Many people start a new business thinking that they only need to involve an accountant in Bolton to prepare their accounts and tax returns at the end of their first year of trading. However, by failing to seek the advice of an Bolton accountant at the outset, you could be missing out on invaluable advice.
One of the issues that a qualified Bolton accountant will address with you before you embark on your venture would include preparation of a business plan. This plan will help you to properly understand and estimate future performance and cash flow.
Another area which should be carefully considered is the appropriate business entity. Your new business may be a limited company, a sole trader or partnership. The correct structure for your business is imperative for many reasons, not least of all tax and you should seek professional advice before commencing to trade.
Accounting systems and computer software for a business in its infancy need not be complicated. However, putting the appropriate systems in place before trading is essential in order to monitor and control future performance and costs.
The provision of information to prospective lenders is also important. Almost all new businesses will need to borrow from banks or other lending institutions at an early stage. In order to successfully obtain such loan finance, the provision of information in a professional clear and considered form is essential.
Using a qualified and experienced Bolton accountant to help you plan and set up your business is an essential step at the beginning of your new business.
We’ve recently launched our LaunCHWorks package to help new businesses hit the ground running. Our package is dedicated in helping start-ups businesses with he help and advice they need.
For more advice contact Nicola Roby at CHW Small Business Accounting on 01204 534 031 or click here to contact us via our enquiry form.
Want to find out how we can help you and your business? Get in touch today and let's have a chat.
11 November 2019
Even in this digital age some businesses remain heavily reliant on cash transactions. HMRC views these as high risk and as a result targets cash businesses with VAT enquiries, using special techniques to justify investigating them.
6 November 2019
The first big deadline for MTDfV is history and whilst there was a fairly high failure rate, it was not as bad as originally feared.
29 October 2019
BPR shelters the value of your business from the HMRC. The trouble is though, when you retire from your unincorporated business, the relief disappears immediately. CHW explain how you can preserve it.
22 October 2019
New rules will apply to employment termination payments from 6 April 2020 meaning that some settlements will be subject to NI in addition to tax. With this in mind, CHW look at how you can you improve the tax and NI efficiency of a termination settlement.