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Are you someone who has a business idea bursting to escape but the thought of starting your own business is too overwhelming? You’ve heard all the negative comments and are wondering why people are still attracted to starting up new businesses.

One of the main reasons individuals approach Foremans for assistance with setting up their own business, as a Limited Company or Sole Trader, is increased income. Your customer/client will usually pay more to an independent contractor than to an employee, because they save the costs incurred by employing someone, with the advantage of a flexible skilled workforce.

Another favourite reason is tax-efficiency. Setting up your own business means the opportunity to make the most of your business income, such as tax free expenses and taking dividends from your Limited Company. You can also pay yourself a tax-efficient salary to ensure that you remain in the National Insurance system and are deemed to be making contributions. A good accountant should be able to tell you the many other ways that you can maximise your income.

Being your own boss and being in control of your own company is another great perk to owning your own business. You not only decide the hours and days you work, but also what projects you work on and how.

Our clients comment on their work/life balance often and enjoy the opportunity to be flexible in their work. You decide when and how you work. You will negotiate the contract for use of your services with your client. This flexibility allows you to organise your work around other equally important commitments. You are in control of your work/life balance meaning you get to spend more time with family and friends or take up a new hobby!

You will also be able to increase your marketability, as you increase your skills and vary the types of contract you undertake so your CV will become more marketable. Changing roles with a variety of businesses will help to improve your skillset and your expertise within your chosen industry. You can also choose to complete relevant training, which can be a tax-allowable business expense.

Foremans LLP offer a full administration, bookkeeping and accountancy service to allow our clients to concentrate on providing specialist skills while we look after their business – all for a set fee so they can budget their costs.

Interested? Call for a free, no-obligation chat through your ideas for your new business.

01244 625 500 or email ContactUs@foremansllp.com