Business Start-Up
Starting a business can be an exciting step, but that excitement can soon be tempered when it come to the nitty-gritty of actually getting started. Businesses will have a number of obligations to meet, but exactly what those obligations are will depend on your business set up is done.
Will you be a sole trader, a partnership, or a limited company? Do you know which is best for your situation? We will help you decide on which is the most suitable structure for your business by going over your business plans and cash flow projections, as well as considering how many people will be involved and what their roles are. Once we have helped you decided which is best for your business we can help you implement any changes that might occur within your business.
Whatever structure you choose, you will need to establish a good working relationship with your bank. You ’ll need a business bank account and may need to access finances. We can help you with this, along with the preparation of your full business plan and any proposals you have to present to your lender. To truly get your business off the ground, you’ll need to register with HMRC and potentially Companies House.
This is something else we can help you with – business registration does not have to be complicated, but even sole traders will need to notify the tax authorities of their intention to trade. We offer a complete business compliance service to make sure that your business is registered correctly and that all your obligations are met as they should be. This will include helping you to set up accounting and bookkeeping systems so you can keep on top of your financial situation easily. At certain projected income levels (or on occasion for other reasons) registration for Value Added Tax, or VAT, will become necessary. Not only can we help you correctly register for VAT, we’re able to help if you are involved in international transactions where VAT may (or may not) apply.
It’s vitally important to ensure that you are paying and requesting the right amount of VAT to avoid tax complications further down the line.
Finally, to make sure your business runs as smoothly as possible, we’re happy to recommend the right computer hardware and software that you will need to process your accounts. We recommend the use of Sage accounting software, but the exact package you require will be determined by the needs of your business. Similarly, the hardware you need may vary based on the requirements of the software package.
Let us help you get your business running today!
