More and more people are taking the plunge and setting up shop

With rising public sector job cuts, local small business tax and accountancy expert Roger Bowen from Llanelli has seen a rise in new start up business enquiries.

Murmurs of redundancies and a lack of job security have given people the opportunity to revisit past entrepreneurial possibilities. With no perfect time to establish a new business; it all depends on the service you’re offering or the product you’re planning to sell. The push of an uncertain future is allowing people to dream.

Roger Bowen who runs TaxAssist Accountants in Llanelli has provided some hints and tips on how to start the process:

“Research* has shown that throughout last year there was a 19% increase in start up businesses across the UK. If you are thinking of adding to these positive statistics I would suggest first deciding whether you want to become a sole trader or limited company.  You should seek advice on National Insurance requirements and exemptions and how to deal with HM Revenue and Customs.”

Roger continued: “Tax breaks are available depending on the size of your business premises, equipment purchases and research and development spend and if your business has any “green” credentials. The Government’s new green investment bank could be a good place to access funding. We can point you in the right direction on all those issues as part of our free consultation process for small businesses.”

TaxAssist Accountants Llanelli is a local business itself, operating across Carmarthen, Llanelli and Swansea providing tax and accountancy advice and services to more than 300 small businesses.

*Research conducted by direct marketing company Selectbase and taken from The British Chamber of Commerce website http://www.britishchambers.org.uk/business-news/19-more-start-ups-in-uk.html