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Life after redundancy

Cathy has written blogs in the past on how a redundancy package/payment in lieu of notice is taxed by HMRC.

Whilst most people seek other employment, a sizeable number choose to set up their own business. There are some compelling reasons to start a venture while the economy stagnates:

  • Better deals are available on rent, lower rates and other premises costs
  • Other expenditure will be comparatively lower – such as advertising, set up costs and even staff
  • Reduced competition as more established (and overhead heavy) businesses fail
  • Potential customers are more motivated to look for better deals in a down turn, opening more doors than normal

SME businesses are a vital part of the UK economy, providing employment, creating growth and introducing new skills.

Individuals may prefer to buy an existing business – whether it is from a retiring founder, or if it is in a distressed state. With reduced profits and earnings multiples, we are theoretically in a buyers market.

For those individuals intending to run a business for the first time – good luck and make sure you take the necessary professional advice .

Julian Dobbin is a partner at Mercer & Hole. The views given in this blog are personal to the author.

 

 

Date: 29th April, 2010
Author: Julian Dobbin

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