Now when it comes to striking out and making a business, the thorny question looms, such as to go sole-trader or self employed; to make it a limited liability company early on just in case it takes off and gets up around the £100K turnover too soon. It then becomes a tax liability to retain sole trader ater that figure because of the steep jump in tax obligations. The LLC route benefits with business tax after that figure. If a sole trader, then every part of his personal finances becomes liable should anything go wrong and usually out of enthusiasm for the project and/or goods, too much personal liability is put into the ‘baby’ and it hurts massively when a wronng turn is taken. Keeping on the right side of the law is essential – despite what Jonny down the pub says, there are rules and considerations covering every aspect of our lives, the world of business is no different.
Keeping On the Company Tax Straight & Narrow
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Keeping On the Company Tax Straight & Narrow
Now when it comes to striking out and making a business, the thorny question looms, such as to go sole-trader or self employed; to make it a limited liability company early on just in case it takes off and gets up around the £100K turnover too soon. It then becomes a tax liability to retain…
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Keeping On The Right Side Of Employment & HR Rules
Anyone who has a business, of any sort, has a number of obligations that must be met. There is firstly the tax issue to face head on. Many new business entrepreneurs are so busily occupied with the social and fun side of starting up businesses, they can sometimes overlook the essentials like taxes of all…
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Maximising Your Business Potential: A Comprehensive Guide to Strategic Planning
In the bustling centre stage of the business world, where companies compete fiercely for supremacy, one factor that significantly determines an organisation’s trajectory towards success is strategic planning. A well-crafted strategy is akin to a roadmap, guiding businesses through the complexities of today’s markets to their intended destinations. But how do we maximise our business…
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