"Getting Started" Guides

It can be very daunting when you decide to start your own business.

You will be confident in your own knowledge and ability to make your business succeed, but many people wonder where to start regarding keeping records, who to contact, paying taxes, etc.

This information is designed to ease your worries by providing you with this essential knowledge.

The Guides

Click on the links below to view each subject on the right hand side.

Once you're under way, you can think about the type of help you may require from us. Please browse through our list of services on the tab above for more information and email us for a quote.

Common Types of Business Structure

Soletrader
You are trading on your own. 100% of the profits are legally yours as soon as you make them.

Partnership
You and at least one other person are in business together. Profits are legally yours as soon as you make them, in whatever proportion has been agreed by all the partners.

Limited Company
You create a separate legal entity (the limited company) in which you will own shares and you will probably be employed by the company. From HM Revenue and Customs' perspective, you are not self-employed in this situation, but you will still need to complete a personal tax return if you receive dividend income from the company. The profits are made by the company, not you, so they are not legally yours until a formal dividend is declared to you.

There can be financial benefits to running your business as a limited company, depending on the level of profits and whether you have other income.

There are extra responsibilities and costs involved in setting up and running a limited company and it can be advisable to wait a year or two before considering this option, especially if you expect to make small profits, or losses, in the first years.

If you are considering setting up a limited company, it would be advisable to familiarise yourself with the responsibilities and requirements.