Start Ups

I'm setting up a new business, so what do I need to ask?

1.You need to decide whether you should trade as a sole trader or limited company

Q Will you make a profit immediately?

A No

Q Did you pay tax in the last 3 years?

A Yes

It's possible it will be more tax efficient to be a sole trader, at least initially

Q Will you make a profit immediately?

A Yes

It's possible you should set up a limited company

2.You need to decide if you need to be VAT registered

Q Will your turnover be above £73k over a 12 month period?

A Yes

You will need to be VAT registered

A No

Q Are your customers VAT registered?

A Yes

It might save you VAT to be voluntarily registered

Q Do you provide a service with low overheads?

A Yes

It might be worth entering the VAT flat rate scheme to save administration and increase income

3. You need to decide how to record your income and costs

Q Will you have many transactions?

A No

Q Are you comfortable with spread sheets?

A Yes

We help you set up an appropriate spread sheet based accounting record

A No

We recommend a trusted book keeper