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Whether you are a company director,
business manager, entrepreneur, taxpayer or professional advisor
we welcome you warmly to what will become the new website of
Progress, chartered certified accountants.
Should I make a will?
Yes. It is vital in order
to protect your family, business and assets and
to help minimise your Inheritance Tax liabilities.
And you must keep it up to date, reviewing regularly. |
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I am setting up a new business.
Do I need to tell the Revenue?
Yes.
You must register with HMRC within three calendar
months from the end of the month in which you started
or you risk a minimum £100 fine. |
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I am a director in my own
business. Do I need to have a written contract of employment?
It is probable that you should
have one by law but it is good practice in any case.
Increasingly, HMRC are asking to see written contracts
to support arguments put forward in tax disputes.
Cases are lost for the lack of proper paperwork.
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I changed my business to
a limited company a few years ago but I’m not sure
if it is still worth it.
As with most areas of your
business, your structure should be regularly reviewed
to assess not just the impact of tax and legal changes,
but also changes in the business environment and
your own circumstances. It depends on what you are
trying to achieve, both currently and in the future. |
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Does factoring and invoice
finance work?
It can do. We need to assess
the stage of growth that your business is at, your
customer base, your terms of trade and your internal
systems. There are many invoice finance options
and the trick is to choose the one that fits your
needs and circumstances best. |
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Do I need a website?
99% of the time I would say
yes. But you need to think of your wider internet
strategy first. Where does it fit into your business’s
marketing and operational strategies and what are
you looking to gain from your web presence? |
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Must I have a business plan?
No, but you should have one.
It’s the map for your business and a critical
guide to where you want to go. Chances are that
you won’t succeed without one. |
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How soon should I start
planning for my exit from the business?
Earlier the better but,
as a rule of thumb, allow yourself between two
and five years if you want to maximise the value. |
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A man at my local doesn’t
put everything through his books and reckons I’m
daft not to do the same. Is he right?
No. He might get away with
fraud in the short term but the Revenue aren’t
fools. The only way to run a business is properly,
making use of planning opportunities to minimise
your tax, not breaking the law to do it. |
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Am I better off to run
my business through a limited company?
Possibly, but there are
many issues to consider, not just the tax impact.
Risk, cost, disclosures, image, customers, plans,
ownership, administration etc are all relevant. |
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Is my bank overdraft the
best way to fund my business?
It usually has a role to
play but may not be the whole answer. There are
many different forms of finance, asset and risk
based, and the trick is to make sure that you
use a combination of the most appropriate. |
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Should I have non-executive
directors on board?
All businesses should have
someone with a wider, more detached perspective
advising on their progress. NED’s have a
valuable role to play but more informal advisory
roles will also work. Outside experience is vital
to any business. |
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