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- Small Business Owner
Small Business Owner
Running a small or family business can be a tremendously rewarding experience - but it can be daunting too. You may need to raise finance, or want advice on the benefits and pitfalls of operating on a sole trader basis, as a formal partnership or registering as a limited company. If you are a farmer or a landowner, you'll need regular specialist advice on everything from tenancy agreements to staying on the right side of constantly changing regulation.
How do you know if you're getting the best terms from any commercial leasing arrangement or contracts with customers and suppliers? What opportunities are available to you to protect your profits by reducing your tax liabilities? And as your business grows, what about succession planning? These are just a few of the issues facing small and family businesses in every sector, and our dedicated Commercial & Business Services team and Agriculture and Estates specialists are here to help you make the right decisions with experienced advice you can trust every step of the way.
Taking our 360 Lifestage Review is the best way to discover what you should be thinking about at your stage of life. Alternatively, click on any button below to find out exactly why particular services could be important to you as a small business owner.
- Q1 Safeguarding the future of your business in a Will
- Succession planning is vitally important in every privately owned business. Stating who you want to take over the reins in your Will is key to ensuring the continuity of the business after you've gone
- Although individual circumstances vary from business to business, our experts will make sure your Will is structured in such a way as to minimise tax liabilities relating to your business after your death
- Q2 Why you need to establish Power of Attorney
- This simple legal document allows you to name the person or persons who you want to take care of the day to day running of the business if you were not in a position to do so yourself - if you were kept away from the business through illness or injury, for example, or if the needs of the business required you to travel a lot
- Putting a Power of Attorney agreement in place is especially important for sole traders whose business can fail if they are absent for prolonged periods or are unable to undertake key administration
- Q3 The benefits of buying a commercial property
- Owning your own premises offers security of tenure and stability for the business, without the worry of the landlord deciding to sell or hike up the rent
- You can put your own stamp on the building and convert it as you wish to meet the changing needs of the business
- It increases the asset strength of the business - which could be vitally important if you need to raise additional finance - and it could prove a valuable investment for the future
- If it becomes necessary for the business to relocate, you can let the premises to provide an additional source of income
- Q4 What are the benefits of renting premises for your business?
- Bank funding is unlikely to include the cost of purchasing a property, so the comparative affordability of renting commercial premises is an attractive option for many businesses - especially new businesses with low income and high start-up costs
- The flexibility of not being tied to one property for the long terms aids the decision making process on growing or reducing the size of the business or, perhaps, relocating to another geographical area
- Q5 Do you have commercial property to let?
- Letting out a commercial property provides an additional revenue stream while still retaining ownership of the building as a long term investment
- Sub-letting part of your premises is clearly a good idea if the building has over capacity beyond the actual needs of your business
- We are commercial property letting experts and can advise you on all aspects of the law regarding leasing contracts and how to protect your rights as a landlord
- Q6 Is your business as tax efficient as it could be?
- As the business grows, decisions need to be made as to the most tax efficient corporate vehicle for the company - for example, whether to run it as a partnership or as a limited company
- Our tax experts can help you minimise the tax liability of the business, making sure you take full advantage of all the allowances and reliefs available and keep as much money within the company as possible rather than giving it away to the taxman
- Q7 Planning ahead to secure the long term financial stability of the business
- Our Commercial & Business Services team is here to help with whatever assistance you need to grow your business and secure its financial stability into the future - for example, helping you secure additional funding on the most beneficial terms
- What arrangements have you made to insure against the loss or incapacity of key members of your business?
- Does your Will clarify your wishes on who should succeed you in the business after your death? Are you sure that you'll be leaving the business in a sound financial position for the next generation and that they won't be left with an unexpected tax burden?