other way to market the wedding business is through establishing and maintaining good public relations. Good clientele can give you further new clientele. Therefore it is very important to be associated with the right people who are your target segment. The word of m outh is a very strong way of promoting your business. Both good and bad promotion travel the fastest through this mode of communication. Therefore, your good offers and services shall be well appreciated by people even if they havent been associated to you in any way. The next way would be to use broadcast media to market your business. Everyone uses any one of the broadcast media be it television, radio or cinema. The advertisement in it should be catchy and the message should be clear. This is one of the most attractive and long lasting ways to market as it leaves an image in the minds of people even after the advertisement is over. There are also other modes like online media, outdoor media etc. which help in marketing the wedding business. Every business should know which way would best suit it depending on the target market and the cost factor (Sir Gar). Question 4- Identify and describe the necessary financial information that is required to be collected and submitted to HMRC? Answer - When we start the wedding business it is required to notify Her Majestys Revenue and Customs (HMRC). Therefore, the business house shall be required to submit statements for calculation of tax to the Inspector of taxes (University of Cambridge, 2010). The HMRC requires the companies and organizations to submit their company tax returns in XBRL format. This shall be attached along with the financial statements and tax computations in iXBRL (Arkk Solutions, 2014). The necessary financial information that is required to be collected and submitted to HMRC by the wedding plan business would be all the invoices and business related expenses will be submitted. The other documents required are vouchers used to pay of salaries and dividends during relevant year. Details of interest on loans and credit cards are required to be submitted. In case of any income received from foreign country or any capital gains made by disposing off the property or shares is required to be submitted. Payments ma de towards pension, charity and aids will also be furnished. In the present year calculation for last years tax bills shall be considered (Crunch accountants, 2014). The businesses which are registered are required to maintain records and accounts for a period of at least seven years. Depending on the financial complexities the documents shall be required. The VAT authorities makes a visit in companies which are registered and shall make sure that all the records are available and necessary information is there to support the claims made by the businesses. References Startups Team, 2014, What documents do you need to submit to register your company? Terry Gorry Co. Solicitors, 2015, Data protection law and your business an overview UK Government, 2014, Data protection. Brumfitt K , Barnes S, Norris L, Jones J, Business planning, pp.62, Nelson Thornes. Sir Gar, Marketing your business, pp. 24, Carmarthenshire County Council. Crunch accountants, 2014, How to complete HMRCs online self assessment filing. Arkk Solutions, 2014, FAQ. University of Cambridge, 2010, Business finance-advanced level, pp. 12, United Kingdom.