How mixed partnership work for tax planning purposes

A mixed partnership is a business strategy in which, for example, you form a limited company to manage your properties. This limited company becomes a formal partner in your business.

This business structure is ideal for people who manage their own properties, but find it’s not viable to fully incorporate their business. Making the limited management company a partner makes incorporation simpler if you wish to do so later.

Read the article in full on the Turner Little Blog.

6 tips to help you handle your accounts and tax

So, you’ve taken the plunge and started your own business. You have a plan, bank account, insurance and HMRC registration. You may even have your first office and employees.

But there’s something you absolutely need to sort out before you can sit back and enjoy your burgeoning business – your accounts and tax. It can be daunting to people not used to managing wages, tax and business accounts, but the more you can understand up front, the easier it’ll be when it comes to managing cashflow and everything that comes with it.

It’s always worth getting solid advice on tax and accounting, and at Turner Little we’re more than happy to help you through those first crucial steps. You can contact us here, but in the meantime, check out our tips for keeping on top of tax and business accounts.

Read the full article on the Turner Little Blog.

The simple guide to offshore accounts

We’ve put together this guide to offshore accounts, to help you decide whether it’s something you should include in your financial planning.

You may have read about high profile celebrities ostensibly using offshore bank accounts to get out of paying tax, but it’s not that simple and that is not a reason to have an offshore account. You’re generally liable for tax on the interest earned on your savings in the same way as you would be in the UK. Here’s how they work.

Read the guide in full on the Turner Little Blog.

Business plans are key to entrepreneurial success

New research from the University of Edinburgh Business school and RWTH Aachen University shows that entrepreneurs who write early stage business plans are 16% more likely to succeed.

The report examined more than 1,000 start-ups and the progress made over a six-year period. Conclusions show that entrepreneurs focused on high growth were significantly (7%) more likely to commit their vision to paper early on than their peers.

Early stage business plans are essential for success and start-ups that are successful in their quest to secure funding are more likely to plan ahead.

Read the article on full on the Turner Little Blog.

Government gives small businesses more time on tax changes

Addressing concerns about timescales, the government has pulled back on the Making Tax Digital initiative, which aims to shift all tax records and payment online. They have now said that the three million small businesses affected by the proposed changes will be able to move over to the new online tax system at their own pace.

It’s likely to be a big relief for the small businesses affected by the Making Tax Digital government initiative.

5 reasons to open offshore bank accounts

If you’ve always thought that off-shore bank accounts don’t sound quite legitimate when it comes to holding your savings and assets, you might be surprised.

There are many reasons why opening an off-shore bank account could be the right choice for you. To explain a bit more, we’ve come up with five reasons why you should open your own off-shore bank account.

Read the full article here.

Eight very good reasons to start a business after graduation

If you’re facing finals and not sure what to do next, or just starting your degree and already planning your future, have you thought about starting your own business?

A couple of decades ago this wouldn’t have been seen as a viable career option for most graduates, but it’s become really popular for a huge number over recent years. Here’s our eight reasons why you should start your own business when you graduate…

Read the full article on the Turner Little Blog.