Starting your own business is a very exciting and frightening prospect at any time, however in the current economic climate the risks are even greater and success eludes many budding entreprenurs.
Many people start their own business first and after a few months later start thinking about engaging the services of an accountant. It is more advisable to approach an accountant FIRST, at the very beginning oof the business startup process.
Important questions/decisions should be considered at the very START of setting up a business. These include:-
- Cashflow requirements
- Type of business structure (i.e. Sole Trader, Partnership, or Limited Company)
- Should I register for VAT?
- What are my record keeping requirements?
- How do I keep my books (manually or computerised)?
- Review of legislation including compliance with HM Revenue & Customs’s regulations
- Employing staff
- How often should accounts be prepared?
- How do I pay tax and national insurance contributions?
John Farry & Co offer a free initial consultation with absolutely no obligation. This is an opportunity for a prospective client to discuss their business proposal and find out more about our firm and the services we offer before making a formal decision to appoint us as your advisers.
Contact us now to arrange your free consultation.