Should I trade as a Limited Company ?

This can produce a significant Tax saving however several points need to be taken into consideration before making the decision. Accounts must now be filed at Companies House within 9 months ( previously 10 ) of the year end.

Self Employed or Employed ?

This is a long standing grey area and came back on the agenda from 6th April 2007 when the new Construction Industry Scheme was introduced. Under the latter the Contractor has to assess the status of Subcontractors monthly and sign a declaration to this effect.

How should I treat casual / student / part time staff ?

The Government is taking a hard line in this area. Care must be taken to have the correct documentation in place to avoid any challenge from HMRC.

Should we pay Paternity pay ?

Two weeks can be taken within the eight weeks following birth; the weekly rate is set in the Budget. This need only be paid if the father takes the leave. See Brochure

Should we register for VAT ?

The current limit normally applies when the Taxable supplies you have made within the last 12 months exceeds 79,000. However there are occasions when it is beneficial to be voluntarily registered when Taxable supplies are below this limit. See Brochure

Lifetime transfers of assets and Inheritance Tax ?

With high property values in recent years this Tax will now apply to Mr & Mrs Average. Inheritance Tax is charged on the value of assets held at date of death. Hence one of the main aspects of planning for Inheritance Tax revolves around reducing the Estate through lifetime gifts.

"We can help you with the above and other business dilemmas you come across."

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