It’s often not an easy decision to make and it’s important that you take the time to think over each option, examining the advantages and disadvantages of both to make sure you make the right decision for your business.
You may decide that, if you are operating as a one-man band such as a hairdresser or a plumber then the easy to set-up, minimal paperwork, low expense model of Sole Trader works best for you. If you think that you may want to expand at some point, take on staff, and maybe get premises of your own then it’s probably worth considering setting up as a Limited Company.
Whatever your aims and aspirations are for your new business, there is a solution out there, it just takes a little time to work out what’s best for you. Read on!
We all know that we have to pay taxes. It’s just one of those necessary (if not frustrating) parts of everyday life that we must accept, though of course it would be lovely if we could pay just a little less and keep a bit more of our money for ourselves.
There are actions we can take to reduce the amount of money we pay in tax, whilst still staying on the right side of the law. By taking advantage of basic tax reliefs and allowances you can help ensure that more of your income ends up in your pocket and not the taxman’s.
This guide will highlight some of the tax reliefs and allowances that are available to h
The name has been picked, the target market selected, supplies even bought but what about getting registered and legal?
When starting a business you MUST have it registered with HMRC, how this is done depends on what you choose to register as – a Sole Trader or a Limited Company. Each registration form offers different responsibilities and rules, here we supply a comparison of the different registrations and what they would mean for you.
Starting out small does not always mean you are going to stay small, so it may be best to register as a Limited Company in advance to save hassle in the future. A Limited company must have at least one director – usually the owner and register the business name with Companies House. A Limited Company’s responsibilities include: