Business Start-Ups

Mitchell Charlesworth Chartered accountants & Business Advisors currently advise a wide range of new businesses in all the key elements of the start up process and would be delighted to help you too.

The First Steps

Whether you're a Sole Trader, Partnership or Limited Company we would recommend that you appoint a team of advisors at an early stage. Any successful business will need the support of an accountant, a solicitor for legal advice and a bank. We can help build this team and below we detail the major areas where we can be of specific help.

A Good Idea!

Most new businesses start with an individual who has a mind to develop a ‘good idea’ on a self-employed basis. The most difficult part is then turning that idea into a long term viable, working business.

Getting Started

This is where Mitchell Charlesworth can be of assistance. We have a depth of experience in dealing with new business ventures of varying types. Whether you intend to operate as a sole trader, in partnership or as a limited company we recommend that you seek professional advice at the earliest opportunity. We will undertake an initial discussion either at our own offices or at your premises FREE OF CHARGE. So act now. Contact your nearest Mitchell Charlesworth office and ask to speak to one of the partners.

The help you need

The firm offers practical advice from experienced partners and staff on:-

• Book-keeping - manual and computer based
• Taxation / Self Assessment
• National Insurance
• Pensions and Investments
• Business Insurance
• Management Accounts
• Grants
• Raising Finance
• V.A.T.
• Partnerships
• Limited Companies
• Payrolls

Partnership or Limited Company?

At the outset it is important that you commence to trade in the most appropriate way. Many small businesses are a husband and wife team and a partnership may reduce taxation. In others several people may be involved in the venture and limited liability may be of prime concern. We can :-

• Review the benefits and disadvantages of self-employed status or a limited company
• Liaise with both your bank and solicitor where formal documentation or deeds are required
• Establish contact with various tax offices covering income and corporation tax as well as PAYE / NI and VAT
• Carry out the limited company formation process on your behalf dealing with all necessary registration matters

Book-keeping

Often overlooked by clients and regretted at a later date. Inadequate book-keeping can cause both administration and taxation problems and the penalty for the latter can be severe. Efficient book keeping can avoid problems with the Inland Revenue, Customs and Excise and the accountants when they come to prepare the annual accounts.

We would :-

• Help and advise on the most appropriate records to be maintained, both manual and computer based
• Advise on the implementation of the systems selected
• Assist with the learning process by showing the client how to operate the systems
• Carry out reviews to ensure that the systems are subsequently operating satisfactorily, or if you preferred, we could maintain your records by utilising our own staff

Small Business Services

Having identified the areas where problems may be encountered we detail below matters where we feel we can be of particular assistance in the early stages of your business ensuring it starts on a firm basis for the future.

Taxation

It is important that a business is structured at the outset to gain the best taxation advantage.

We would :-

• Determine the clients year end to the best advantage and notify the Inland Revenue
• Advise on the expenses that can be claimed against the business income and employment of family members
• Explain the basics of tax liabilities and National Insurance
• Register the business for both VAT and PAYE where appropriate and advise generally on these areas
• Submit annual accounts to you for approval and then to the Inspector of Taxes together with relevant forms and computations
• Advise on any changes in legislation which may arise in respect of the effect on your business

Grants and Raising Finance

One of the key requirements for a successful business is to ensure that they have the right financial structure with the provision of a significant capital base. As part of the start up process we would advise on :-

• A suitable structure and facilities to ensure costs are kept to a minimum
• The grants available in your specific circumstances and then assist in the grant application process
• The use of banks and other finance sources making introductions where appropriate and assisting in the provision of relevant and timely information as necessary
• The provision of, or assistance with, forecasts and cashflow projections, ensuring that they are compiled in an acceptable format

Your Next Step

We are currently advising a wide range of new businesses in all the key elements of the start up process and would be delighted to help you too.

For further information contact your nearest Mitchell Charlesworth office or complete an enquiry form.