It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts.
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
The position of director brings both rewards and responsibilities upon an individual.
Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement.
However, the office of director should not be accepted lightly. It carries with it a number of duties and responsibilities. We summarise these complex provisions below.
Whether we are producing your accounts or carrying out your annual audit, being prepared for us will ensure our work is carried out smoothly and efficiently and with the minimum disruption to yourselves.
As many as half of all businesses fail in their first three years of trading. A contributor to ensuring business success and avoiding failure is to know your enemies.
Generally, the main reason for the high failure rate of small newly established businesses is when the owner lacks experience in managing all aspects of the business.
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position.
Pre-year-end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.