Small businesses are taking over as we see more and more people choosing to spend their money with small local businesses as opposed to the high street and big firms.
Starting a business can be scary but can also be exciting and fulfilling! Often people make the choice between starting their business or getting a job but trust me running your own business is far harder than any job I have ever had but it is also the most rewarding!
You may be thinking of starting a business from home or jumping straight in with a shop front. Whatever your new business is it is vital you take time to learn and research all the things that you need to do.
You don’t always need an accountant for your new business but always get advice from a professional right at the start so you know what is involved in regards to declaring your income and paying any tax due. Accountants can help you decide the type of business structure that is right for you and getting this wrong can cost you time, stress and money.
Be aware of all your compliance deadlines with HMRC and Companies House as when deadlines are missed, penalties are automatically issued weather you are self employed or running a registered company.
There are also lots of cloud based software, phone apps and programs that can help you stay in control and organised and many are tailored to small businesses and don’t cost a lot of money. Although you don’t necessarily need money to start your business, investing a small amount in advice and software can save you thousands in the long run!
It is important to understand how tax and national insurance is calculated on your profits. Many clients we see are shocked when they receive their first tax bill as can often include some hidden extras that they were not aware they needed to pay such as a payment on account to HMRC or the additional national insurance contributions that are owed when you run a self employed business.
Being aware of all of these before you start will put you ahead of the game and you can make sure you utilise tax allowances where you can and most importantly start saving towards you tax bill.
We have produced a whole range of products and services specially design for new businesses from e-books, workshops and one to one support. If you would like help and advice then please do not hesitate to contact us so we can make sure your new business is a success!
Tel: 01778 338049