Latest Clay Shaw Butler 'Looking After Business' column
By Nigel Roberts, finance and banking specialist with Carmarthen-based accountants Clay Shaw Butler
It was Winston Churchill who said, “Those who plan do better than those who do not plan.”
With that firmly ‘front of mind’, my last few columns have focused on different aspects of business planning.
We’ve already covered writing a business plan and those early key decisions.
Now it’s time to focus on other issues which face any new business.
Taxation
Tax will become payable on profits made by the business. The rates of tax will be different depending on the structure of the entity. Getting advice on tax planning is crucial. You also need to know when tax will become payable, what you can do to decrease your taxable profits (which may be different to accounting profits) and the most tax efficient way of taking money out of your business for your personal use.
Insurance
Ensure you are fully covered for all risks you face in the business. Some policies you may want to consider are :-
If you have a successful business, then it can help you provide for your retirement by paying contributions into a pension scheme for you. You will need advice about pension planning
Premises
Business success can never be guaranteed, but professional advice can help to avoid some of the problems which impact on new businesses.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com
With that firmly ‘front of mind’, my last few columns have focused on different aspects of business planning.
We’ve already covered writing a business plan and those early key decisions.
Now it’s time to focus on other issues which face any new business.
Taxation
Tax will become payable on profits made by the business. The rates of tax will be different depending on the structure of the entity. Getting advice on tax planning is crucial. You also need to know when tax will become payable, what you can do to decrease your taxable profits (which may be different to accounting profits) and the most tax efficient way of taking money out of your business for your personal use.
Insurance
Ensure you are fully covered for all risks you face in the business. Some policies you may want to consider are :-
- motor fleet policies
- keyman insurance
- public liability
- buildings insurance
- stock insurance
- debt insurance etc
If you have a successful business, then it can help you provide for your retirement by paying contributions into a pension scheme for you. You will need advice about pension planning
Premises
- Where is the business going to trade from and who will own the premises? This issue needs careful consideration due to the costs involved in owning/renting property. Consideration should be given to-
- suitability of the premises for the purpose
- compliance with legal regulations
- local byelaws
- physical restrictions
Business success can never be guaranteed, but professional advice can help to avoid some of the problems which impact on new businesses.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com
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