3 Tax Tips When Setting Up Your Business – Simon Newsham
In this short article we highlight three tax tips you should consider when setting up and running your business.
Tax Tip 1 – Choose the Right Business Structure
Often a business is set up with little thought being given as to which form of vehicle should be used in order to carry on your business.
Usually, an individual will set up as a sole trader and, where two or more individuals are setting up the business, this will be carried on through a partnership. However, a private limited company may be the better vehicle and in some industries, particularly IT, TV and health care, it is standard practice for a company to be used by consultants, because otherwise, potential end clients and suppliers will refuse to deal with you.