Starting up a business can be very daunting and it is therefore essential to consider the different options available before you start. With our comprehensive advice we can guide you to making the right choices.

Employed or Self-Employed?

Depending on your circumstances, HM Revenue & Customs will determine whether you are employed or self-employed. It is therefore essential you set up your business correctly. Follow this link to use the HMRC’s own tool to determine your employment status.

Forming a Limited Company

This is an option for your new business venture. A limited company is a separate legal entity and is separate to you as an individual. We can advise on the implications of this structure and whether it would suit your business needs. Limited Companies must be registered with Companies House and further information can be viewed on their website.

Buying a Business

Buying an established business can be very complicated. We can advise on the different options available as assist you in avoiding any pitfalls that may transpire.

Start-Up Costs

Start-up costs should not be underestimated. We can advise on the different costs that should be considered to help you calculate a realistic budget to establish your new business. See our Business Start-Up Calculator to help you prepare a plan.

Self-Employed Taxation

If you are self-employed you must register with HM Revenue & Customs within three months of your start date. HMRC have a £100 penalty for late registration. Further details can be found on the HMRC website.

Company Tax System

A limited company is a separate legal entity and as such must register with HM Revenue & Customs once it is registered at Companies House. We provide this service when registering a limited company.

VAT

You may have to register for VAT if your sales are over the VAT threshold, otherwise you may be able to register voluntarily. We can advise on VAT registration and also the right VAT scheme for your business. Further information can be found on the HMRC website.

The Construction Industry

The Construction Industry is a complicated area which is governed by special rules dictated by HM Revenue & Customs.
We can advise on whether you fall into this category and assist you in implementing the regulations. Further information on the construction industry can be found on the HMRC website.

Partnerships

Partnerships need to be registered with HM Revenue & Customs. The partners, however, are responsible for the taxation of the partnership on their own individual tax returns. We can advise and assist on this form on business structure. For more information, follow this link to the HMRC website.

Keeping Records

Business Records need to be kept in an orderly fashion. This will help us as well as HM Revenue & Customs, if they need to ask you anything. We can advise on the records you legally need to keep and make sure your business is on the right track by keeping good records from the beginning. You will find it easier to keep your tax affairs up to date. For further information on record keeping, visit this link and this link, both on the HMRC website.