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New businesses

In the excitement of starting a new business it is easy to overlook the more mundane aspects of business structure and administration, and you may be tempted to wait until the end of the year before seeing an accountant.

We have a long history of helping start-up businesses in the Brighton and Hove area, and our experience is that the sooner you speak to an accountant, the better. Not only are there obligations to meet as soon as the business starts, we can also make recommendations that can help you run the business more effectively and save you some tax.

Year one is the ideal time to put those recommendations in place, and so we offer all new businesses a free consultation to discuss your affairs and see where we can help. As well as answer any questions you might have, we will advise you on:

• How to notify HM Revenue & Customs that you are now self-employed. If this is not done within 3 months, you may be liable to a penalty.
• What business expenses you can and cannot claim for tax.
• Whether you need to register for VAT, or whether it may even be in your interest to voluntarily register.  How to legally pay as little VAT as possible.
• Setting up a payroll and paying subcontractors, if you pay anyone to do work for you.
• Keeping good business records. The better the records, the lower your eventual accountancy fees will be, and there will be less chance of losing tax relief on any of your expenses.
• Your business structure - whether it would be better to trade as a sole trader, a partnership, or a limited company.
• When your first tax will need to be paid, and how much it is likely to be.
• Marketing strategies.
• Any other general business advice that might be useful.

We can also recommend and introduce you to Brighton-based bank manager, to help get a business bank account opened with what we think is the best bank for a small business.

If your new business is still at the planning stage, and you are looking to borrow money from a bank to start it up, we can help you put together a business plan that presents your proposal in the best possible light. If it proves difficult to raise the money through a high street bank, we have access to other funding options through our link with a local firm of financial advisors.

We offer benefits that we believe most small businesses want from their accountant:

• Fixed prices, with no surprises
• An understanding of how your business works, and the issues it faces
• A pro-active approach to tax-saving, with regular communication
• Peace of mind that all tax and accounts matters are being taken care of.

To arrange your free consultation (we are happy to see you outside normal office hours), please call us on 01273 203003.

Frequently asked questions - new businesses

What else should I consider, as a new business? Show answerHide answer

• Whether you need to register under the Data Protection Act. Basically, you need to register if you hold personal information, other than for:
  - Staff administration and payroll
  - Advertising, marketing and public relations for your own business
  - Accounting records for your own business.
  Types of business that usually have to register are accountants, solicitors, financial service providers, consultants, advertising agencies and doctors, but this list is not exhaustive.
• Whether you are adequately insured. Third party motor insurance and employers’ liability insurance (if you have employees) are compulsory, but for extra protection you may also wish to take out public liability insurance, professional indemnity insurance or business interruption insurance.
• Give your business a presence on the internet, using a website like this one. This can be good for generating new business, and for maintaining loyalty among your existing customers. We can help you to get your website to rank highly on Google for your chosen keywords.

When do I have to do my first tax return, and pay the tax? Show answerHide answer
Assuming that you are not a limited company, suppose your business started in September 2007. This falls in the tax year ended 5 April 2008, which is the first year for which you need to do a tax return. You choose an annual accounting date for your business, likely to be between 31 March 2008 and 30 September 2008. Your accounts and tax return can be done any time between this date, and 31 January 2009. 31 January 2009 is also the date when your first tax is payable, regardless of when your accounts are completed.

With these dates, we would probably recommend that your first accounts cover from September 2007 to 31 March 2008, and that we complete your accounts and tax return in April, May or June 2008. This is so that we can give you as much notice as possible of the tax that will be due, and also make any early recommendations about your business as a result of our work.

Got another question?  Email us and we'll try to help.

 

Useful links

Business advice and membership sites for new and small businesses:

Business Link
Sussex Enterprise
Federation of Small Businesses