- You must establish your income tax position, and whether you are claiming all the expenses and capital allowances you are entitled to.
- There are different tax and legal implications depending on whether you operate your business as a sole trader, a limited company or a partnership.
It is important that you establish your income tax position and whether you are claiming all the expenses and capital allowances you are entitled to claim.
You can speak to an accountant, or a financial advisor, or visit HM Revenue and Customs ( www.hmrc.gov.uk ), which has a range of helpful information and contact numbers.
For information go to The VAT Guide at http://customs.hmrc.gov.uk or contact the National Advice Service on 0845 010 9000. See also Applying the 2008 VAT reduction in the Bookings section.
Tax and your staff
For information on PAYE, National Insurance, download the Employer Further Guide to PAYE and NICs at www.hmrc.gov.uk/guidance/cwg2.pdf .
There is a range of guidance available from the HM Revenue & Customs on www.hmrc.gov.uk , and you can also contact the HMRC`s helplines: New Employer Helpline: 0845 607 0143
Employer Helpline: 08457 143143.
Legal form of the business
There are different tax and legal implications depending on whether you operate your business as a sole trader, a limited company or a partnership. There are advantages and disadvantages for each category.
You need to seek professional advice from lawyers or independent financial advisors – see Professional advisors in Further Information for more guidance.