incorporate or not?

you have a business idea, you think you are ready to get started but you must decide what business structure is right for you. 

one size does not fit all.

you could choose from the following:

• Sole trader
• partnership
• limited company

REGISTRATION FOR TAXATION

contrary to popular belief if you are eligible to pay tax it is a great thing, it means you are making money!!!

keeping proper records is essential and you are legally required to retain records for specific periods depending on the type of income you receive.

Failure To Notify

you must notify hmrc when:

• first become liable to pay tax
• carry out or intend to carry out taxable activities
• do so within the applicable timeframe

useful factsheet explaining when you are required to notify hmrc that you are liably to pay tax