Are you considering running your own business or becoming self-employed?
Setting up a new business is as exciting a project as it is a challenging one. We are living in a time of unprecedented change. New technologies and systems are transforming the way we live and work. The internet has made it easier than ever for new businesses to join the global marketplace and reach customers all over the world. Interconnection between individuals, businesses and markets has never been greater.
Starting your own business requires careful planning, research and preparation. You need to think about your business structure, budgeting and paying your own tax, to name but a few. A good place to start is to discuss your plans with an experienced accountancy firm that can give you the help you need.
In the latest issue of our regular newsletter Strength in Numbers we have produced a series of articles which cover some of the key issues you may need to consider, including how to structure your new business, employing staff for the first time, allowable expenses and selecting the right accounting date. We also look at the VAT implications for your new business, which expenses are allowable, branding and marketing, and how to plan for worst case scenarios to protect your business.
The more forethought you can give to the job of running your business, the more likely you are to succeed. With careful planning and the right advice, you could earn more and pay less in tax.
How we can help you
We can assist you in a variety of ways:
Preparing your accounts – promptly after the year end. Some clients with growing businesses have management accounts. These enable them to check regularly on their business growth, cash flow, trends, and profitability.
Tax planning – to minimise your tax liabilities.
Cash and profit forecasts – ‘moneymaps’ to help you forecast your future business performance.
Financial planning – helping you plan both your business and personal finances.
Bookkeeping – our cloud-based, computerised bookkeeping services and bolt on apps allow you to spend more time running your business.
These are only a few of the ways we can help you succeed in running your own business. If you would like to discuss any of the items in this newsletter or need advice on general financial, taxation and business matters, please contact your local Mitchell Charlesworth office.
When employing staff for the first time it is important that you follow government employment guidelines. Here, we look at
As a new business owner most of your time will be taken up with the day-to-day running of your company,
You have decided to take the big leap of faith and start your own business, the next question is how