Starting a new business from scratch may seem like a daunting task for first timers. True, there are some essential, official things you need to get in place and do properly, but these are not difficult if you know where to start.
Here are four essentials to get in place:
Choose the type of business
In a future blog post we’ll be exploring the differences; and the pros and cons; between setting up your business as a Sole trader, Limited Company or partnership.
You’ll discover whether you’re liable for any business debt, how best to operate your finances and what the tax implications are, so you know which type of business to set up.
You need to consider the risks and benefits of each type of structure before making a decision, but let’s not get too heavy with this … after all, that’s why we’re here, to help you understand and make the best choice by laying out all the options in clear and easy-to-understand terms.
Choose the name of your business
Choosing your company name is probably the most exciting part of the process. However there are some rules you need to follow. You also need to register your chosen name with Companies House; unless you’re setting up as a sole trader.
If you decide you’ve made a mistake with the name of your business and change your mind later or think of something better, you can ‘trade as’ a different name, called a business name.
There are many different types of insurance you might need, depending on the business you operate.
For example, employers’ liability insurance is compulsory by UK law if you have employees and will cover you against claims made if anyone injures themselves on your premises.
If you operate a motor vehicle you must legally insure all users of the vehicle. You might need professional indemnity insurance or public liability insurance. We can help you determine which types of insurance you need.
Business accounting in Cheltenham
Book keeping is essential for running a business and unless you have time to spare and are a whiz kid with numbers, you’ll need an accountant. Plus, you will need to know all the ins and outs of how to submit tax returns and how to apportion your money for best investments, savings and earnings. That’s where we come in.
As one of the major local accounting companies in Cheltenham; offering great business startup advice and services, we have the experience and know-how to cover all your finance and accounting needs when setting up and running your own business.