All Tax Accountants have helped many business start-ups take their first steps to success.

You are talented, skillful and you want to be your own boss.

Setting up your own business can be a challenging task. However, it does not necesearily always have to be this way. We are new business start up specialist offering guidance right from the start to get you up and running.

You have a great idea and plenty of enthusiasm. However, there is still plenty to consider prior to setting up your business. Researching and planning of your business is one of the most essential parts of the process you intend to begin – without it, your business will be likely to struggle in the future.

Sit comfortably, All Tax Accountants can guide you through all the steps of your way – starting from choosing the best company structure for you and helping you with accounting and tax affairs.

Once you are finished, you can get in touch with us, so we can help you taking first step into entrepreneurship.

Start with an idea

Think about something you can turn into a successful product or service.

Research your business idea to the furthest possible extent. Identify who your clients are and try to target a part of the market you find out most likely to be attracted to your new business. Do not be afraid to make changes to your plans as you progress in your work – sticking to things that clearly are a burden to your new business is never a good thing.

It is always advantagous if you already know the industry you intend to enter – frequently it is one of the greatest assets your business could hold at this stage. Do not rely solely on your experience and keep researching – running your own business means that you are likely to adapt to a new way of doing things.

What business structure is best for me?

When you start a new business one of the first thing to consider is what tax and legal structure should you use.

It can make a big difference to the financial risk you are taking, the paperwork you need to keep, the image you present to customers and the tax you pay.

SELF-EMPLOYMENT, PARTNERSHIPS & LIMITED LIABILITY PARTNERSHIPS

Self-employment appears to be the simplest and cheapest solution. It is not very tax efficient once your profits rise. Being self-employed means personal taxation and personal liability. Two or more self-employed people can register as a partnership. Profit is split between partners is subject to tax the same as self-employed. Limited Liability Partnership is another possibility – it gives partners personal protection against financial risk but it is still taxed as any other form of self employment.

LIMITED COMPANY

Limited companies are separate legal entities. They are followed by more rules and regulations than self-employment. Limited company is more tax efficient as profit rise.

Brand your business

Make your business brand appropriate, recognisable and memorable.

“Grotty Chambers of Doom” is a catchy name, but it might not attract many clients into your child-minding business. Work on developing a great name and logo – this is how your future clients are going to perceive you in the future.

Do remember that the internet is the dominant medium these days – once you set up your business brand, ensure you are present online. You can register an online domain and create your own website, as well as use social media platforms e.g. LinkedIn, Twitter, Facebook, etc.

Charge your clients appropriately

Working for yourself is not only intended to keep you busy.

The costs and expenses of running your business can consume a massive proportion of your business’ turnover. There is also tax to be paid at some point, no matter if you are running a limited company or are a self-employed individual. Respectively, you have to ensure you charge your clients appropriately, so your business has enough funds to pay for its liabilities and enough room for further growth.

Running your own company means that it should pay you money. Not the other way round.

Bookkeeping

Receipts, sale invoices. More receipts. Your business is doing well, but the amount of paper record it generates can be overwhelming.

Routine day to day accounting for your business can be a tiresome venture.

Getting a friend or family member to do it for you can cause more damage to your business than it is worth – especially, if they are not properly trained to do the job (e.g. look left).

If you are new to bookkeeping and you intend to maintain it yourself, we would suggest you to get us to do it for you (you even get a discount on the year end accounts!) or invest in some relevant training.

Keeping your bookkeeping accurate and up-to-date allows you to stay in better control of your business. All Tax Accountants can free you up, so you can concentrate on what you do best. Giving you back time to relax and enjoy your business.