taxation in a small IT business

alexman1

I intend to start a small business in IT (3-5 people including accountant). Which type of company should I choice in order to get the best taxation?
Which can be the entry sallary for a technician and shop assistant?
After a few months in case that my business won't work, I am interesting to close without much problems, so the type of the company is very important to close quickly, honestly and legally....

Alan Shore

If it's just yourself running the business then you could set yourself up as a sole trader.

Register a business name with The Companies Registrations Office. Open a bank account.

Register for Income Tax, Employers PAYE and VAT.

The alternative is to set up a limited company with The Companies Registrations Office. Open a bank account.

Register for Corporation Tax, Employers PAYE and VAT.

A sole trader is easier to close than a company but a company offers limited liability.

alexman1

Many thanks for your answer.It is very useful....

alexman1

If I choice sole trader,do I need an accountant or lrgally I can learn/do legally how to manage my accounts and tax affairs?

srsly78

You need an accountant to help you manage the accounts and tax affairs, as well as give general advice.

Legally you do not need an accountant (in the UK you do I think) - but it will probably end in tears (and fines) without one.