Taxation Assignment Example | Topics and Well Written Essays - 2500 words

Taxation - Assignment Example But at the same time you must keep in mind that starting out in self-employment poses many difficulties and you would have to work very hard with no guarantee of a regular income. But first of all you must assess for yourself if you are suitable for self-employment which requires total self commitment, ability to work long business hours which in turn requires physical and mental strength and, last but not the least, complete support from your family. Then you have to do market research to identify the opportunities available in your selected field. Since you are currently employed with a computer software company it is obvious you have the technical skills, but do you have the business skills to run your business. If you lack these skills you shall have to learn them fast from the information that I am about to provide you and from other sources. When you start out on your own in business you can do so as a sole trader, in partnership or by setting up a limited company. You have indicated that you wish to start your business as a sole trader, which means, you intend to set up your business on your own. Starting out as a sole trader is relatively easy and straightforward but if your business fails your liability is unlimited or in other words all your assets will be legally available and can be used to pay your creditors. If you intend to start your business from your home you are likely to be requiring Planning Permission. In case you are going to use one or two rooms in your home you would need to apply for a partial change of use from domestic to commercial purpose. In case you intend constructing a shed or additional room for your business you may require planning permission for which you shall have to contact your local authorities. Market research is very important before you set up your business in your chosen field but let me caution you that no amount of research will guarantee you success. However, your market