Starting the business ― overview

Produced by Tolley

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Starting the business ― overview
  • First client meeting ― checklists for discussion
  • Types of business vehicle
  • Financing the business
  • Where to operate the business from?
  • Transferring a business to a company
  • Starting in business ― other considerations
  • Articles relating to starting in business

This guidance note summarises the main tax considerations which should be discussed with clients when they are starting in business. It also provides links to checklists and summary documents which can be used in client meetings. In addition, there are summaries of topics to be considered when a business is starting, with links to more detailed guidance notes on each particular topic and a table of recent magazine articles.

First client meeting ― checklists for discussion

When meeting a client who is setting up in business, there are many things which should be discussed in order to establish what progress they have made and this would include looking at a business structure, for example being a sole trader, a partnership with a friend, spouse or relative, or starting as a company. There are compliance requirements for income tax, NIC, corporation tax, VAT, payroll and tax planning options depending on the circumstances of the client. As an aide to discussing these matters, the following three documents can be used at client meetings as checklists (with links to guidance notes for more supporting information) and also to provide the client with a summary comparison of the different types of business structures available:

SummaryDocument link
Checklist of tax issues arising when a business starts as an unincorporated business
Checklist of tax issues arising when a business starts as an incorporated business
Summary comparison of business vehicles including practical differences and differences in tax

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