You may or may not be aware that the Institute of Chartered Accounts in England and Wales (ICAEW) runs a Business Advice Service (BAS) for its members. Accountants, like ourselves, who advise business start ups join BAS; and businesses looking for advice specifically searching for a chartered accountant can be put in touch with a member of the BAS scheme in their local area.
I highly recommend having a look at the BAS blog – it has a lot of good information and answers to popular questions for start up businesses:
The ICAEW has done a survey and has found that there are six key accounting questions that most people starting out in business usually ask. To be honest, it’s a good check list for any start-up. The questions are:
1. What structure is best for my enterprise? Sole trader, partnership or limited company?
2. What records do I need to keep – for HMRC and VAT purposes?
3. Who do I need to notify about my business and when?
4. What expenses can I claim against tax if I am working from home?
5. When will I pay my first tax bill?
6. When do I need to involve an accountant and how much will they charge to prepare accounts and file a tax return?
In my experience these are very much the questions I go through with a potential start up at our first meeting. Understanding and doing the basics properly from the word “go” makes it much more likely that a new business will flourish. Get these right, and you will free up more time for the aspects of your business that you are best at like producing and selling the product or service which is the reason you are running your own business.
If you are thinking of setting up in business, please come in and see me and discuss how you might proceed. The first meeting is free of charge and gives you and I the opportunity to get to know each other. I am happy to spend an hour or so talking things through to help put you on the right track and let you know how we can help support you on this very important journey. Call me on 01788 577 613 or email me on firstname.lastname@example.org.
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