Download - starting your own business
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A Rough Guide to Starting Your Own
Business
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Should I Start My Own Business?
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• There are many reasons both for and against starting your own business – only you can really make the decision.
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Reasons For:
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• Flexibility
• Satisfaction
• Control
• Unique business
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• Tax saving
• Unemployment
• Working from Home
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Reasons Against:
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• Employment Status
• IR35 Legislation
• Insecurity
• Ability
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• Responsibility
• Legal Responsibilities
• Organisation Skills
• Personal Liability
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Reasons which should not affect your decision:
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• Confidence
• Concerns about H M Revenue and Customs
• Concerns about setting up a Ltd Company
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What Do I Do First?
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• Set your Goals
• Prepare a Business Plan
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What Do I Do With My Business Plan?
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• Discuss your Business Plan with someone else
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Find an Accountant
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• Make sure you find one who you are comfortable with as you will need to have a close relationship with them
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What About H M Revenue & Customs?
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• Register your Business with H M Revenue & Customs
• If you are trading as a sole trader or in a partnership you will need to notify HMRC that you are self employed.
• If you prefer to trade through a Limited Company you will need to have the company ‘formed’ at Companies House. You will then be sent a form CT41G by HMRC which you must completed an send back to them by post.
• Once registered you (and your Ltd Company if relevant) will be given a UTR (Unique Tax Reference) number.
• Your accountant will be able to assist you with these processes, or do them for you for a small fee.
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Business Bank Account:
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• Set up a Business Bank Account
• When selecting a bank consider the deals they are offering, and their terms.
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Bookkeeping:
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• Decide on your bookkeeping system – discuss this with your accountant.
• Most start-up businesses should be able to manage with a spreadsheet for recording their income and expenses.
• If you would like a free bookkeeping spreadsheet template please let me know.
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Do I need to be VAT Registered?
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• When starting up a business it will probably not be necessary to register for VAT immediately, however it may be a benefit to do so.
• Your accountant should be able to advise you on this, and on the various VAT schemes available.
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Launch Your Business:
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• Start trading – obtain your initial equipment, stocks and clients/customers
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There’s No Need To Scream:
• Please remember to contact your accountant with any queries throughout the year – they should not charge for quick questions and it could save you a lot of time and hassle.
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DFL Accountants Ltd
• The Handouts are available as PDF documents – please e-mail me for a copy.
• I am also happy to answer any queries on the phone, or arrange a free initial meeting.
• Darren Loring (FMAAT)DirectorDFL Accountants LtdTel: 01423 550002e-mail: [email protected]: dfl.accountants.ltdWebsite: www.dflaccountantsltd.co.uk