With all the turbulence in the fuel and energy markets it has again raised the question for employers of whether they should be offering electric company cars to staff. Especially given that (at the time of writing) the business mileage allowance from HMRC for staff using their own vehicle remains stuck at 45p for the first 10,000 business miles, and 25p thereafter.
After deciding to go into business the question of what structure to trade under can often be the most confusing. There are numerous factors that can influence the decision as to what business structure to use, far too many for us to list in full here, but include;
- Are you going into business alone or with others? If others, is your business partner your spouse?
- Your income position and whether you plan to extract profits in full, in part, or not at all in the first x years.
- The industry you are going into.
- Your family position
- Your future plans for the business and you personally
With so many considerations in play we have listed the key advantages and disadvantages of each option;
Luckily being an accountant there was an air of confidence in setting up Veritons. Setting up businesses is what I have done for years – incorporations, VAT and PAYE registrations, self-assessment….all vitally important stuff that I was very familiar with. So I’m going to talk about the other mainly non-financial aspects of starting a business that I learnt along the way.