Starting a new business is an exciting and eventful time. However it is crucial to ensure firm foundations are created at the outset based on sound advice and expert knowledge. We specialise in start up businesses in Sheffield and can guide you from your initial idea, through all of the Companies House and HMRC requirements to running a successful business. We can advise you on the following areas which are crucial for any new business and its long term survival:
When you start a new business venture one of the first decisions you need to make is whether to run it as a sole trader, partnership or as a limited company. We can advise on this based on commercial factors such as public image, the degree of risk involved, the need to safeguard personal assets and of course the need to minimise tax liabilities.
A Business plan comprising of cash flow projections, budgets and trading forecasts is a management report which sets out the objectives and plans for your business. It is required by banks and other lenders when looking to raise capital for your new business. We can help you with this based on achievable goals and realistic expectations in the current economic climate.
FINANCING YOUR BUSINESS
Finance is a crucial factor in the success of any business. We can advise you of the most appropriate sources of finance based on your particular circumstances. This can range from grants, bank loans, government funding to your own personal finance.
For most businesses (even well established ones) the payment of tax can be a huge drain on cash flow. It is imperative that systems are in place to ensure that tax is provided for on a continuing basis throughout the year. It is also very important to know how best to minimise tax liabilities.
Tax falls into four main categories:
- Corporation Tax payable by companies
- Income Tax payable by sole traders, partners, employees and directors
- National Insurance payable by sole traders, employees, partners and directors
We can advise you on how to provide for your tax bill throughout the year as well as how best to minimise your tax liability, using all available allowances and reliefs relevant to your particular circumstances.
If you wished we would also be willing to take on all of the administration associated with tax including advising when all payments and returns are due to be submitted to HMRC.
Bookkeeping is the recording of day to day transaction into ledgers. It is a vital task for any business (new or established) as without it you would not have any idea how your business is performing, how much money the business owes or is owed. Also you would not be able to produce accounts, know how much tax you have to pay and submit accurate tax returns to HMRC.
We can help you set up a computerised or manual bookkeeping system which works for you, is user friendly and produces all of the reports your business will require.
Get in touch with Millhouses Accountancy Sheffield, Nottingham & London
Call us today for more information on:
- Sheffield 0114 345 0960
- Nottingham 0115 882 0356
- London 0203 146 4808