People decide to work for themselves for many reasons. Some have a big idea, and seek finance, staff and premises to help them to make their big idea reality. Others may turn a hobby into a modest source of extra income, for example by buying and selling goods on eBay, or making money selling bought stock at car boot sales.
Many trades or professions can allow you to work for yourself, either as a full-time occupation or in your spare time, giving control over how much time you spend working and how much money you can earn. Whatever it is you decide to do, you will likely need help from a professional accountant and tax adviser, which is where we come in.
I love talking with people about their big, small and interesting ideas. As well as helping you understand your obligations to register your business with HMRC, I will talk you through the best vehicle for your business (sole trader, partnership, limited liability company or partnership) and advise you on your other obligations, for example insurance, data protection and health and safety risk assessments.
Most of these obligations are easy to comply with online and can be done by yourself with only the statutory annual fee to find, for example with Data Protection. Others are more detailed, insurance is itself a complex and complicated area and requires specialised advice. I will always be happy to advise you on your need to hold insurance, and assist you in preparing proposal forms and reviewing any quotes you may source.
There are different legal forms of business, for example sole traders, limited companies and partnerships. The format your business should take is generally dependent on size, for small amounts of income and expenditure the sole trader is the easiest format to manage.
If you are to have many employees and the business is to be large, or you need the benefit of limited liability, then the limited liability company many be most appropriate. These have different tax and accounts filing deadlines and rules for how the business owner is taxed. The documents you have to file will be more detailed and your record keeping will need to be better.
I will always help you to identify the best and most cost-effective solution for your requirements. To find out how I can help you or your business, please drop me an email Miranda@MJY-CA.com.