Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

When you decide to start a new business, there are a number of factors to be taken into consideration. One of your initial decisions to be made is whether to become a sole trader, limited company, limited liability partnerships or a partnership. Becoming a sole trader is the easiest option, but has more risks. A limited company removes some of the risk and is tax efficient, but can be a more daunting prospect if you are new to self employment.

Creating a business strategy is essential to a new business as well as sourcing finance. Becoming familiar with the legal requirements of starting your own business may seem like a minefield, but with professional support it becomes much easier. Maintaining a strategy throughout is crucial to the success of a business. Make changes as you discover what works and what isn’t effective. Trying to identify risk factors in your business and avoiding them where possible will help in the early days of your business venture. A contingency fund may also be useful, especially if you do come across any emergencies.

Don’t be afraid of discovering that something doesn’t work, but learn from mistakes. Finding an experienced business owner who can give advice will be invaluable. There are many support organisations available, in addition to an accountant who has knowledge of HMRC, business finance and more. There are also a number of government grants, lending schemes and support networks which are available, including skills training which could help your business.

About The Author

Kara Copple

An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.