There can be many benefits to being your own boss. Hours are flexible so you can work around times that suit you and there’s no one to report to other than yourself so you can manage workloads that you know you can complete easily without hassle. Because of this, many individuals are choosing the route to go self-employed.
Whilst it can be a great option for you, it also means that you have to consider more important aspects to cover your business. It’s a big responsibility that requires some proper attention. Here are 3 legal aspects that you need to consider if you’re choosing to become self-employed.
Gain an understanding of the legal implications for your business
As a business, you’ll be likely offering a service or product in some way. What you provide will have some restrictions and implications of how you can offer it and risks with the product themselves. With this being the case, it’s important that you do your research around what you can and can’t do as part of the product and service that you offer. Hiring corporate solicitors Manchester based is one way to get help in such circumstances.
Customer health and safety is extremely important in all forms of business. Legislations are constantly being reviewed by organisations to make sure the services and products being offered are legitimate. Failure to follow these legislations can put your business at a big risk.
Tax registration
When you’re employed through a business, tax deductions are automatically dealt with through your employer and wage. As you’re self-employed, the onus will be on you to declare your tax and deal with tax registrations. Failure to register will put you at risk of tax evasion, which could potentially lead to imprisonment.
Thankfully, in recent years it’s now extremely easy to register for tax through online services. It provides the option of how you wish to set up your business so it’s worth considering what stage your business is at. Setting up your business as a limited company can be beneficial for future estate planning with contentious probate solicitors Manchester based.
Business insurance
Not investing in business insurance can provide a heavier loss in the future. It’s understandable that you wish to save money towards the early stages of your business, but this is one expense that you should definitely take out.
There may be a time when a customer isn’t happy with their service or an employee feels unfairly treated. In which case, they may wish to take legal action against you. Because you’re unlikely to have the funds to deal with it yourself, taking out business insurance can give you a safety net for such situations.
Ensure you protect your business
When you first start out with a business, protecting yourself legally should be the most important aspect you should think about. Big losses can occur from legal actions which could bury your business in debt or even cause your business to close. Protect your business as quickly as possible.
