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Why DNG Chartered Accountants should be part of your financial life

 

[19.06.2019]

Start Up Series: A Summary

Welcome to the final blog in our series addressing a range of topics relevant to new and start up businesses. Over the past few weeks we have explored a number of topics including types of business structure; the importance of a business plan; the benefits of engaging an accountant; maintaining accounting records, including the use of cloud based applications, and taxes that small businesses might pay.

Start up summary

We kicked off the start up series with a blog of key points to consider when starting a new business; this gave a general overview of important questions to ask yourself as a business owner. In the following weeks we covered a number of topics and hopefully have highlighted some questions to ask yourself when starting a new business. Topics covered include:

  • What structure best suits my business – Sole trader, partnership, limited company?
  • What are the tax implications for different business structures?
  • Why do I need a business plan?
  • Do I need an accountant at the start?
  • Maintaining and keeping business records
  • How cloud accounting software can help a small business owner

To read earlier blogs in the series click here.

Top Tips

 

  • Determine and develop your Unique Selling Point (USP) – what makes you different from the competition?
  • Before deciding on a business name check the name is not already in use by another company and the name is available for a website and Social Media pages
  • When deciding on a business structure consider control of the business, both at the outset and what might be important in the future
  • Ensure you effectively keep and maintain your business records from day one – this will help on a day to day basis, with future planning and when it comes to tax season!
  • Security and backups – make sure your records are backed up and you have strong security and anti-virus systems in place
  • Don’t underestimate the value of engaging a good accountant in the early days of business
  • When applying for business finance get an accountant on board to create a good business plan

Next Steps

We hope the start up series has given a good overview of what you need to consider as a new business owner and has acted as a ‘starting off’ point for discussions between yourself and your accountant. For all new business owners we recommend getting an accountant on board in the early days who will be able to advise on the most tax efficient way of setting up business. They will also impart advice gained through years of experience in supporting business of all sizes and through each stage of a businesses life.

The DNG Service

Here at DNG Dove Naish LLP we provide a full service for new businesses. We can be there to support you and your business from the very beginning. We can help with business advice and planning, obtaining finance, outsourcing, taxation and much more. Contact us today to arrange a meeting to discuss how we can work with you and your business.

Ian Lowry

 

 

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