I’m Thinking of Starting Up In Business – What Should I Consider?

For those setting up in business, getting to grips with finances and making sure you stay compliant can be a real headache.

It is important to get things right the first time – the cost implications of getting it wrong can not only include HMRC and Companies House penalties and interest but also extra tax and national insurance by not choosing the most tax efficient business structure.

One of the areas which require consideration is the business form. Common forms of business are sole trader, partnership, limited company and limited liability partnership (LLP). There are tax implications for each and you should take advice from an accountant or tax advisor to find out what suits you and your business best.

For more information on what you need to consider when setting up in business, please do not hesitate to contact us.