Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business and such matters often appear daunting. Fortunately you do not need to be an expert in these fields to succeed in business but you do need the support of a team of trained experts.
We can help. Just bring us your business ideas and we will help you to make them a reality!
We will help you to:
decide on the most suitable structure for your business – sole trader, partnership, limited liability partnership or limited company;
prepare a business plan, cashflow projections, budgets, and trading forecasts;
assess the finance requirements, advise on the best sources of finance and draw up the necessary proposals;
establish a good working relationship with your bank;
complete any registration procedures with Companies House, Inland Revenue and Customs & Excise;
deal with company secretarial issues;
set up a recording system for your internal use and for complying with statutory requirements;
decide on what computer hardware to buy and help with the installation of accountancy software;
keep on top of bookkeeping, VAT, payroll and other accounting requirements; and
help with all aspects of business compliance and administration.
This is the simplest method of operating your own business. This will entail registering as self employed with HMRC using a CWF1 form or you can do it online and paying Class 2 National Insurance contribution, usually by direct debit.
If there are two or more people in your business, you might want to consider this structure. Each partner pays income tax, through the self assessment systems, as well as class 2 and class 4 National Insurance and the business pays VAT once you reach the registration threshold.
Limited Liability Partnership (LLP)
An LLP is an alternative corporate business vehicle, introduced on 6 April 2001, which gives the benefits of limited liability but allows its member the flexibility of organising their internal structure as a traditional partnership.
An LLP is different from the traditional partnership in that it is a legal person separate from its members. In many ways it is a partnership in name only. It has “members” rather than partners and must be formally incorporated to exist.
Trading through a Limited Company has become increasingly popular, due to flexibility and tax efficiency. Whilst there are other options as detailed above, these rarely prove to be as tax efficient and/or compliant with tax laws. If you are contemplating starting your own business, this might be enough to put you off. However with the benefit of our experience you will find it more straightforward than it may first appear.