Nigel has over 20 years experience as a Chartered Accountant and is also an Independent Financial Adviser. He has represented many taxpayers successfully during Inland Revenue investigations.
Nigel Holland has a BA Honours degree in Accounting and Finance and is a qualified Chartered Accountant. Nigel is the principal of Holland & Co Chartered Accountants which has been established for over 30 years.
Nigel overseas all the work which is produced by staff, including accounts preparation, submission of tax returns for sole traders, partnerships and limited companies.
Nigel specialises in new business start ups, meeting new clients of the practices and helping established businesses grow.
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
Most businesses register as a sole trader, limited company or partnership.
It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.
Find out more about being a sole trader and how to register.
If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities.
Some people get help from a professional, for example an accountant, but you can set up a limited contract yourself.
A partnership is the simplest way for 2 or more people to run a business together.
You share responsibility for your business’s debts. You also have accounting responsibilities. Find out more about being in a partnership and how to register.
Rules for your type of business
You may have other responsibilities depending on what your business does.
Check if you need:
- licences or permits for example to play music, sell food or to trade in the street
There are also rules you must follow if you:
- sell goods online
- buy goods from abroad or sell goods abroad
- store or use personal information
Where you work
Check what your responsibilities are if you:
- run your business from home
- rent somewhere to run your business from
If you rent or buy a property, you may have to pay business rates. Small businesses can apply for a discount on business rates and some may pay nothing.
Check if you can claim office, property and equipment as expenses.
Taking on people to help
If you take on agency workers or freelancers you have some responsibilities, for example their health and safety.
There are things you will need to do if you take on your own employees. You’ll have more responsibilities, including:
- running payroll
- paying for their National Insurance – but you can claim an allowance to reduce your bill.
- providing workplace pensions to eligible staff
We have managed to help a client set up a business from nothing. We helped this client generate a profit which was in excess of over a million pounds for one year alone.
This was achieved very soon after the business was established.
The profit was generated due to the combination of hard work from our client, choosing a viable business idea, good planning and good advice from us.
Not only did we help the client make a profit of one million pounds in a year but we also managed to ensure that the corporation tax bill was zero. We achieved a zero corporation tax bill by bringing forward tax losses from earlier years and by making various claims.
Our client was extremely pleased with our service.