Can I employ my son and daughter in my new business?

Yes – assuming they are adults, and provided the salaries, and any other benefits you pay them, are commercially justifiable. These benefits could include: A company car Medical insurance Making payments into a registered pension scheme However, HMRC may...

Best Share Split for Spouses

There are a few things to consider when deciding how to split shares between a couple. Genuine ownership Who genuinely owns the business, founded it and acquired it? Who works in it and earns the money?  If the person who formed, and runs, the company isn’t the...

Capital Gains Tax (CGT) Explained – Marriage and Divorce

CGT & Married Couples/Civil Partners When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior...

How to protect your business 

As well as obvious things, such as: the physical, financial and data security, you should ensure that you have good IT and internet security; plus the necessary (including Cyber) insurance. It also makes sense to have a solid Business Continuity Plan.  The structure...

When should I hire an accountant for my new business?

Speaking to an accountant when setting up your business is key to going forward. You should speak to an accountant when setting up your business to make sure you choose the best structure. In any event you should at least meet one as soon as you’ve decided on your...

Should I set up as a Sole Trader for my new business?

Not necessarily, a Limited Company can result in you paying less tax. AND while a Company owner might lose their business – a Sole Trader (self-employed) can lose personal assets as well! If profits are below about £12,000, acting as a Sole Trader makes very...