Posted: February 16th, 2022
Recording Business Transaction
Decision-makers of a large company listed on the stock exchange. 4
Monetary Policy Review Committee. 4
Other four Economic Departments. 5
Journal Entries in the book of F Polk. 5
In this report, we will deal with the structure of the newly opened business in the UK. Correlating with the question scenario, David Green is the mentioned person who will start a new business as the decorator. The following report will help him review the necessary details for a start-up business. Mr. Green has little knowledge in accounting and the debts and the other several things, and he seeks to get an outlook regarding the taxation, and IT return files. Thus, the report will guide him on those scenarios (Kumar et al., 2022).
Before diving into the business, Mr. Green needs to go through several details. Like- as he will set up a self-employed business structure without any other partners, he needs to earn 10000 euros as the revenue. Thus, he may get the status of self-employed by the UK Government. The foremost responsibility he has to deal with is to inform the HRMC (Human Resource Management Corporation) that he has decided to go with a start-up business on his own. The further taxation formalities and the IT return file will be submitted by him every year at a particular month (Nguyen et al., 2022). Apart from that, he must admit that he is a sole business owner and is responsible for all sorts of business activities. The HRMC has advised him to submit the papers that can prove that he is self-employed, and by doing this, he can avoid the issue of tax-free child care. Moreover, he is bound to submit his taxation and expenditure reports, revenue details, etc. The self-assessment business report has to be submitted by him every year genuinely.
Furthermore, Mr. Green needs to get the national insurance number first to help him pay taxes at the right time and help him submit the report of numbers II and IV of the national insurance. Moreover, he needs to have a clear idea regarding the VAT system. He needs to know that if the earned revenue of his business crosses 85,000 euros, he needs to register his name with VAT voluntarily (Kumar et al., 2022).
After getting into the view of taxation, VAT, Insurance, and many other things, Mr. Green has to select the name of his business first. The chosen name will be the company’s identity through which he will be known to everybody, and that chosen name will also follow the legal papers. There are several options in adopting a name. Like- David Private Ltd. Or Green Decorators Public Limited, etc. While selecting a name, David should follow that no such expression or sensitive words should be added with the name, which nullifies the purpose of the Government (Nguyen et al., 2022).
In the concluding part, it can be said that the following report can be proper guidance for Mr. Green so that he can get a view about several essential things that are needed to sort out at the initial stage of a business.
The decision-making process consists of many prestigious members who play a crucial role in forecasting a decision. The members are as follows:
The responsibilities of the members described above will be discussed in a further section of this report.
The Governing Council forecasts the stock rates and the market’s interest rates, and the forecasted rates will get used for further assessment. The Governing Council consists of The Governor, The Senior Deputy Governor, and the other four Deputy Governors (Kherbouche et al., 2022).
After dealing with the stock rates and the interest rates, now the further responsibility relies on the MPCR. The MPCR includes Governing Council, five or six advisors, and the chief of the financial department of the UK Government. The entire committee draws further decisions correlating the given rates. The committee adds several strategies (Kherbouche et al., 2022). Staff projection and its presentation, major briefing, the recommendation regarding the final policy, deliberation and other decisions, publication, and further communication.
After penetrating the MPRC, the report will have the other four departments that engage in the decision-making process. They are- UK Economic Analysis, International Economic Analysis, Financial Stability, and Financial Market (Kumar et al., 2022).
Thus, the details mentioned above will help Mr. Green outline the decision-making system structure. Therefore, Mr. Green will know which department is responsible for which parts of the decision-making process.
In this scenario, F Polk owns a bakery business, and he has been blinded off in keeping records for several years; Still, now he has decided to keep a journal and add a double entry set of books to get a clear view about his debts, assets, liabilities, and much other important information. In September 2021, he decided to enlist his expenditure details in a journal. According to him, the expenditure of his business consists of €5700 from Van, €2800 from Fixtures, €5200 from the stock, and the debtors’ deals in €105 from P Mullen, €311 from M Abel, €1060 by the bank, €85 in cash and the liabilities are composed of €229 from Syme Ltd, €80 from the Hill, etc. (Nguyen et al., 2022).
Going through the entries from 1st September 2021, the amount of €105 has been pulled from P Mullen, and it has been highlighted as the bad debt. Both the credit and the debit amount are equal in this perspective. After analyzing the entries of 5th September 2021, the amount of €150 has been carried on. Still, in case of further unsuitability, the amount has been returned to Suppliers Syme Ltd by the fixtures (Tezel et al., 2022). Moreover, in the portion of the entries from10th September 2021, the amount of €180 has been debited first, and then the amount of €131 has been debited again as the bad debts, and the amount of €311 has been credited by M Abel. After that, M Able has declared himself a bankrupt person, and F Polk has got the amount of only €180 as the final settlement of the deal. Now, let’s penetrate the entries of 18th September 2021, where F Polk has bought a machinery product worth €1800 from Brown Ltd., And he has been forced to pay €100 in cash and €500 by cheque and the remaining amount as the credit so that he can pay in EMIs (Kumar et al., 2022). After that, the entries from 26th September 2021 will be highlighted. On that day, F Polk has paid €600 to Brown Ltd as one of the EMIs of the credited amount. Then, from the entries of 28th September 2021, it can be highlighted that F Polk has paid €60 as the insurance and again has paid €70 as the insurance in terms of the personal and company.
Kumar, G.R., Rencher, R., Fabre, C., Budeanu, D., Markou, C., Jones, K., Rajamani, R., Reed, H., Bettenhausen, D., Lesmerises, A., and Walthall, R., 2022. Best Practices in Establishing Business Case for Implementing Blockchain Solution in Aerospace (No. 2022-01-0002). SAE Technical Paper.
Le, H.T., Nguyen, T.T.L., Nguyen, T.A., Ha, X.S. and Duong-Trung, N., 2022. BloodChain: A Blood Donation Network Managed by Blockchain Technologies. Network, 2(1), pp.21-35.
Kherbouche, M., Pisoni, G. and Molnár, B., 2022. Model to Program and Blockchain Approaches for Business Processes and Workflows in Finance. Applied System Innovation, 5(1), p.10.
Tezel, A., Papadonikolaki, E., Yitmen, I. and Bolpagni, M., 2022. Blockchain Opportunities and Issues in the Built Environment: Perspectives on Trust, Transparency, and Cybersecurity. In Industry 4.0 for the Built Environment (pp. 569-588). Springer, Cham.
Ariatin, A., Dhewanto, W. and Sudrajad, O.Y., 2022. Business Model in Islamic Business Unit: A Lesson from Islamic Boarding Schools in West Java. International Journal of Applied Business Research, pp.32-49.
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