Starting a business

With this year set to see record numbers of new business start ups, around 650,000 are thought to have commenced by the end of 2017, the entrepreneurial spirit is still alive and kicking in the UK. There are many reasons why you might be inspired to start your own business: having that great idea, getting more control over your own destiny, wanting to do things differently or needing a better work life balance for example. For some budding entrepreneurs, a sudden injection of cash such as an inheritance or redundancy payment provides the opportunity to invest in your own business. Making sure you get the right advice at this stage is vital so that you put your money into your business in the most cost effective and tax efficient way.
  • Joel Harding

    Joel Harding

    Principal

    Joel joined Hillier Hopkins in 1995 and quickly found his strength in tax. Joel specialises in tax issues affecting contractors including IR35, the Settlements legislation and Managed Service Company (MSC) legislation.

    Contact Joel at our Watford office

    Read more

How do you intend to raise finance? How many owners are there? What is your projected turnover? How much profit do you intend to extract? Will the business own any property? Does your business do any research and development? The answers to these and many more questions will help determine the best business vehicle for your needs. In many cases, a sole trader, or partnership when there is more than one owner, will be fine to begin with, but remember that your business can change form as it grows and develops.

So, your start up is growing and you’re making a profit – great news! But how do you get the profits out in the most tax efficient way?  Where once you may have been advised that a particular mixture of salary and dividends is the best way to extract profits, we live in a changing world and new taxes on dividends may change your position.  There may be better solutions and, sometimes, what was optimal can change.

That is why we like to communicate regularly with our clients, so we can help you find the opportunities that give you the edge.  Oh… and have you thought about your pension recently?

To find out more, call us on +44(0)330 024 3200 and talk to one of our experts.

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