Thinking of setting up your own business? Don’t go it alone

6th December 2017 Business advice Nicola Roby

Despite what you might think, there is no legal requirement to appoint professional accountants in Bolton when setting up your small business.  You are quite entitled to do this yourself.

However, there are a number of actions and decisions to take and systems to set up in order to create the foundation of a successful business and Nicola Roby, Director at Bolton accountants and business advisers, CHW Small Business Accounting, explains just some of the ways an accountant can help.

As a new business it can be easy to run yourself down and not take any holidays which you are more than entitled to. All work and no play could lead to burn out meaning you could end up taking longer time out to recover.

An important consideration is the appropriate business entity – your new business could take the form of a limited company, a sole trader or partnership.  There are many things to look at when deciding on business structure and the correct structure is imperative for many reasons.  There is often a perception that a limited company structure gives your business more kudos but essentially there are two main considerations, liability, and tax and it is recommended that you seek the expert advice of an accountant to explore the most appropriate structure for you.

You will need to register your business with all the relevant departments at HMRC including VAT, corporation tax, PAYE as well as at Companies House.

Another issue any good accountant should address with you before you embark on your venture would include preparation of a business plan to help you properly understand and estimate future performance and cash flow.

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 cost.  At CHW Small Business Accounting, we can help you select the software provider most suitable for your business and no matter which you choose, we’re probably experts in it.

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 and an accountant knows how best to present this and can guide you through the process.

In addition to all the above, should you decide to go it alone, remember that you must also maintain your accounts according to ‘Generally Accepted Accountancy Practice’ and submit information to Companies House and HMRC in the appropriate format and within legal deadlines to avoid penalties and even possible legal action.

Nicola Roby, Accountants in Bolton based CHW Small Business Accounting says: “Instructing a qualified and experienced accountant to help you plan and set up your business is essential. We believe that as your accountant we are likely to be able to help you save you money in the long run and free up your time so you can concentrate on your business without worrying about the legalities, deadlines and numbers.”

For advice on setting up your business or if you’re looking to outsource contact Nicola Roby, Director at CHW Accountants in Bolton on 01204 534031 or via email at nicola.roby@chw-accounting.co.uk.

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