The Quick Guide Series:

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STARTING IN BUSINESS

Starting in business is never something that should be taken on lightly, but if you have the right product or service and the right approach, the rewards can be considerable.

To make the best possible start to your new business, you should consider carefully the following questions:

• Have you prepared an objective business plan?

• Do you know how much money you need to start your business?

• Do you need to raise any business finance and if so, do you need any assistance with this?

• Are you fully aware of the legal requirements placed upon you as a business proprietor?

• Have you considered how to market/advertise your business?

• Would a limited company be a better option than being a sole trader (see our Quick Guide Run your Business as a Company) or would a partnership be advisable?

• Have you considered what would happen to your business if you were unable to work, for example through ill health?

• Are you and your family prepared for the level of commitment required to succeed in business?
  

If you are unsure on any of the above, we strongly recommend that you seek proper professional advice as soon as possible.

How can we help you?

We believe in a personal approach with all of our clients, and in providing a creative, positive and flexible service. We have considerable experience with new businesses and can assist in a variety of ways:

1. Bookkeeping
The maintenance of proper books and records is essential in order to monitor the trends and patterns of your business. They are also required by law (see our Quick Guide to Record Keeping). We can provide advice and assistance on what you will require.

2. Preparation of Accounts
We can prepare your annual accounts. We can also prepare management accounts which enable you to check regularly on business growth, trends and profitability.

3. Computerised Accounting
We can help you to decide which hardware and software is most suitable for your business needs, and provide training and support, where required. We also operate a computerised Payroll Bureau.

4. VAT
We can assist in the preparation of VAT Returns and provide appropriate VAT planning for your business (see our Quick Guide to VAT).

5. Self Assessment
We can deal with all aspects of business and personal taxation, including the preparation of Self Assessment Returns.

6. Financial Planning
We can help you to plan your business finances and provide forecasts where required. In addition our associates, Financial Management Bureau Ltd, can provide independent advice on pensions, life cover, permanent health insurance and investments.

Initial Checklist

We have prepared a checklist of some of the more common matters that can be easily overlooked at the start of a business and during the all-important first year:

The above list is not exhaustive and not all of the points will apply. It should, however, act both as a reminder and a prompt to seek further guidance where necessary.

Summary

There is a great deal of paperwork required in the correct running of a business, however small that business may be. Spending too little time on such matters can lead to serious problems (particularly with organisations such as HM Revenue & Customs), whereas spending too much time may lead to the business itself suffering. This is where good professional support is absolutely essential.

Give your business venture the best possible chance - by making the right start.

Please note: This guide is intended to provide basic information only. Where specific advice is required, we recommend that you seek proper professional help; either from this firm or other suitably qualified person or practice.