Starting your own business: considerations and how we can help
If you are thinking of starting a business there are many areas you should give very careful consideration to. Engaging a professional advisor from the very early stages can save you a lot of time and hassle setting up, thereby improving your chances of success and growth and helping to reduce your tax liabilities.
There are many considerations to take into account when setting up a business. We can help you plan your business venture and answer some of the key questions you have to consider, including:
What are your chances of success in the current economic climate?
Are you the right type of person?
Do you have the necessary skills and experience for your type of business?
What your setting up costs are going to be and how can you keep them down to a minimum?
How much funding will you require and do you need help raising it?
What will be your profits (or losses) in the first few years?
What will be your tax liabilities and how can you minimise the tax burden?
How much will you be earning after deducting all expenses and tax and will it be sufficient for you and your family to live on?
What is the format for the business: sole trader, partnership, LLP, limited company?
If a company, how are the profits to be extracted?
Should the business be VAT registered?
Are other family members (including spouse/civil partner) involved?
What are the legal requirements that will be placed on you as a business owner?
Services we offer business start ups include:
A comprehensive business plan;
Service/product analysis, help with setting up prices, working out offer deals and promotions and measuring the results;
Financial forecasting which is equally vital for the first year and ongoing;
Advice on the best legal structure and profit extraction methods;
Setting up suitable accounting systems and processes and advice on record-keeping;
Advice on VAT registration and choice of an appropriate VAT scheme
We can also act as a referral source for legal advice, banking packages, insurance agents, marketing consultants, web designers and possibly even potential customers.
Accountancy packages we offer new businesses are very competitive and are designed to provide you with all the support you require at a very affordable fee. The first meeting is free and we would cover most of the topics mentioned above.
Have a look at our guides section to find out more about business legal structures, record keeping, the UK tax system for limited companies and self-employed, PAYE, VAT, Business plan and more.