Are you a new start up?
If you are starting a business then talking to an accountant and taking advice on how to best structure your business is essential.
There are some basic decisions that are easy to make at the start but harder to change if you have been operating for a year or two.
We can talk you through the basics and help you decide on the best structure for your business start-up.
- Sole Trader
- Limited Company
- What is your mission, vision, your goals and objectives?
- What experience have you got to make your business a success?
- How is the business to be financed
- How viable are your profit and cash flow forecasts?
- How are you going to draw up your business plan?
BANKS & FINANCE COMPANIES
• To open accounts, cheque books, debit cards.
• Free banking for 2 years.
• Overdraft facilities, credit cards, grants and loans.
- All sales over VAT threshold need to be registered
- Include your VAT number in all invoices.
- Ensure you always receive a VAT invoices from any suppliers.
- If they claim they are not VAT registered, obtain a genuine invoice detailing the date, company registration number, full address, telephone number and website details.
- Make sure you submit your VAT returns on time and avoid the dreaded VAT inspection.
- If you are self-employed ensure you notify HMRC of your current status.
- If you are an employer make sure you speak to Employer Section and are PAYE registered.
- Ensure you have a valid partnership agreement if entering into a Partnership or LLP arrangement.
- If you are a company ensure you are registered with Companies House.
- Any self-employed individuals are required to keep a log of business mileage as proof when claiming for tax relief.
- Company owners will need to assess if there is a tax benefit of operating a company car or if it is more viable to maintain a private car and charge the permitted rate per mile up to a maximum of 10,000 miles before the dropping to the lower tier thereafter for business use.