I am setting up a new business. Do I need to tell the Revenue?

Yes. You must register with HMRC within three calendar months from the end of the month in which you started or you risk a minimum £100 fine.

I am a director in my own business. Do I need to have a written contract of employment?

It is probable that you should have one by law but it is good practice in any case. Increasingly, HMRC are asking to see written contracts to support arguments put forward in tax disputes. Cases are lost for the lack of proper paperwork.

Am I better off to run my business through a limited company?

Possibly, but there are many issues to consider, not just the tax impact. Risk, cost, disclosures, image, customers, plans, ownership, administration etc are all relevant.

Is my bank overdraft the best way to fund my business?

It usually has a role to play but may not be the whole answer. There are many different forms of finance, asset and risk based, and the trick is to make sure that you use a combination of the most appropriate.

Should I have non-executive directors on board?

All businesses should have someone with a wider, more detached perspective advising on their progress. NED’s have a valuable role to play but more informal advisory roles will also work. Outside experience is vital to any business.

I changed my business to a limited company a few years ago but I’m not sure if it is still worth it?

As with most areas of your business, your structure should be regularly reviewed to assess not just the impact of tax and legal changes, but also changes in the business environment and your own circumstances. It depends on what you are trying to achieve, both currently and in the future.

Does factoring and invoice finance work?

It can do. We need to assess the stage of growth that your business is at, your customer base, your terms of trade and your internal systems. There are many invoice finance options and the trick is to choose the one that fits your needs and circumstances best.

Do I need a website?

99% of the time I would say yes. But you need to think of your wider internet strategy first. Where does it fit into your business’s marketing and operational strategies and what you are looking to gain from your web presence?

Must I have a business plan?

No, but you should have one. It’s the map of your business and a critical guide to where you want to go. Chances are that you won’t succeed without one.