We understand the difficulties that can arise when setting up and maintaining your own small business. That's why at Byford Pollard & Co. we are well placed to help you make the decisions that will point your business in the right direction.
If you are running a business, your tax liability will depend upon whether you are self-employed or whether we have formed a limited company for you.
If you are self-employed, or a partner in a partnership, you have to pay Income Tax and make National Insurance Contributions based on the profits of the business.
If we have formed a limited company, you are employed by that company and have to pay PAYE and National Insurance Contributions based on salaries and wages paid to staff and directors. We aim to minimise tax liabilities through the payment of dividends.
A company has to pay Corporation Tax on profits.
We can help you to decide which is most suitable for your particular circumstances. Businesses may have to register for Value Added Tax and this depends on the level of turnover. In some cases it may benefit a business to register voluntarily and we are happy to provide advice as to whether this is best for you.
If you wish, we will prepare a Business Plan for you before the business starts to trade. This will help you to achieve a better cash flow position.
We will review your tax and financial position which will allow us to work together on attaining your goals for the business.