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People planning on starting their own businesses need to be aware that some of the decisions they make right from the start will have important implications for the tax they will later have to pay.

Website allmediascotland.com said that many people did not realise some of their tax liability was determined by the way they set up their own company.

It explained that the “tax implications” are different for sole traders, partnerships and limited companies, making the services of an accountant important from the start.

“Once you have decided on your legal status, you will need to register your venture with HMRC. If you intend to employ staff, you will also [be] required to register for a PAYE/NI reference to allow you to deal with the tax on your employees’ salaries,” the site added.

What’s more, the website said that some people might also have to “apply for a VAT registration number”.

“It is important to keep accurate and detailed records of your business transactions. You may decide to employ the services of a bookkeeper,” it concluded.

Recently, business reporter Karen Dent explained in the Journal that many small businesses did not full understand the tax exemptions and reliefs they were entitled to, suggesting many could benefit from consulting with an accountant.

There could be tax implications for business owners who switch from working in an office to operating from their home, a new report has suggested.

The Telegraph reported that many business owners were now considering relocating to their home in an effort to reduce costs.

Indeed, Business Link in London director Fran Currie confirmed that people starting businesses often opted to work from home as a way to keep initial costs down.

However, Ms Currie did acknowledge that there were problems with working from home. She noted the “possibility of domestic distractions” and the “loneliness”.

The paper also suggested that there could be some serious taxation implications for those people opting to run a business from home.

It explained that one of the key questions anyone considering ditching the office for the living room should consider was: “Are you paying the right amount in terms of income, VAT and possible Capital gain Tax?”

Ms Currie concluded to the publication: “It is crucial that home business owners are confident that they have asked themselves all the right questions and can tick them off the list.”

Recently, the Times reported that people considering starting small businesses should get help from accountants when they begin trading.

Hi

I have started Mortgage services in Accrington, Blackburn, Preston, Nelson, Burnley.