The simplest way to begin a new business is to become a sole trader or form a partnership. Record keeping is straight forward and registration costs are minimal.
Sole traders are personally responsible and liable for all debts in the business, and your home and assets can be at risk. The biggest benefit is all profits go directly to the owner.
Sole traders need to register with HM Revenue and Customs as self-employed and complete annual tax returns. We will work with you on National Insurance contributions, VAT and home office allowances such as mobile and internet usage and mileage claims.
Call us for a free initial consultation soon.