James Sheard from TaxAssist Accountants Central and South Manchester offers expert guidance on the getting the process of starting your own business right.
Starting a new business is relatively simple but getting it right and running it successfully from the start is a bit more difficult. This is why I give potential clients an hour of my time free of charge, it enables me to explain what tax and financial administration is required, the best way to use the tax and tax credit system, and discuss any commercial issues they might have. I like to think that people come away knowing just when and at what rate of tax is payable.
The structure that you use can have a big impact on the tax that you pay and the risks that you take – there are so many to choose between. We have clients that are sole traders, partnerships, limited liability partnerships, limited companies, community interest companies and ones that choose to more from one form to another. The way that you are taxed and the financial administration differs according to the form you take so getting it right is important.
Commercial support can take many forms from working out how to put together a commercial deal to exchanging contact details of individuals and organisations that can help you. I have always seen my role as an accountant to find ways to add value to my clients wherever possible.
Many people are concerned about what books they should keep. This really depends on how much time you want to spend keeping them, how computer literate you are (or are not), the complexity of your business and the information that you need to run your business. My aim is always to encourage potential clients to keep the best books they can whilst still feeling comfortable that they know what they are doing.
For more advice on starting a new business, contact TaxAssist Accountants Central and South Manchester.