Starting a business but not actually sure where
to start – relax, we’ve got your back!
Starting a new business can be very daunting for many people and we completely understand this feeling. You probably feel comfortable with the products and/or services you’re ready to start selling but it’s the unknowns with the day-to-day running of the business that is giving you sleepless nights! But there’s no need to worry, here at Phillips Frith we can help you every step of the way.
We can take away a lot of the headaches facing a start-up business, freeing up your time to focus on the business so you can make your new venture a success.
Below is just a small selection of ways we can help your
new business get off to a flying start:
Financing your start-up business
We can work out your borrowing requirements by preparing cash flow forecasts and profit projections. And then we can help negotiate with your bank manager and other prospective lenders or investors.
Deciding on whether you should trade as a sole proprietor, partnership or with a limited company. We will advise you on the tax consequences of each of these options for your start-up business. We can help to identify any risks for example from litigation by customers or employees. And we can set up a limited company for you, if that is what you decide to do and liaise with Companies House on your behalf.
The records your start-up business needs to keep
It is important right from the very beginning to keep proper records of all your business activities – to help you regularly monitor the progress of trading as well as to meet your obligations to HM Revenue and Customs (HMRC). We can show you how to keep proper records and help you to decide whether you need a computerised accounting system such as Sage. And if you do, we can install Sage for you and train you in how to use it.
We can help you to understand how VAT works. We can tell you whether you need to register for VAT and help you to complete your first VAT return. Then we can carry on helping you with your VAT for as long as you like.
Deciding on whether your start-up business will need employees
If you are going to employ staff then you need to understand the PAYE rules and how to make payroll calculations. We can explain these to you and help you to set up a PAYE scheme with the Inland Revenue. We can supply payroll software and show you how it works – or you can take advantage of our Payroll Bureau Service.
The end of your first year of trading
After the end of your first period of trading and annually thereafter, a set of accounts needs to be drawn up.
The information in these will be needed by, for instance:
- You, so that you can see how your business has performed and to help you plan for the future.
- The bank or other lenders and investors.
- The Inland Revenue.
- Companies House if you trade as a limited company.
Tax computations will be needed for the Inland Revenue and so will self-assessment tax returns for you and corporation tax returns for a company. We can prepare your year-end accounts and meet with you to make sure you understand them and them file them with Companies House for you.