Are you a new start up?

BUSINESS STRUCTURE

(Sole Trader, Partnership, LLP, Company)

BUSINESS PLAN

• 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.

VAT REGISTRATION

• 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.

FORMATION

• 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.

accountants for startups

COMPANY CAR

• 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.