starting your own business
TRANSCRIPT
A Rough Guide to Starting Your Own
Business
Should I Start My Own Business?
• There are many reasons both for and against starting your own business – only you can really make the decision.
Reasons For:
• Flexibility
• Satisfaction
• Control
• Unique business
• Tax saving
• Unemployment
• Working from Home
Reasons Against:
• Employment Status
• IR35 Legislation
• Insecurity
• Ability
• Responsibility
• Legal Responsibilities
• Organisation Skills
• Personal Liability
Reasons which should not affect your decision:
• Confidence
• Concerns about H M Revenue and Customs
• Concerns about setting up a Ltd Company
What Do I Do First?
• Set your Goals
• Prepare a Business Plan
What Do I Do With My Business Plan?
• Discuss your Business Plan with someone else
Find an Accountant
• Make sure you find one who you are comfortable with as you will need to have a close relationship with them
What About H M Revenue & Customs?
• 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.
Business Bank Account:
• Set up a Business Bank Account
• When selecting a bank consider the deals they are offering, and their terms.
Bookkeeping:
• 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.
Do I need to be VAT Registered?
• 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.
Launch Your Business:
• Start trading – obtain your initial equipment, stocks and clients/customers
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.
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