Actually, you're not alone - we're here to help.

 

You can check out the items below to see how various taxes and such matters might affect you and we can tell you how we can provide help, support and advice to you as someone in business on your own account.

 

 

If you are considering setting up in business, we'll tell you what to watch out for and help you through the process. And as the business develops we are here to provide guidance and assistance, not just saving tax but helping you improves and grows your business.

 

 

At Amin & Co. Accountants, we offer a number of accountancy solutions to help you as a sole trader. Although being a sole trader is one of the simplest ways to get started in business, there are many processes that need to be followed to ensure a smooth tax assessment each year.

 

 

 

Starting to trade

When you start to trade there are certain things that need to be dealt with:

Ø  Business names and trading styles

Ø  Notifying the Inland Revenue (HMRC)

Ø  Registering for VAT

Ø  Tax and National Insurance

Ø  Taking on employees

Ø  Books and records

Ø  Bank accounts

 

 

 

Partnerships

A business partnership shares overall control and management responsibilities between 2 or more persons.

The partner or partners would take on full liability for any debts incurred by the business and all profits would be shared as per agreement. Ordinary partners also take on equal responsibility and decision-making in the day to day running of the business. There are advantages and disadvantages to entering into a business partnership.

 

 

Advantages:

 

Ø  Business partnerships are easy to establish if you take a practical and professional approach in drafting partnership agreements this will avoid any future disagreement and problems between the partners.

Ø  With more than one partner and owner the ability to raise funds and resources may be increased.

Ø  Due to more than one owner the business can benefit using the resources, knowledge and experience of the business partners and help in managing the growth of business.

 

Disadvantages:

 

 

Ø  Partners in business are jointly and individually liable for the actions of the other partners.

Ø  All partners in business, are 100% liable for the any actions of the business.

Ø  Profits must be shared between all partners as per their respective shares.

Ø  As all actions and decisions are shared therefore disagreements can arise in that case the decision making process may be longer again it depends upon the basic agreements between the partners.

Ø  Some employee benefits are not deductible from business income on tax returns.

 

We can here to HELP

Is a partnership suitable for your situation?

We are always happy to discuss your current and potential business situation. Whether you are venturing into a new business partnership, or you are already established, we can help you in all financial aspects of your business.  Take advantage of our expert knowledge and allow us to guide you through the potential pitfalls of a business partnership.

 

A good accountant is always a valuable asset to any business so make sure you don't delay and contact us today on 0750 146 3781 or complete our enquiry form and we will get back to you as soon as possible.

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Amin & Co Accountants Ltd

Company Registration No. 8470501 Registered in England & Wales

Member of Institute of Financial Accountants

Studio 3, Longsight Business Park, Hamilton Road, Manchester, M13 0PD

Tel: 0161 224 3510

Fax: 0560 146 3781

Email: info@aminandcoaccountants.co.uk

Solution for all your accounts, book keeping, tax, VAT and payroll matters

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