SPECIAL FOCUS
New Business Start Up
professional commitment with a personal approach
Health and Safety in the Workplace
Audit, Accounting & Advisory Taxation Services Tax Planning Business Consultancy
The Health and Safety Executive for Northern Ireland (HSENI) is an executive non-departmental public body sponsored by the Department for the Economy (DfE). HSENI is the lead body responsible for the promotion and enforcement of health and safety at work standards in Northern Ireland. They aim to help emerging and existing small businesses manage their workplace health and safety by providing a free and confidential service. The key objectives are: - preventing the most serious workplace health and safety issues; - high risk industries and activities; - sensible and proportionate risk management; - effective regulation; and - supporting businesses and the economy.
www.dalypark.com Newry: 028 3026 7715 Lurgan: 028 3832 4924
For more information visit www.hseni.gov.uk
THINKING OF STARTING YOUR OWN BUSINESS? Whatever the reason for entering the business world, and no matter what the level of entrepreneurial talent the individuals may have, a number of dangers exist. INITIAL CONSIDERATIONS In order to make your business a success there are a number of key factors which should be considered: • Commitment - starting a business is demanding. Determination and enthusiasm are essential. • Skills - you need managerial, financial, technical and marketing skills. If you do not have these skills personally, they can be found in a partner, employee or acquired with training. • Your product or service should have a proven or tested market, but must not conflict with the patent or legal rights of an existing business.
BUSINESS STRUCTURE There are three common types of business structure: • Sole trader: This is the simplest form of business since it can be established without legal formality. However, the sole trader is personally responsible for the liabilities of the business.
OTHER CONSIDERATIONS • Tax on profits • National insurance Contributions (NIC) • Value added tax (VAT) • Tax implications of employing staff • Raising finance • Insurance • Pensions
• Partnership: A partnership is similar in nature to a sole trader. Again the partners are personally responsible for the liabilities of the business. A further possibility is to use what is known as a Limited Liability Partnership (LLP), this can protect the partners from being personally responsible for liabilities of the partnership but there are legal regulations to comply with.
HOW WE CAN HELP Whilst some generalisation can be made about starting up a business, it is always necessary to tailor the strategy to fit your situation. Any plan must take account of your circumstances and aspirations. Whilst business success can never be guaranteed, professional advice can help to avoid some of the problems which befall new businesses.
• Company: The business affairs of the company are separate from the personal affairs of the owners, but again there are legal regulations to comply with.
We would welcome the opportunity to assist you in formulating a strategy suitable for your own requirements.
DUE TO OUR CONTINUED GROWTH, WE CURRENTLY REQUIRE CANDIDATES JOIN OUR TAX AND CORPORATE FINANCE TEAMS. PLEASE GET IN TOUCH FOR A CONFIDENTIAL CONVERSATION.
16 Mount Charles, Belfast BT7 1NZ Tel: +44 (0) 28 9032 5050 Email: enquiries@muldoon-accountants.co.uk Web: www.muldoon-accountants.co.uk 135
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