How we can help a new business
Posted on 19th February 2015 at 08:03
We were asked recently how we would help a potential client who is just starting their business or a client that needs help running up to their first year end. Here are some of the topics that we discuss in our free initial meeting and in the subsequent meetings after becoming a client.
We offer an initial free meeting to start the discussions and to better understand any issues as well as reviewing the required regulatory steps needed.
We discuss their activities or planned activities.
We discuss their recent history (for tax purposes).
We discuss the merits of trading as sole trader, partnership or company.
We discuss whether wives or partners can be included.
We discuss records to maintain and what expenses to record.
We discuss cars either in the business or held personally but charging mileage to the business – the tax outcome is different.
We discuss VAT and when it is compulsory to register and the option of voluntary registration. We discuss whether the VAT Flat Rate Scheme might be beneficial for them (starting turnover £150,000 per annum) – they may be able to save several thousand pounds by doing so.
We discuss share structure if they choose to form a limited company.
We discuss payrolls and CIS returns for subcontractors if these are relevant.
We discuss the need to think about insurance cover not only for public liability but also professional indemnity.
And then we answer any other questions the potential client may have.
There is a lot to go over
We look at simple ways of saving our client’s money
We give practical help and guidance when they want it and where they want it
And once we are engaged with the client, we try to ensure they do not miss the many deadlines which give rise to ever more penalties.
Would you like help and advice in forming your New Business?
Tagged as: Fuller Spurling
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