Starting a small business?

So you want to start your own business, but not quite sure where to begin?

There’s a business in everyone. What’s the business in you?

Brandon Consultancy UK is designed to provide information and guidance for those starting new businesses, and those developing foreign businesses within the United Kingdom. We can help you set-up as a self-employed sole trader or establish a company and get it running. We provide all the services you need to start up a business.In addition, having immigration clients from EU and non EU countries for decades, we are have specialized for advising foreign nationals how to start up own business first time in the UK.

We can provide invaluable assistance with accounting, tax planning, tax filing, and corporate services.

You should think carefully about which structure suits your particular circumstances before making a decision. Choosing the wrong structure could expose you to unnecessary costs and risks, while failure to address certain practical issues may result in you falling out with your business partners or associates. Having said that, the status of sole trader suits many professions where starting up does not require major investment, and where a skill – such as carpentry, bricklaying or freelance services – is just as important as business acumen. It will not stop you from employing people when you start to get busy, but it will allow you to keep a tight grip on your business and to run it as you wish.

If you are considering starting up a new business, you need to consider a number of factors to ensure the best chance of success.

As well as your product or service, you will need to think about what you will call your business, what sort of structure it will have and how you are going to run it. You should also think about how you are going to attract customers and where the money will come from for setting up while the business finds its feet.

 

Should I form a limited company or register as a sole trader?

Sole Trader v Limited Company

Limited Company Sole Trader/Partnership
Companies are governed by the companies Acts. A company must:

  • Keep accounting records
  • Produce audited accounts (if turnover > £5.6m)
  • File accounts and an Annual Return with the Registrar of Companies. This information is available to the public.
  • Keep Statutory Books.
 Sole traders and partnerships are not required by law to have annual accounts nor to file accounts for inspection. However, annual accounts are necessary for the Inland Revenue tax returns.
Companies may have greater borrowing potential. They can use current assets as security by creating a floating charge. Sole traders and partners are unrestricted in the amount and purpose of borrowings but cannot create floating charges.
Shares in a company are generally transferable – therefore ownership may change but the business continues.
Incorporation does not guarantee reliability or respectability but gives the impression of a soundly based organisation. Personally, there may be prestige attached to a directorship. The unincorporated business does not carry the same prestige.
Tax is payable on director’s remuneration paid via PAYE on the 19th of the following month. If applicable, higher rate tax is paid by shareholders on dividends under the self-assessment rules. Corporation tax is payable 9 months after the year-end. For a sole trader or partnership, tax is generally paid by instalments on the 31 January in the tax year and the 31 July following the tax year. Tax for 2009/10 is payable:- first payment on account on 31 January 2010, second payment on account on 31 July 2010, with any final balance due on 31 January 2011.
Losses in a company can only be carried forward to set against future profits. Losses generated by a sole trader or a partner can be set against other income of the year or carried back to prior years.
For profits up to £300,000 tax is charged at 21% (2010/11). Profits are taxed at 40% on taxable income in excess of £37,000 and at 50% over £150,000 (2010/11).
There is both employer’s and employees’ national insurance payable on directors salaries and bonuses. The NI charge is greater than that paid by a sole trader/partner. A partner/sole trader will pay Class 2 NI of £2.40p.w. and Class 4 NI dependent on the level of profits.

 

HOW WE CAN HELP YOU WITH YOUR BUSNIESS START UP AND REGISTRATION

We can advise you what you need to do, how to plan and start your new business. We can give you professional advice on business plans, proper finance and the legal requirements that must be met when starting up a business.

We can represent you at any level of your business registration application.

We offer our clients different advices and services:

CONTACT US FOR AN APPOINTMENT NOW!

The first option consists of a comprehensive service including advice about the procedure, documents required, assistance with completing the form, collation of evidence and representations and how the requirements are satisfied.

The second option is for those applicants who are confident with their applications and who merely want us to double check the application form and documents to ensure everything is in order and to advise of any potential weaknesses of the application so as to minimise chances of refusal.

The detailed professional advice/a full consultation concerning your business matter can be arranged for just £60.00 (inclusive of VAT). The detailed advice can either be provided through face to face consultation in our office or over the phone. We do not provide with an advice over the phone.

To find out whether there are good prospects of success in an application, please arrange an appointment for business consultation to discuss your business start up  matter face-to-face with our consultant.

An appointment for face to face consultation or detailed consultation can be arranged by calling us our office or by simply completing sending an email request.

 

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