Looking to Start a New Business
Have a great idea for a new venture?
Wanting to start your own business and work for yourself?
Have ambitions to make it on your own?
One or all of the above apply to you but you have no idea where to start?
Starting a New Venture can be exciting but also daunting for those taking the plunge into self-employment, especially if this is the first time they are doing so.
There are usually a wide variety of things to think about such as (but not limited to):
Website and Marketing
The factors to consider vary from business to business. However, regardless of the type of business being set up, one factor remains constant throughout and that is the need to have a solid accounting procedure in place and to be compliant with HMRC regulations regarding businesses whether it be setting up a sole trader, Partnership or a Limited Company. We often find businesses are set up and this point is surprisingly often overlooked, and when this point is considered it is usually when certain deadlines are missed, leading to needless fines from HMRC or certain transactions have taken place which ends up increasing the businesses tax bill.
Choosing the right support from an early stage of set up will allow the business to be guided in making decisions that will reduce their tax liabilities, thus making more profit for the owners, as well as ensuring that the business (and the owners) are compliant with HMRC from the outset. The right support will also enable you to focus your attention on your business, which is what the aim of setting up in the business in the first place was.
Another factor which we find new start-ups having queries with is what type of business they should trade as i.e Sole Trader, Partnership or Limited Company. Each type of business have their pro’s and con’s and the right type is highly dependant on the business owners’ circumstances and the type of business being set up.
Lastly, we find new start-ups choose a software package for their bookkeeping, which is great as it can make things easier to record for the business owner. However, they must remember that the software package chosen is essentially what it is, a bookkeeping software. As great as software packages are for bookkeeping, they don’t provide the expertise of a Tax Adviser which will go a long way to ensuring your tax liabilities are minimised and they can’t substitute the valuable support that can be received.
At Tax Tyne we offer all new clients a free no obligation consultation in which we will go through your options for your business and offer our expert advice on the ways to proceed, in order to make your business successful from the outset. We believe in offering the support needed to new start-ups as we aware of what goes into making a new business succeed. Contact us on 0191 5111217 or send us an email to firstname.lastname@example.org to arrange your free no obligation consultation.