I'm setting up a new business, so what do I need to ask? There are many questions but here are a few to begin with.
Explore these, together with other tax and business advice further with an on the spot chartered accountant...
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 £85k over a 12 month period?
A Yes
You may need to be VAT registered
A No
Q Are your customers VAT registered?
A Yes
It might save you cash to be voluntarily registered
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
