starting your own business

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starting your own business

  1. 1. A Rough Guide toStarting Your Own Business
  2. 2. Should I Start My Own Business?
  3. 3. • There are many reasons both for and against starting your own business – only you can really make the decision.
  4. 4. Reasons For:
  5. 5. • Flexibility• Satisfaction• Control• Unique business
  6. 6. • Tax saving• Unemployment• Working from Home
  7. 7. Reasons Against:
  8. 8. • Employment Status• IR35 Legislation• Insecurity• Ability
  9. 9. • Responsibility• Legal Responsibilities• Organisation Skills• Personal Liability
  10. 10. Reasons which should not affect your decision:
  11. 11. • Confidence• Concerns about H M Revenue and Customs• Concerns about setting up a Ltd Company
  12. 12. What Do I Do First?
  13. 13. • Set your Goals• Prepare a Business Plan
  14. 14. What Do I Do With My Business Plan?
  15. 15. • Discuss your Business Plan with someone else
  16. 16. Find an Accountant
  17. 17. • Make sure you find one who you are comfortable with as you will need to have a close relationship with them
  18. 18. What About H M Revenue & Customs?
  19. 19. • 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.
  20. 20. Business Bank Account:
  21. 21. • Set up a Business Bank Account• When selecting a bank consider the deals they are offering, and their terms.
  22. 22. Bookkeeping:
  23. 23. • 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.
  24. 24. Do I need to be VAT Registered?
  25. 25. • 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.
  26. 26. Launch Your Business:
  27. 27. • Start trading – obtain your initial equipment, stocks and clients/customers
  28. 28. 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.
  29. 29. 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: darren@dflaccountantsltd.co.uk skype: dfl.accountants.ltd Website: www.dflaccountantsltd.co.uk

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