Many businesses start in this way! You’re in control of your own destiny, have the motivation to make profits for yourself and reap the benefits of your own hard work.
Starting up a new business
You may have had a good idea or spotted an opportunity and decided to start your own business. If things work out, you’ll need to employ staff, and as an employer you then have a whole range of new obligations. You’ll need accounts systems to control your finances, and you need to decide whether to be a limited company. Chamberlains can advise with these and many other matters, helping you to plot your way forward.
Managing outside demands
Owner-managed businesses form the majority of small and medium sized entities (SMEs) world-wide. As an SME you’ll be encouraged by banks and the government. They offer good ‘starter-kits’ and the taxman gives useful concessions throughout your business life. However, they also want to know how your business is doing – and to have their share of it. Plus, they, (particularly the taxman), will bombard you with paper and forms – and you’ll be penalised if you don’t respond as they’d like. It’s important to plan ahead to get most benefit from the concessions and to avoid the pitfalls.
It is likely that you’ll need business plans and cashflow forecasts for the bank, who like to see a good accounts system. Chamberlains can help! Not all banks are the same – their offers differ, depending on your business type. We can meet them with you if you’d like. If we know your business, we may be able to provide a reference or recommendation.
HM Revenue & Customs provides a tax for every occasion:
- You want to pay an employee?
Don’t forget PAYE and National Insurance and the new monthly RTI submissions (“real time information” – another penalty danger)
- You want to sell your goods or services?
- You make a profit (or loss)?
There’s income tax, or corporation tax if you’re a company
- You want to sell your business?
Have a capital gains tax form
- You want to pass on your business?
Inheritance tax planning is vital
There are pockets of concessions in each of these areas if you know about them. Chamberlains can help you to take full advantage, for example:
- PAYE and NI – salary sacrifice schemes, use of dividends, full claim of allowances
- VAT – cash accounting, flat-rate schemes
- Tax on profits – capital allowances for purchase of assets, use of losses, full claim of expenses
- Capital gains – the normal rate is currently 18%, or 28% for higher rate taxpayers, but there are opportunities for lower rates for business.
- Inheritance tax – lifetime gifts, careful use of Trusts, use of all allowances
Chamberlains is a friendly company whose staff always offer great advice that is clear and easy to understand.
To discuss your family business accountancy needs, please call +44 (0)1252 702600
or email firstname.lastname@example.org
Chamberlains …professional, friendly, accountancy & auditing services in Greater London, Surrey & Hampshire