Starting a new business is one of the most exciting things you can do, but to succeed you need to have the right foundations and structure in place. We’re here to make sure you do.

There are important decisions to make right from the start, such as should you form a company, a partnership, or perhaps be a sole trader? Each has different tax consequences and responsibilities which we can guide you through.

You’ll also need a business plan – especially if you need to gain financing for your new venture. You’ll also need to create business systems to keep the right records from the start.

This is where we will support you. Come to us with your business ideas and we’ll evaluate them in a constructive and realistic manner.

We can help you:

• Decide on the best structure for your business – whether that’s sole trader, partnership, limited liability partnership or limited company.

• Draw up business plans, cashflow projections, budgets, and trading forecasts. Doing this makes it easy to focus on the right areas of your business and helps you understand the breakeven point of the business so you know when you will start to make profit.

• Assess your finance requirements, give you advice on the best sources of finance, and draw up the proposals you’ll need.

• Complete any necessary registration procedures with Companies House and HM Revenue and Customs. We’ll also help you decide if you need to register for VAT.

• Deal with company secretarial issues.

• Set up a recording system for complying with statutory requirements, and to be used internally.

• Decide on the best remuneration strategy/package based on the structure of your company, your personal financial needs and the funds you have available for distribution from the business.

Other points you need to consider: 

• Decide on your marketing plan. Having a good product or service doesn’t guarantee you will sell anything. You need to raise awareness amongst the right people, so getting the marketing right is vital and could be the difference between your success and your failure.

• What staff are you likely to need? What skills will they need to have? We can help you operate PAYE for your employees, but you’ll also have to comply with laws around employment and health and safety.

• Do you have all the right insurances? These include, but certainly aren’t limited to public liability, key man, stock, business assets, business interruption, bad debts, motor insurance, employer's liability (compulsory if you have employees), professional indemnity and permanent health insurance.

• What information needs to go on your business stationery. It might sound a minor detail, but this is one of your customer touchpoints so it’s important to get it right.