Starting up a Business can often be a step into unfamiliar territory. There are so many different aspects to juggle and often as a business owner, you are the one responsible for managing it all from the early stages. It is no wonder they often find themselves getting bogged down from the very start.
The first steps of business planning and management often create the foundations of how successful a business will ultimately be, as well as how it will cope with growth and challenges that may arise.
There are five key areas to consider:
• Structure. Get professional advice early on. Sole Trader is the obvious route if you’re going it alone but if more than one person is involved, a Partnership. Forming a Limited Company is an option depending on circumstances. There are pros and cons for each including both commercial and tax considerations.
• Funding. All businesses need working capital to finance their start-up and running costs. This cash injection could be a bank facility, a loan or even a grant. There may be tax implications around the type and nature of the ‘debt’. So, again seek advice on the best step.
• Compliance is important and will vary depending on type and sector. However, all businesses must register with HM Revenue & Customs within the appropriate timescale. If the business will make ‘taxable supplies’ in the next twelve months that exceed the current VAT registration threshold of £83,000, then VAT registration is obligatory.
• Employees. If you are going to employ people, including salaried directors in a limited company, your business will need to register with HM Revenue & Customs for a PAYE scheme. Regulations surrounding work place pensions will also need to be adhered to as noncompliance can result in significant financial penalties.
• Record Keeping. The UK’s taxation system is changing and all businesses must maintain adequate accounting records and, depending on turnover levels, these may need to be held in a digital form from April 2019. Choosing the right accounting package is vital and getting right from day one will almost certainly save time. Want to find our more? We can help!
Our business start-up events are intended to help you consider the 5 key areas you need to implement to work towards growing your successful business.
We have a number of external speakers joining us in addition to our specialist business growth advisers with the knowledge and expertise in business planning. Presentations will cover various topics such as tools for business growth, managing your business effectively as well as raising awareness of funding and taxation opportunities and legalities.
Our start up events take place across Norfolk, Suffolk and Cambridge. Visit our website at www.whitingandpartners.co.uk for more information and to book your FREE place.