Startups / 36 posts found
May 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Withdrawals from a company Q: My daughter has just found a house she'd like to [...]
April 2011 Questions and Answers
This is a round-up of questions that have been raised by clients over the past few weeks. They are being posted here for general information, but please see the disclaimer at the end!!! if you want to discuss how any of these issues – or other tax and related business matters – may affect your business please get in touch (email here or telephone 01905 21411) for a free, no-obligation discussion. To sign up for our monthly Newsletter for Small Business visit our webpage here. Too big to cash account Q: I am about to complete my VAT return for [...]
Bookkeeping Basics
It is a legal requirement for every business to keep accurate records of its financial transactions. The basic need it to keep track of what the business owes, what the business owns, what its income is and what its outgoings are. There are lots of inexpensive bookkeeping programmes available designed for non-accounting types, and nowadays most people have some sort of spreadsheet programme which makes it quite straightforward to record money coming in and out of the business. At its simplest, cash accounting is a system where transactions are only recorded when money is either paid out or [...]
Do you have what it takes?
Note that this is a shortened version of a detailed guide I have put together. The full guide goes into details about the thinking behind the various questions posed and gives some thoughts about what you can do to overcome the impact of answering 'No' to some of the questions. If you want the full version please request it via the 'Contact Us' tab on www.taxassist.co.uk/miketombs. You will not be spammed with anything else or put onto a mailing list as a result! Do you have what it takes to become self-employed? Everyone has skills, be they in washing [...]
Business Structures – which to use?
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters. The possible options you have are as follows. Sole trader This is the simplest way of trading. There are only a few formalities to trading this way, the most important of which is informing HMRC. You are required to keep business [...]
Business Plans
Every new business should have a business plan. It is the key to success. If you need finance, no bank manager will lend money without a considered plan. It is one of the most important aspects of starting a new business. Your plan should provide a thorough examination of the way in which the business will commence and develop. It should describe the business, product or service, market, mode of operation, capital requirements and projected financial results. Preparing a business plan will help you to set clear objectives for your business and clarify your thinking. It will also help to [...]