Resource Centre

Starting a Business

Incorporation

The issue of whether to run your business as a company or a sole trader or partnership is an important decision. In this factsheet, we summarise the relevant tax changes which apply and show the potential tax savings currently available from operating as a company.

Franchising

Franchising is becoming increasingly popular in Britain with an annual turnover of around £15.1 billion in 2015, up 10% on the figure from the previous survey two years ago. The business community now takes
franchising very seriously and it is accepted across a range of sectors. The advantages of owning your own business are obvious but so too are the risks.

Legal working in the UK

In line with the Immigration, Asylum and Nationality Act 2006, it is a criminal offence to employ anyone who does not have an entitlement to work in the UK, or undertake the type of work you are offering. Any employer who does not comply with the law may be facing a fine of up to £20,000 per offence. Further, if employers knowingly use illegal migrant labour it could carry a maximum five year prison sentence and/or unlimited fine.

Insuring Your Business

When starting a new business, you will no doubt recognise the need for insurance. It can provide compensation and peace of mind should things go wrong but can also represent a significant cost.

Changes to information requirements about people with significant control

There are changes to the information requirements about People with Significant Control (PSC). The new rules potentially affect companies and LLPs. There are also changes for Scottish limited partnerships and certain Scottish general partnerships (collectively referred to as ‘eligible Scottish partnerships’).

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