Business Start-ups
Starting a new business can seem like a minefield. What do you need to do? What and who do you need to know? Where and what do you need to register? With our extensive experience in working with new businesses we can assure you that our advice will be tailored to meet your specific business goals and objectives. The following links will guide you through essential aspects of starting your new venture, from preparing an initial business plan, getting up and running and developing an e-commerce strategy to give your business a competitive advantage. Please contact us to discuss how we can be of further service to the growth of your new business.
Starting your business and how we can help
The more forethought you can give to the task of running your business, the more likely you are to succeed. We can help you to plan your business strategically and objectively and answer some of the questions you should consider before you launch into business.
Employed or self employed?
The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HM Revenue & Customs emphasise that this is not the case.
Forming a limited company
Although you can set up a company by buying a company online or ‘off the shelf’, it is often advisable to use a specialist formation agent. Because of the many options and pitfalls we also strongly recommend working with us on the new business venture.
Buying a business
Buying an established business that someone else wishes to sell provides a path that many follow to fulfil their desire to enter into business or expand existing operations.
Initial costs of starting in business
No new business is the same as another even if the product or service is similar. In starting in business it is essential to avoid the pitfall of underestimating your initial start up costs and funding requirements.
Proving your credentials to investors
People don’t invest in ideas; they invest in people. You can have the world’s best business plan with a truly original idea that is guaranteed to make a fortune, but you could fail to attract investment if the people behind the idea do not inspire confidence or have the necessary plans in place.
Why market research is imperative for start-ups
It is so easy to become enthusiastic and wrapped up in your brilliant idea for a new business that you can lose your objectivity. Regardless of how great an idea you and your friends think it is, have you taken into account what potential customers will make of it? What is the potential market for your product or service?
The tax system for the self employed
If you start working for yourself, you must register with HM Revenue & Customs within the first three full months of self employment in order to avoid a penalty for failure notification.
The tax system for companies
How the tax system works for companies.
VAT
For a wealth of advice and information on aspects of VAT, including essential tips for VAT planning, and how to survive the VAT inspector’s visit, visit our VAT guides.
Claiming expenses – it’s all or nothing
The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.
Business deductions
In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.
Penalties for late returns
The tax system has many fines and penalties for those that do not file or pay on time. Make sure you don’t get caught out.
Choosing your accounting date
The rules still allow businesses a free choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.
Buying a franchise
Are you considering starting a new business, or extending your existing business interests? If so, have you thought about buying a franchise?
Buy-to-let properties
At one time, investing in buy-to-let properties was seen as a sure fire way to achieve long term growth. Some investors, deterred by the ups and downs of the stock market, invest in property.
In the construction industry?
There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.
Partnership agreements
Did you know that if you have no partnership agreement, then the provisions of the Partnership Act of 1890 apply? The framework provided by the Act is simple and straightforward, but does not address many of the complications of trading more than a century after it was passed.
Partnerships
Even the strongest relationships can suffer in times of adversity. Good planning is an essential part of creating a successful business partnership.
Preparing your business plan
Do you have a written business plan? Failing to plan is the first step toward planning to fail.
Raising finance for your business
Raising finance for businesses following the banking crisis is challenging to say the least. If you are thinking of expanding your business, or starting a new one, you will need to raise finance. What are your options?
Growing the top line with a marketing audit
A marketing audit enables you to review your company’s strengths and weaknesses, priorities and market segments, internal make up and personality as a basis for developing a successful marketing strategy for the future.
Green travel allowances
There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.
Essential record keeping
Ideas on how you can reduce the time we take to prepare your year-end accounts.
Insuring your business
Although most business people understand the need for insurance, a surprising number of businesses are uninsured, under-insured, or insured with out-of-date policies.
The national minimum wage
An employer must pay their workers a minimum amount per hour as defined by law. This is referred to as the National Minimum Wage. Who is covered by the National Minimum Wage? What rate is payable?
Getting the stationery right
The development of your brand and the design of your logo and stationery is an important part of your marketing strategy. Letters, invoices, mail shots, and statements are all forms of advertising.
What is your e-commerce strategy?
The implications of the recent advance of e-commerce are evident for all businesses, large and small. Develop and implement an e-commerce strategy soon, or risk being left behind in the ‘new industrial revolution’.
Working from home
Some people work at home; others see the home base as the perfect solution to a noisy office, endless interruptions, or a long and expensive commute. But if you are thinking of leaving the office on a permanent basis, there are a number of questions you must first consider.
The hidden competitors
Whatever your business, there is always competition. Before you start up a business, make sure you have checked out all the potential competitors.
Next Step:
Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.