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by RTS Group

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BUSINESS CUSTOMER BASICS

Updated: May 2023

With around 5.5 million businesses in the UK today, the B2B market offers great
opportunities to increase sales. With 50% of new vehicle registrations coming
from the business market, use this guide to give your B2B customers confidence
that you understand their:

 * Business structure
 * VAT (Value Added Tax) Status
 * Accounting/Reporting schedules

There are 4 main key business structures in the UK:

 * Sole Traders/Proprietors
 * Ordinary Partnerships
 * Limited Liability Partnerships
 * Limited Companies



ESSENTIALS TIP: WHAT’S THE DIFFERENCE?

Incorporated businesses have their own legal identity OUTSIDE of the people
running it and contracts/agreements can be entered in their name. Members of an
incorporated business are not generally liable for the business’s actions.
 
Unincorporated businesses have no legal identity outside of the person or people
who run them. They are personally liable for the business’s actions.

 * SOLE TRADERS
   
   The simplest – and most popular –business structure in the UK are Sole
   Traders who are their own bosses and have complete control over all
   decisions.
   
   Read More

 * ORDINARY PARTNERSHIPS
   
   Ordinary Partnerships allow two or more people to work together towards their
   common business goal, sharing the workload, responsibilities, risks and
   rewards.
   
   Read More

 * LIMITED LIABILITY PARTNERSHIPS (LLPS)
   
   LLPs combine the flexibility of an Ordinary Partnership with the limited
   personal liability and separate legal identity that characterises a Limited
   Company.
   
   Read More

 * LIMITED COMPANIES
   
   Legally distinct bodies that can own assets and sign contracts, Limited
   Companies keep a business’ finances separate from the owner and shareholders’
   finances.
   
   Read More

 * BUSINESS ACCOUNTING
   
   Not all businesses need to file formal accounts but they do all need a way to
   track income and expenditure. Use this guide to discover how a Balance
   Sheets, Profit & Loss Accounts and Cashflow Statements are used to map a
   company’s progress.
   
   Read More

 * VAT
   
   Whether a company is VAT-registered or not can make a difference in how they
   acquire business vehicles. Use this guide to understand how it all works for
   cars, LCVs and HGVs.
   
   Read More


THANK YOU FOR LEARNING WITH ESSENTIALS

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Additional topic content
Custom branding
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