Just Starting Up?

Planning a new Business?

Remember the 5 P's

• Proper
• Planing
• Prevents
• Poor
• Performance

Important Considerations

• Do you need to invest in assets?
• How are you going to finance the business?
• What are the commercial risks?

Experience

• Do you have experience in the type of business you're starting?
• Do you have the necessary formal certificates (which may be required by law)?

Business Structure

• Sole trader
• Partnership
• Limited company

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Financial Forecasts

• Sales Forecast
• Expenditure Forecast
• Turnover and Stocks
• Profit Forecast

Business Plan

• Have you put all the above into a formal business plan?
• Does the plan clearly state the principal activity of the business?
• Does the business plan include an action plan with target dates?

Should The Business Register for VAT?

• Is registration an option?
• When to register?
• Is the business outside the scope of VAT?
• How will registration effect profitability?
• Have you understood the legal requirements?

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Other Matters to Think About

• The use of cars for company business.
• Tax planning and preparation.
• Setting up a bank account
• Business telephone
• Business premises
• Formation of the company (if limited)
• Informing HMRC if you are to be self employed
• Business insurance (indemnity)

The above are just some of the issues which require attention!


Tax and NIC's contributions

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By providing those much needed 'helping hands', we are able to assist with the above and many more issues.