Businesses

Start-ups/Entrepreneurs

Starting a business can be very tricky, and often involves a great deal of personal risk. Many people expect that, when commencing in business, the only significant worry is whether it will be profitable or not. Whilst being profitable is obviously important, there are a large number of other considerations that need to be addressed.

It is important that you research your potential business thoroughly, covering all aspects of the trade you are looking to join. These include:

1. Most suitable business structure – sole trader, partnership, limited company (see below)
2. HM Revenue & Customs and other government requirements
3. Legal requirements
4. Trademarks and Business Names
5. Employment and Business Law requirements
6. Initial and Long Term Financing including cashflow forecasts and business planning/strategy
7. Bookkeeping, VAT and payroll issues
8. What computer systems & training are available?
9. Are there any similar businesses nearby?
10. Marketing

Whilst this list is not exhaustive, it makes the point that setting up in business requires expert advice and L H Phillips & Co is here to assist you in every way we can.

Sole Traders

We can take the administration burden from you as we will inform HM Revenue & Customs of your self-employment, arrange payment of your Class 2 National Insurance and the assess the possibility of registering for VAT. We will keep you up to date on payments on Income Tax and Class 4 National Insurance and most importantly we try to identify ways of reducing your tax liabilities.

Partnerships

Similarly to that of a sole trader, a partnership works where you have 2 or more self-employed individuals working together. We can advise on partnership agreements and take an overview of the business and identify what the profit shares should be and again look to minimise tax liabilities. Your tax liabilities are based on your profits for the year and not how much money you take out as drawings.

Limited Companies

This is a corporate body which has been made popular recently due to the perceived lower levels of taxation. Instead of taking drawings you can pay yourself a mixture of salary and dividends. Tax planning in this area can greatly reduce the overall tax burden.

Companies are owned by shareholders but run by the directors (they can be one and the same). The directors have to prepare accounts in a statutory format which have to be submitted to both Companies House and HM Revenue & Customs. L H Phillips & Co have the knowledge, experience and systems to ease this burden.

Charities

We can assist with the set up of the Charity status and advise on keeping your records in a methodical order. Both audited and independent reports can be prepared across a range of Charities and Housing Associations. We do this within a budget and time scale agreed with you. We can also complete your statutory filing requirements with both Companies House and the Charities Commission.

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