Start your new business off on the right foot
Sep 07, 2016
Business Advice News Tax Tips
Over the years quite a number of us have no doubt flirted with the idea of setting up our own business. It’s a very appealing prospect after all – being your own boss, choosing your working hours, working from home and, if all goes well, benefiting directly from the success of your efforts.
However, when running your own business you very much get out what you put in, and in most cases your future success is down to very long hours and a lot of careful planning, certainly in the early stages. A lot of us have been put off the idea before we’ve even got started – there are so many fundamental things that it’s essential to consider before you take the plunge. Firstly, you need a business plan. However rough around the edges it may be, this is going to provide an invaluable roadmap of how you plan to get your business off the ground and what point you want to have reached in a year or two’s time.
Once you’ve done your market research and you’re confident that you have clear goals in place, then make sure you lay down the financial bedrock of your business. Getting into the right habits from the start will avoid your accounts getting messy and complicated at a later stage. There are many elements to put in place when setting up a new business, such as selecting a legal entity, registering with the tax authorities and paying corporation tax – the list goes on. At this point seeking professional help from an accountant can be invaluable and pay dividends in the long term.
Download our free guide
To help you take into account all these important considerations, the team at Paish Tooth have put together a New Business Guide. This PDF has been updated for the 2016/17 tax year and is free to download. It covers the following chapters:
Chapter 2 – Registering with the Tax Authorities
Chapter 3 – Accounting & Bookkeeping
Chapter 4 – Value Added Tax
Chapter 5 – Payroll Taxes and Pensions
Chapter 6 – Income Tax and Corporation Tax
Chapter 7 – Cash Planning and Forecasting
Chapter 8 – Obtaining Credit and Financing Your Business
Chapter 9 – Selecting Professional Advisers
Chapter 10 – Useful Names, Addresses and Telephone Numbers
There is a lot to think about when starting your own business, but if you seek the right advice and take it on board, and you’re prepared to put in the hours, then your chances of success are a whole lot greater. Have the courage of your convictions and keep looking forwards – and hopefully when you eventually do look back, it’ll be with a sense of satisfaction at everything that you’ve managed to achieve by going it alone.
The team at Paish Tooth have many years’ experience of helping new businesses to get themselves successfully established, so please contact us with any queries and we’ll be happy to help.