Starting a new business can feel daunting – the long list of checks and tasks that need to be completed during the setup may feel overwhelming, and knowing where to turn for advice can be difficult. Bevan Buckland LLP is Wales’s largest independent accounting firm with extensive experience and knowledge in supporting business start-ups and SMEs.
Sara Dennis, a Director at Bevan Buckland LLP, has over 20 years of experience guiding start-ups and SMEs through the daily challenges that businesses face. Within our latest blog, Sara provides an insight into what start-ups should be prioritising from day one and explains the importance of using an accountant you can trust.
Top Tips for Getting Started
1. Register your business with HMRC and choose a legal structure.
- Bevan Buckland can assist with registration and advise you on the best legal structure for your organisation, whether a sole trader, limited company, or partnership.
- Sole traders: Where you work for yourself so you are self-employed and run a business as an individual. You are personally responsible for the business’s debts and have some accounting responsibilities.
- Limited companies: These are legally separate from the people who run them and have separate finances so that your personal assets are protected, but more reporting and management responsibilities are involved than they would be as a sole trader. We can also assist with setting up your Limited Company and provide you with a pack of Company Incorporation documents.
- Partnerships: These are the simplest way for two or more people to run a business together; they have shared financial responsibility and accounting responsibilities.
We can also aid with Income Tax, Corporation Tax, VAT, and Payroll registrations with HMRC.
2. Check if you need licences, permits, and insurance.
- Depending on the nature of your business, you may require permits or certificates, for example, for playing music.
- All small businesses are legally required to have employers’ liability insurance (EL).
3. Create your business plan.
- A business plan is a ‘roadmap’ for the business, including its core business activities, objectives, marketing plans, and finances. Potential investors and lenders use a business plan to understand the company and its potential. Internal audiences also use it to understand the business’s short- and long-term goals during decision-making.
- Bevan Buckland LLP assists with business plan preparation by supplying cash flow forecasts, which provide projected income and expenses for the business plan, and offering strategic advice.
4. Secure your funding.
- Your business may require a loan or investment to get started. In addition to business plan support, Bevan Buckland LLP has partnered with Capitalise, which can aid you in finding funding or improving your business credit score. To find out more about Capitalise, click here.
5. Choose your accounting software carefully.
- Accounting software is essential for improving efficiency and accuracy in business accounting. There are many different offerings, and organisations must choose the platform that best suits their needs. Please read our article on choosing the right accounting software here.
How can an accountant help a small business or start-up?
Accountants can play a pivotal role during a business’s conception through the support outlined above, but they are also fundamental in aiding the company as it grows.
Accountants can provide payroll management, bookkeeping, cash flow forecasting, budgeting, and financial reporting so that business owners are able to make informed decisions. Additionally, accountants possess the expertise to help small businesses identify reliefs, maximise allowances, and select business structures.
Click here to learn more about how Bevan Buckland can help small businesses.
Personable practice in a digital world
Practices are increasingly moving online, and the government has begun implementing its Making Tax Digital campaign, which requires businesses to keep digital records and use software that works with this.
However, we are proud to still offer a personable service that includes face-to-face meetings and telephone calls. We are also able to assist with the completion of digital forms and tax returns.
Get in touch and book your free consultation
Contact us via email or call us at 07192 410100 to book your free consultation and understand how Bevan Buckland LLP can help you start your new business and support you while it grows.