Deciding to ‘go it alone’ is daunting, but more and more budding entrepreneurs are making the necessary leap of faith and deciding to start up their own businesses.
If you are thinking of starting up a new business then you are going to need the dedicated services of a team of expert accountants as you take each of those baby steps towards financial freedom. That’s what we are here to do for you.
FINANCES FOR START-UPS
NEGOTIATING THE SMALL BUSINESS MINEFIELD
It’s a sad fact that a lot of new ventures fail, and the main reason they fail is that they are not properly prepared with the ‘nuts and bolts’ of financial matters. Anyone can have a good new business idea, but it’s all too easy to become swept away by your new products or services without laying down the financial framework that is necessary to maintain the viability of your business.
Over the years, we’ve helped countless new businesses to start up, survive the tough times, and flourish. We’ve found that the best way of helping make a new business a successful one is to take a very hands-on approach, or even a hand-in-hand approach.
WE CAN HELP YOU TURN POTENTIAL
INTO A SOUND, PROFITABLE COMPANY
When you engage our services, we will make sure your finances are set up correctly and in a way that will enable you able to manage them. You can either make use of our complete bookkeeping services, where we take care of it all for you, or we can assist you in taking care of it yourself by providing templates, guidance notes and software recommendations.
As your accountants, we do much more than simply provide a service – we are your business partners, and a key part of your team.
- Keep your books in order so they remain fully compliant.
- Give you advice on how you can minimise your tax liabilities.
- Help to ensure the survival of your business through those difficult first few years.
- Remind you in plenty of time when important deadlines are approaching.
- Make sure the information sent to HMRC is accurate and on time.
We’d love to join your team as part of your exciting new business venture. To talk to us about your plans or just for some initial advice, please call Bells Accountants in Kent on 020 8468 1087. You can also email us at .
FAQS FOR START-UP BUSINESSES
Q: Should I write a business plan?
A: Yes, it’s always a good starting point. Bells can provide you with a template document, or come in and see us for some guidance if you have more specific requirements.
Q: Do I need finance?
A: Bells can put you in touch with specialists who can help you to access finance or grants from a variety of sources. We can also help put together the applications for the various funding bodies.
Q: Should I have a separate business bank account?
A: Yes. For limited companies it is a legal requirement to have a business bank account, while for sole traders it is optional but we would always recommend separating your business and personal expenditure.
Q: What business structure should I use?
A: There are various options including sole trader, partnership, limited company, community interest company, or limited liability partnership. Bells will look at your individual circumstances and advise on the pros and cons of each option for you.
Q: What does it mean to be self-employed?
A: When you are self-employed it effectively means that you are receiving income from a business or trade that is not taxed at source by an employer or agency. This money, therefore, needs to be declared to HMRC as part of a self-assessment tax return. Bells can help you to register as self-employed, provide guidance as to what expenses you can claim tax deductions for, and complete your tax return for you each year.
Q: What can I claim for?
A: The expenses you can claim for are very specific to each trade. For example, a consultant cannot claim for the same things as a plumber, although there will be some things that can be claimed for by both such as travel and telephone bills. Bells can provide some general guidance in the form of a leaflet or a bespoke list. Fill out our contact form for more information.
Q: Why become a limited company?
A: The main advantage to trading as a limited company is that companies pay a fixed rate of corporation tax. As a sole trader, you are subject to the normal income tax rates.