New business

There are a lot of things to be considered. Some (but not all) are:

Are you the right sort of person to go it alone? The chances are there will be less security and more work. However there may also be more job satisfaction and possibly more money, but remember that businesses can also go bust.

Whether to be self-employed (sole trader) or incorporate a limited company. Operating as a limited company will in most cases limit you personal liability. There are tax considerations as well to consider.

Special rules apply if you are going to trade through a limited company, in particular how directors can extract profits from the company, the administration of directors loan accounts with the company and the role and responsibility of directors.

If you are likely to employ people then you will have to operate the PAYE scheme and be aware of current employment legislation.

Finance may be required and a business plan be drawn up. ( A good idea in any case!)

Employing an accountant from the very beginning can be crucial. Unfortunately many small busineses and start ups only speak to an accountant when things are going wrong. Employ us at the very beginning and we will guide you, advise you on tax matters and help set up your accounting systems.