Starting A Business
Starting a business is easy. Unfortunately, running it profitably isn’t. Getting plans right from the start is essential to realising your long-term goals. We can help you from the moment you’ve had your light bulb moment right through to supporting you through the early development years.
What’s more, our contacts with banks and venture capitalists means that we understand their requirements when it comes to funding, which means we are perfectly placed to assist you.
If you’re thinking of setting up your own company, have a read of our blog ‘everything you need to know before setting up a business.’ Here you will find plenty of helpful advice including what to name your business, how to manage cashflow and what to do if you need to borrow money.
What’s my first step in starting a business?
The first decision you will need to make is which business vehicle to use. Do you set up as a limited company, partnership, LLP or as a sole trader? One of our experts can guide you through the process and help you decide which method best suits you.
Find out more about the different types of business here:
If you’re undecided about creating a Limited Company versus working as a Sole Trader, have a read of our blog; 3 good reasons to form a limited company – and 5 great reasons not to.
Once you’ve made the decision, PKB Accountants can assist you with all the considerations for your business.
What are my tax implications when starting a business?
Whatever type of business you run, HMRC will be very interested in receiving its share of your success! You will need to set up a system for calculating and paying your tax every year, right from the start. If that sounds daunting, don’t worry. At PKB, we have a specialist team of tax experts who can hold your hand every step of the way.
As well as reassurance, we can offer you the best advice to minimise the tax you’re required to pay.
Find out more about our tax planning services here.
How much will it cost me to start a business?
There are no start-up costs when you begin to work as a Sole Trader (barring the cost of the call to HMRC to let them know you’re self-employed). You can simply begin. However, if you wish to employ people or register VAT, there would be costs to consider.
When you start up a Limited Company, there are several costs:
- A full check at Companies House to ensure your desired business name is available;
- Establishing a registered office address;
- Financial advice on setting up shares, dividends, payroll and VAT registration.
An experienced firm of accountants (hello!) can help you jump painlessly through these endless hoops of red-tape. You can expect to pay anything between £250 and £400 to get yourself set up properly.
What do I call my business?
Coming up with a name for your business can be tricky. Naturally, you want to ensure that you’re still going to like the name a few years down the line and there are a number of other factors to consider as well.
If the name you want to call your business is already registered by someone else, you can’t use it. Unbeknown to many, you can’t imply any sort of Royal connection either. Finally, have a look to make sure that the name you’ve chosen isn’t trademarked and doesn’t resemble a trademark,
When you have a shortlist of names, check the Companies House name register to ensure that nobody else is using it. If your preferred name is available, the next thing to check is that you can secure the domain name as well. If your company name is different to your website address, chances are that people are never going to be able to find you via Google.
Where can I base my business?
If you’re a limited company or LLP, you will need a registered address for your business. This is a legal requirement and you can’t use a PO Box.
PKB Accountants offers a registered office service, where you can use our business address as your registered office address.
What are the benefits of using PKB Accountants as my business’s registered office?
- Your home address will stay private.
- We can store your statutory records so they’re ready for inspection purposes.
- Reminders for CS01 (Confirmation Statement) are sent straight to us so you don’t have to worry about being chased.
- Any official company mail such as letters, notifications and prompts from Companies House and HMRC will be collected and processed by us. We can then send these on to your home or another business address.
- We will handle and securely dispose of any junk mail.
Find out more about our registered office service here.
Who can see my business accounts?
If you are a limited company or LLP, an abridged version of your accounts have to be filed annually at Companies House and this can be viewed by anyone.
Do I need a bookkeeper for my business?
You can do your bookkeeping yourself, employ someone to do it for you or outsource this service to PKB.
If you’re not in a position to hire another employee but also find that you struggle to work out how much profit you’re making, who owes you money or how to calculate how much VAT you have to pay, outsourcing this function is a great solution.
Whether you need help keeping track of expenses or need a fully integrated sales ledger, PKB provides a range of bookkeeping services. We can also assist with year-end accounts close down, online accounting and getting your business ready for HMRC’s Making Tax Digital.
Do I need an accountant?
Legally and practically, you don’t need to employ an accountant to help you to set up your business.
However, there are certain times when having an accountant could be a great help. For example, when you’re creating your first business, you might find it more efficient to rely on an accountancy firm rather than spending time looking online for all the information you need.
Alternatively, when you’re working as a sole trader and don’t have anyone to turn to for financial advice, we’re here to help.
PKB Accountants have helped many local businesses to start and to grow – the advice we provide comes from the wealth of experience we have. We can help you manage your cash flow, get out of debt, invest in stock or equipment, tell you when you can afford to take on more staff and even when you can reward your staff with a healthy bonus. We’ll never interfere with the running of your business, but if you ever need help, you’re not on your own.
Accounts & Business Development Manager
“ Where do you begin when deciding on the right business structure for you? We can guide you through the process and help you decide which vehicle best suits you.”
To read news and blogs from Andy Penfold, click here >>