Starting a business can be overwhelming. We provide a clear roadmap, helping you navigate everything from business registration and financial projections to tax obligations and funding options. Let us simplify the start-up process for you.
Navigating the business start-up maze?
Starting a new business involves critical decisions on structure and understanding the financial landscape. At Wright Vigar, we specialise in guiding you through these pivotal steps, providing tailored solutions to navigate the intricacies of business start-up and structure.
Your questions answeredGuiding you through the complexities of launching your business
Find your local office
Your Trusted Advisor
Choosing the Right Structure
Whether it's deciding between a sole trader, partnership or limited company, our experts offer insightful guidance, helping you select the most suitable structure aligned with your business goals.
Meeting Legal and Financial Requirements
We assist in navigating financial obligations associated with starting a business, ensuring compliance and setting a strong foundation for future growth.
FAQs
What Is the Best Legal Structure for My Business?
Different legal structures—such as sole trader, partnership, LLP and limited company—offer various benefits and implications. Sole traders have straightforward setups, while limited companies provide separate legal identity and limited liability. The choice depends on factors like liability, taxation and growth plans. Get in touch and we can help you align the structure with your business goals.
What Are the Tax Implications of Different Business Structures?
Various business structures have distinct tax implications. Sole traders and partnerships are typically subject to Income Tax, while limited companies pay Corporation Tax. Understanding how each structure impacts Income Tax, Corporation Tax and National Insurance contributions is crucial for effective tax planning.
Do I Need to Register for VAT?
Businesses exceeding the VAT threshold must register for VAT. Registering voluntarily may also be beneficial, depending on the nature of your business and transactions. VAT registration has implications for charging VAT on goods or services and involves maintaining VAT records and submitting VAT returns to tax authorities.
How Can I Raise Funding for My Start-up?
Funding options for start-ups include loans from financial institutions, government grants, equity investment from angel investors or venture capitalists and crowdfunding platforms. Each option has its advantages and considerations, so evaluating your business's needs and potential is essential when seeking funding.
What Steps Should I Take to Set Up Payroll and Hire Employees?
Setting up payroll involves obtaining an employer identification number, registering with HM Revenue & Customs (HMRC), calculating taxes and National Insurance contributions and complying with employment laws regarding minimum wage, contracts and employee rights. Get in touch today and we can help streamline your process.
How Can I Set Up Accounting Systems and Software?
Setting up accounting systems involves selecting appropriate software, configuring chart of accounts, tracking income and expenses and ensuring compliance with accounting standards. Accounting software like QuickBooks or Xero can assist in managing financial records, invoicing and generating reports efficiently.
Lay a Solid Foundation for Your New Business
Lay a solid foundation for your new business with Wright Vigar. Experience our personalised approach coupled with expert guidance, setting your business on the path to success from day one.
