½Û×ÓÊÓƵ

Starting the business ― overview

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Starting the business ― overview

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

This guidance note summarises the main tax considerations which should be discussed with clients when they are starting in business. It also provides links to checklists and summary documents which can be used in client meetings. In addition, there are summaries of topics to be considered when a business is starting, with links to more detailed guidance notes on each particular topic and a table of recent magazine articles.

First client meeting ― checklists for discussion

When meeting a client who is setting up in business, there are many things which should be discussed in order to establish what progress they have made and this would include looking at a business structure, for example being a sole trader, a partnership with a friend, spouse or relative, or starting as a company. There are compliance requirements for income tax, NIC, corporation tax, VAT, payroll and tax planning options depending on the circumstances of the client. As an aide to discussing these matters, the following four documents can be used at client meetings as checklists (with links to guidance

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by

Popular Articles

BPR ― trading and investment businesses

BPR ― trading and investment businessesIntroductionThe basic qualification rules for business property relief (BPR) are illustrated in the Flowchart ― trading or investment business for BPR purposes.For an overview of BPR, see the BPR overview guidance note.Relevant business propertyThe main

14 Jul 2020 15:36 | Produced by Tolley Read more Read more

Double tax relief

Double tax reliefWhen income arises in a foreign country to a UK resident company and that income is taxable in that foreign country, the UK may give the company relief for the foreign tax by crediting the foreign tax against the UK tax charged on that income. This might include withholding tax on

14 Jul 2020 11:31 | Produced by Tolley Read more Read more

Computation of corporation tax

Computation of corporation taxCompanies pay corporation tax on the taxable total profits (TTP) generated in a chargeable accounting period (CAP).To ascertain whether the entity is within the charge to corporation tax, see the Charge to corporation tax guidance note.For more information on the type

14 Jul 2020 11:16 | Produced by Tolley Read more Read more