New businesses have a lot to think about. Harper Broom are here to help guide you through the necessary steps and give your business a sound footing for a successful future.
Choice of Business Structure
The choice of business structure is important for a new business and should consider a range of key factors, such as future taxation arrangements and the benefits of limited liability.
- Limited companies offer a limited liability solution, control over the withdrawal of funds and tax planning opportunities, but also impose legal requirements and more complicated tax arrangements.
- Trading as a sole trader or partnership can result in more straight-forward tax affairs at the expense of other characteristics.
- Limited liability partnerships (LLPs) are like ‘normal’ partnerships in their tax affairs, but allow limited liability and impose legal requirements similar to those of limited companies.
We recommend that you discuss with us the possible business structures and their relative merits in the context of your new business’s intentions and objectives.
Incorporation and Registration
A limited company or LLP can be incorporated/registered with Companies House in a matter of hours. Harper Broom are able to assist you with this process and in meeting the requirements to achieve a smooth and trouble-free setup.
Companies and LLPs are required to file yearly accounts with Companies House that meet certain legal criteria. We are on hand to help you choose an accounting year end, amend an existing accounting period (if necessary) and to prepare and file accounts on an ongoing basis.
Accounts that are filed late are subject to penalty charges. It is important that accounts are prepared in good time to meet the filing deadline.
New businesses need to be registered with HM Revenue and Customs for taxation purposes. In addition, new businesses may have to be registered for VAT depending on their current or expected future earnings.
Late returns (or payments) are subject to penalty charges and interest.
Harper Broom has an associated company, HB Dobbin Financial Planning Ltd. They can help you with retirement planning, investment advice, pension structuring, and employee benefits provision.
HB Dobbin have the prestigious CII Chartered Financial Planner accreditation and are regulated by the Financial Services Authority.
Retirement planning is an important issue, even for start-ups. Consideration has to be given to the likely exit route from – and perhaps sale of – the business in the future and any tax or cash flow implications that will arise as this can affect the choice of initial business structure.
Work-life balance is a key feature in retirement planning: many entrepreneurs wish to reduce their hours or take a back seat in order to concentrate on leisure time or family commitments.
Harper Broom can help with retirement and succession planning, helping your business to continue to provide the results you desire as your objectives evolve.
Other Ways We Can Help Your New Business:
- Preparation of business plans
- Cash flow forecasting
- Business advice
- IR35 Personal Service Company compliance