This is a big step and daunting for anyone when setting up in business for the first time. It is worthwhile spending time to consider your business strategy before you start and important to determine the correct structure at the outset.
The main choices are sole trader, partnership, limited liability partnership, private limited compnay, public company or company limited by guarantee. Each has its own pros and cons.
We have years of experience working with new start ups.
We start off with a free introductory fact finding exercise to understand your business idea and personal goals.
We will discuss your options and propose the most suitable structure for your purposes.
We can assist you with the formation and registration of your chosen entity and advise you regarding regulatory requirements.
We can further assist you to set up efficient bookkeeping and accounting processes and, if required, we manage these for you in order to free up your time to manage your business.
If appropriate, we will recommend and obtain an online bookkeeping package.
We may be able to help you to obtain additional funding.
Started for the wrong reason
Possibly the number one reason for failure is because the business was started for the wrong reason
It may be a great idea but often people lack the necessary business and management skills and don't seek help !
Be realistic at the beginning, and start with enough money that will last you to the point where you're business is up and running, and cash is actually flowing in.
Failure to understand the market and customers
It’s very important to understand your competitive marketspace and your customers’ buying habits.
Not knowing when to say "No".
Good businesses are based on customer service with a focus on quality, delivery, follow through and follow up. Too much to do and these will suffer.
Expanding too quickly
Growth needs to be managed carefully with the right research and appropriate systems in place first.
More coming soon
Are you involved in construction?
- Do you understand the rules and the different rates of VAT that apply to the construction industry?
- Do you understand the domestic VAT reverse charge?
From 1 March 2021 the domestic VAT reverse charge must be used for most supplies of building and construction services.
DO YOU NEED HELP?
Struggling with direction or growth?
Interested in how we help you and your business?
Find out now with a no-obligation, exploratory discussion.
LIMITED PLACES AVAILABLE!
Do you have employees working from home because of COVID-19? If you don't reimburse them, they can make a claim for a fixed amount from HMRC.
Three year anniversary Compliance reviews
Need help? - email us now
FIXED FEE OFFER
We offer a fixed annual fee service for all clients.
Our offering for new or small businesses can include online bookkeeping, typically Xero and Receipt Bank
Challenger Banks - Mettle. (backed by NatWest) is designed for small businesses. There are no fees and free access to the online bookkeeping package, FreeAgent.
Contact us for a free no obligation chat about your plans, needs and options.
You have the questions and we provide the solutions.
Access Online Bookkeeping
Not set up yet?
or ask for more details.
Hertfordshire WD6 1QQ
Tel: +44 (0) 7801 954757
New online access
Consult our online tips and newsletters, including information about recent changes in taxation regulations.