Mind Your Own Business

1st March 2019

So, you’ve decided to go it alone. You’ve identified a niche for your idea, your product or the service you can offer. It may just be that you want independence and greater recognition for your expertise.

 

We have many start-up businesses looking to us for help and advice. These range from spare room endeavours to full blown units which have evolved over time.

 

We’re often asked about the choice of a business name and our advice is to look for a title that is short, sharp and relevant. It’s important for a number of reasons. It’s the first thing that people notice, and it should flag up your offering from the outset to both existing customers and newcomers alike.

 

If you are looking to operate as a limited company, be sure to check that your preferred name is not already in use. This can easily be done by a quick search on the Companies House website. If you want a website address that reflects your name, then check domain availability.

 

We are among the most established firm of accountants and business advisers in East Anglia and have a ‘hand-holding’ philosophy that applies not just on the first day, week, month or year but on involvement along your business journey from launch to growth.

 

Our first conversation with you is free and is based on four principle questions:

  • What is your business plan?
  • What is the best structure, sole trader or limited company?
  • How do these options differ from full-time employment?
  • What are the tax implications?

 

Starting in business is a daunting task in itself but when you throw in the needs of your target sector and any specific tax rules, it is easy to get lost! We can help from day one to make sure everything is set up smoothly to allow you to concentrate on generating an income.

 

Record keeping is an important element of running your own business. As a ‘wage slave’ it might all have been done for you but now you’re on your own and if you have time to glance in a mirror, you’ll see your ‘back office’ looking back at you!



 
Other items in Blogs
 
Lisa Smith
10th August 2020 Covid-19 – VAT complexity of Eat Out to Help Out Scheme

  From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government.   Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…

Read More »

Jodie Pheby
5th August 2020 DING DING – ROUND 2!

Claims for the second round of the Self Employed Income Support Scheme (SEISS) can be made from 17 August to 19 October.  The online claims service is not available yet: HMRC are expected to release further information shortly.   The second SEISS payment: Amounts to 70% (previously 80% for the first grant) of average monthly…

Read More »

Jaimie King
31st July 2020 Accounting for Coronavirus Support

Due to the pandemic, many Companies and businesses are receiving support from the government in the form of grants, loans and reliefs. Most of these businesses would not have accounted for something like this previously. UK Accounting Standards have different accounting rules for these types of transactions. Based on the latest guidance available, we have…

Read More »

Chris Kelly
31st July 2020 New grant for employing apprentices

A new scheme which will be launched next Monday, 3rd August to support non-levy paying businesses which recruit new apprentices aged 16-24.   The scheme is called Recruit – Retain – Reward and is provided by the apprenticeship teams at Norfolk and Suffolk County Councils.  It will pay the following:   £1,000 to businesses taking…

Read More »

Stephen Malkin
22nd July 2020 Government sets out draft agenda for a 21st century tax system

Today the government has set out its draft agenda for a 21st century tax system, they say these are the next steps in an ambitious plan to create a modernised digital tax system fit for the modern world.   This is part of the Treasury’s long term tax digitisation plan, which is designed to increase…

Read More »

Stephen Malkin
22nd July 2020 Are you MTD compliant?

Over the last week or two HMRC have begun getting in touch with small businesses across the UK who are not complying with Making Tax Digital (MTD) but are required by law to do so.  These businesses need to take action now to avoid any potential penalties being levied.   If you are a VAT…

Read More »