Setting up a business can be daunting. When understanding where to start three key questions need to be answered.
1. What do you want from the business personally? Answering this questions helps you identify as an individual the purpose of the business and how to achieve the desired goal. Whether this is to achieve a specific level of personal income, support another venture or maybe even support a community. By understanding it’s true purpose a structure and strategy can be implemented to achieve this goal.
2. How should the business be structured? By understanding the purpose of the business it can be set-up to support the desired goal. Whether this is to maximise take home pay through a company and share structure, or a charity to take advantage of tax exemption to maximise the benefit to the community.
3. What HMRC and other regulations need to be met? All businesses should be registered with HMRC and may have filing obligations. Depending on the complexity of the entity there may be more complicated filing requirements. If you have little or no knowledge it may be worthwhile setting up a simple structure initially and converting at a later date.
Convenience and care are our core strengths. By focusing our services around these principles we have developed long lasting relationships with our clients. See below for how.
We want our clients to have choice and so we use all the major accounting packages to help them work with the best solution for their business.
We want our clients to be stress free, so we meet at their premises, respond promptly to queries and accept calls out of normal working hours.
We want our clients to receive a technical service, so all our work is signed off by either a qualified accountant, chartered tax adviser or tax specialist.
Most importantly, we take interest in our clients as we love what we do. We encourage regular and open discussions to avoid focusing on standard compliance and spend more time discussing development of their businesses.
QuickBooks Ask The Expert – Rachel!
We were over the moon that Rachel was asked the host Ask The Expert, a daily series run by Intuit QuickBooks to help small business own ...