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Starting up in Business

It is the ambition of many people to run their own business. It is important to be properly prepared. Anyone can have a good business idea, but it’s all too easy to become swept away by your products or services, without laying down a framework that’s necessary to maintain your business’s viability.

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

 

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.
 

Taxation

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

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. Most will be computerised nowadays and they should contain details of payments, receipts, credit purchases and sales, assets and liabilities. We can advise on the most appropriate package for you.
 

Guidance on Accounts required

The books and records are used to produce 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 also 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.
 

Advise on Employing staff

It’s the employer’s responsibility to advise HMRC of the wages due to employees and make deductions for Income Tax and National Insurance under PAYE. You must also consider Real Time Information(RTI) and automatically enrolling employees into a pension scheme.
 

Staff that specialise in this area

  • Jason Marshall
    Jason
    Marshall
     
  • Neil Holtschke
    Neil
    Holtschke
     

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