Independent tax advisors are not only useful when it’s time to do your annual tax returns. Tax advisor and independent accountants like McManus Williams in Portishead can help you with all aspects of running and setting up your business. Read on to find out more about the help you can receive from an independent advisor that won’t break the bank.
Independent Tax Advisor for Startups
If you are thinking of setting up a business in the UK it is extremely important that you are aware of your tax obligations. With the UK set to leave the EU, the way you run your business is set to change. Many people are scared to set up a business in such troubled times. But, if you have a great business idea than an independent tax advisor can help you with the initial stages of your business or project. For more help and information, click here.
Before you actually declare yourself self-employed, it is important to know that your business is viable. So, don’t get ahead of yourself and head to your independent tax advisors to announce that you wish to register as self-employed. Instead, head to your advisor with a business plan and with “profit and loss estimation”.
When setting up a business, it is usual to forget about some of the expenses you will incur. If you are renting a premise then you cannot just include the rental charges. There will be utility bills, council charges for rubbish collections, and much more. The more you include on your business forecast, the more accurate your predictions will be.
If you have a great business idea and you have secured the funds to startup, then independent tax advisors can show you the best way to go about things. Your business plan should include a plan B, and it should be flexible. If you are stuck on one idea and you have blinkers on, you are less likely to succeed. The willingness to diversify is extremely important when setting up a business.
Unless you have a lot of stock, or you are setting up a business like a café or bar, then it may be advisable to start without a premise. Online businesses cost next to nothing to set up, and they are more likely to succeed than if you plough all your money into renting a location for your startup. An online business is also easier to diversify. For example, you can change the name of your business or the products you sell. If you rent a premise, then you will not want to pay out more cash if you want to change your signs or the stock you will sell.
Independent Tax Advisors : Bookkeeping
If you have never run a business before, you won’t know about bookkeeping. A tax advisor can handle all your accounts and tax returns, but only if you are organised. Every time you purchase something for your business, you will need to keep the receipt and ask for a business receipt too. If you fail to do this, this expenditure will not be classed as a business expense.
There are so many things to learn when setting up a business. If you were never good at maths at school, then trying to manage your own accounts could be a big mistake. Let your local Clevedon accountants take on the job for a small monthly fee. Independent tax advisors and accountants are not as expensive as you might presume. Many cater for small businesses and startups, providing support to you for the first few months of your business.
Letting your Business Grow
If you have set up as a sole trader and your business has become a success, it may be time to expand. Employing your first member of staff will be an exciting but also an expensive time. You will incur fees for their taxes as well as the responsibility of having to take out extra insurance that will cover employees.
Many people make the mistake of employing people too soon. As long as you can cope with the demand of your business on a day to day level, then avoid employing a member of staff for as long as possible. Some people like to involve family members in the running of a business instead of employing staff. This can have two different sets of consequences. It may work well, or it may be a disaster in the making.
Visit your local tax advisors to learn all about setting up a business in the UK. Becoming self-employed is a big step, and one that you should never take alone.