• 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.
• 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.
• 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.
• 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) Director DFL Accountants Ltd Tel: 01423 550002 e-mail: firstname.lastname@example.org skype: dfl.accountants.ltd Website: www.dflaccountantsltd.co.uk