Before you start offering your products/services, do your homework on the competition and find out what is and what isn’t working in today’s market.
Draw up a business plan. Ask yourself, who is your products/services aimed at? How will you promote your business? Do you need funding? These are some of the many questions new business owners ask themselves. Remember the more research you do, the more information you will have to plan.
Making your ideas come to life
Having everything in place prepares you for success. Don’t start up your business without a plan as you will face some extreme challenges along the way. We can help you go through all the things you need to get the ball rolling.
Registering your business
You will need to decide what entity you want to register as. Are you registering as a sole trader or a limited company? The difference is your liability and the taxes you must pay. Sole traders have unlimited liability meaning the debts belong to the sole trader, so your personal assets are at risk. Whereas in a limited company you have limited liability, so you are only liable for the money you have put into the company (capital invested) and not your personal assets. Regarding taxes, a limited company pays 19% tax on profits and a sole trader pays 20% tax on profits between £12,570 and £50,270, 40% on profits between £50,270 and £150,000 and 45% over £150,000. If you want to form as a limited company, you will need to register with company’s house.
Registering for Taxes
You will need to register with HMRC for self-assessment if you are a sole trader. If you’re a director, you will also need to register to report any income in the form or salary and dividends.
If you are a limited company, you must register for corporation tax with HMRC.
PAYE: When paying staff salaries, you will need to register as an employer to deduct income tax and national insurance contributions.
You must register for VAT when your taxable turnover is going to go over £85,000 in the next 30 days. You can register voluntarily if you are below the threshold if it’s of any benefit to your business.
Some benefits are:
Under certain circumstances you must auto enrol to file their pension contributions with a pension provider.
For the first 3 years we can help you move forward, regularly reviewing your progress/performance and keep you on the right path.
Application for VAT registration and recommend you on the best VAT schemes for your business.
In years 1-3 we will create, manage and update a rolling 12-month 3-way forecast of profit & loss, cashflow and the balance sheet so you always know what the future financial performance and position of the business looks like.
After year 1 we will build a fully integrated 12-month 3-way financial model, budgeting the next financial years, with detailed analysis of all income and costs.
13-week transactional cashflow forecast that helps estimate the amount of money that will move in and out of your business.
Performance Reports & Reviews
We will send regular performance reports and review your progress during the start-up phase.