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.
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 control, responsibility and finances 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 relatively easy to establish; make sure time is taken in drafting partnership agreements to avoid future problems.
Ø With more than one owner, the ability to raise funds may be increased.
Ø The business can benefit using the knowledge base and experience of all of the business partners.
Disadvantages:
Ø Business partners are jointly and individually liable for the actions of the other partners.
Ø Business partners, like sole traders are 100% liable for the actions of the business.
Ø Profits must be shared between all partners as per their respective shares.
Ø Since decisions are shared, disagreements can occur, and therefore the decision making process can take longer.
Ø Some employee benefits are not deductible from business income on tax returns.
How we can 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 partnership. 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 contact us today on 0750 146 3781 or complete our enquiry form and we will get back to you as soon as possible.
Call now at 0161 224 3510
CALL NOW AT 0161 224 3510
FOR FREE INITIAL CONSULTATION
We can help you in the matters relating to Employment Law, for further details in this regards call now at 0161 224 3510 to find out how we can help you in these matters.