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Tools of the trade: setting up the business
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How to build your business and get all the systems in place, from choosing a company structure to VAT and record keeping systems.
- Business structures – sole traders and partnerships
For legal reasons and to comply with HM Customs and Revenue, you’ll need to set up the right structure for your company. The structure will depend on the nature of your business and its needs. Different structures have dif...
- Business structures – limited liability
‘Limited’ means that liability is limited to just the company. It takes a bit more work to set up such companies and there are greater legal restrictions and obligations, but there are benefits. As liability is limit...
- Record keeping systems
It’s not the most exciting or glamorous duties for a small business owner, but it’s absolutely essential for keeping a company afloat and what’s more the law requires it – financial accounts and any docum...
- VAT
VAT (Value Added Tax) can seem a complicated tax to those not in the know, but it’s crucial for every small business owner to understand it as it has implications for all business transactions. Put simply, it’s a tax...
- Claiming business expenses
You’ll of course have various expenses when setting up and running your business. Some will be subject to tax and others won’t. You’ll therefore have to report all your expenses to the Inland Revenue for tax pu...
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