Starting a business can be a daunting prospect. There is so much information out there; do you act as a sole trader, do you start up as a limited company and who will do your accounts? It can be a rather scary time and one of the things you don’t want to do is to upset Mr taxman himself.
Once you have devised your business concept it is now time to speak to a group of chartered accountants who really know their stuff. We at Taylorcocks are experts in new businesses and business start-ups. We can help you with so many things that starting up on your own will no longer seem like the hardest and scariest thing you have done.
When it comes to your business plan there are many aspects you will need to think of. We can help you by prompting you and discussing such questions as:
- Can your business cope in the current economy?
- Do you need help in raising initial funds?
- What do you need to gain from the business from a financial level?
- How can you minimise your tax liability?
- How can you keep more of what you earn but still be within the HMRC confinements?
- How do you plan to market your business?
It is a good idea to look at initial costs. Think of things such as:
- Do I need office space?
- Do I require a web site?
- Will I need someone else to help me?
- Do I need a warehouse to store products?
All of these costs will eat into whatever you have to start your business up. But your accountant can also act as your business advisor. Helping you to break each step down and look at how much things will cost, how much you need to pay out, and how to boost the bottom line of your company will serve you well in the long run.
Don’t forget your tax
At the end of your financial year you will need to file what is called a self-assessment tax return. As someone who is now self-employed you will be responsible for your taxes as you are no longer on PAYE (pay as you earn). Failure to file your tax return, or to evade or avoid tax, means that you could be liable to a tax investigation or a COP9. This is something you should avoid at all costs, as the HMRC can make life very difficult for you. They will be trying to claim back any unpaid taxes that you should of paid over the course of your business lifetime.
The best thing to do is to keep up-to-date with your tax and paperwork and to employ a chartered accountant. As mentioned, your accountant is your new best friend, someone who can guide you through your business plan and start=up and help you file your tax return. See them as an extension to your business and make your dream come true. Turn that idea into a reality today.
Wendy Lin is a free-lance writer, experienced traveller, fun-loving mum and entrepreneur. She has her own private consultancy businesses focusing on start-up businesses.