Setting up your business

When setting up a business it is important to decide on the legal status or your organisation, it is common to be told to set up as a limited company because of the protection you are afforded and that liabilities are limited to the amount of shares held. However by setting up as a limited immediately you could be losing out on valuable tax benefits and if you do not reach a certain threshold you can incur a higher rate of tax than perhaps a partnership or sole trader, I often suggest that depending on the nature of business if you are unsure of the levels of turnover and profit to register the limited company but leave it dormant and trade as a partnership or sole trader and then review the situation in six months so that you can then maximise your finances in relation to tax and still ensure that your personal assets are protected in the long term.

Redundancy – what are you entitled to?

I have had a number of emails of the past few weeks from worried employees about statutory redundancy and what they are entitled to should the worst happen. The amount you receive in statutory redundancy depends on a number of factors such as length of employment and your age. If you think that you might be at risk of redundancy and want to see your potential redundancy package will be try the following link - Redundancy Calculator, for more information on redundancy click here.