Ready to set up a new business?

There are a lot of things to consider, but let us offer you a nutshell list of things to look at:

Business Meeting
  • Do you have an available unique trading name that you want to protect?

  • What structure will suit your business

    • Limited Company​

    • Partnership

    • Sole Trader

      • If you need advice before making this decision, let us know & we can simplify the differences to help you understand which structure would suit​ your situation

Open Sign
  • Have you researched your business idea, what is the local competition like?

  • If there are businesses offering a similar service, then why will yours stand out?

Shoe Sole Repair

Sole Traders & Partnerships

  • Register as self employed with HMRC within 3 months of the start of trading

    • You will then receive a UTR (Unique Tax Reference) number, which you will need to submit your annual tax returns​

Limited Companies

  • Incorporate your company with Companies House

    • You will then receive​ your registration certificate, company number & authentication code (Needed to make changes to company details with Companies House)

    • HMRC will then send your corporation tax UTR to allow you to submit annual business tax returns

At the Cash Register
  • You will need to set up a business bank account

    • This isn't a legal requirement for sole traders and partnerships but we advise to have a separate account from your personal ones to ensure an easy split and simplify to simplify the bookkeeping tasks​

  • Have you calculated the costs of setting up the business?

    • What equipment, software do you need to get started​

    • Will you need financial support

Piggy Bank
  • Do you know how much you are going to charge for your services/products

    • Have you factored in the costs that you will incur in order to be able to sell i.e postage costs, materials, purchases etc..

  • What bookkeeping requirements will you have

    • Worth setting up on an online accounting package from the start?​
    • Are you going to carry out the bookkeeping yourself, or outsource?
Accounting Tasks
  • Are you aware of what expenses you can claim​​

    • If not, we can help simplify this, as it can depend on the type of business​

  • Do you need to monitor your turnover for VAT registration purposes

    • If your service is inside the scope of VAT, you will need to monitor turnover on a 12 month rolling basis​

    • Threshold is currently £85,000

    • As soon as you exceed this, you will be required to register for VAT

    • You will then charge  VAT (20%) to your customers and also claim back the VAT you paid on expenses

Accountant

Once the above is considered, you should be ready to get started!

There will be other hurdles that pop up. We will be with you every step of the way to ensure that everything is as simplified and clear as possible from an accounting point of view.

Celebration