Starting up in Business

It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts.

Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

At Whittingham Riddell, we have provided guidance to many clients starting up in business and have helped them ensure that they start on the right footing and are doing everything they need to from a compliance perspective.

We would welcome the opportunity to assist you in formulating a strategy suitable for your own requirements. Contact us for a free initial, no obligation appointment.

Our business start-up service includes:

Help with writing a business plan
The business plan is the key to success. If you need finance, no bank manager will lend money without a sensible plan.

Advice on Business structure
The appropriate structure will depend on a number of factors, including consideration of taxation implications, the legal entity, ownership and liability.

Guidance on Business stationery
There are minimum requirements for the contents of business stationery, both paper and electronic, which will depend on the type of business structure.

Direction on Books and Records
All businesses need to keep records. They can be maintained by hand or may be computerised but should contain details of payments, receipts, credit purchases and sales, assets and liabilities. We can advise on computer software to maintain your records.

Guidance on Accounts required
The books and records are used to produce the accounts. If the records are well kept, it will be easier to put together the accounts. Accounts must be prepared for HMRC and if a company is formed there are strict legal requirements as to their layout. The accounts and company tax return must be submitted electronically to HMRC in a specific format.

A company and a LLP may need to have an audit and will need to make the accounts publicly available by filing them at Companies House within a strict time limit.

When starting in business, taxation aspects must be considered, including taxation on profits, National Insurance (NI) and VAT.

Advise on Employing staff
For the business to get off the ground or to enable expansion, it may be necessary to employ staff. It is the employer's responsibility to advise HMRC of the wages due to employees and to deduct income tax and national insurance and to account for student loan deductions under PAYE. The deductions must then be paid over to HMRC and payroll records carefully maintained.

Under Real Time Information (RTI), an employer must advise HMRC of wages and deductions 'on or before' the time they are paid over to the employee, so this must be done correctly.

For further information, click here to read our Business Guide on 'Starting Up In Business.'

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