Is now the time to start a new business?

business

Since the start of the pandemic, the number of new companies created in the UK has soared according to the Office for National Statistics. Nearly half a million companies were launched in the UK between March and September 2020 alone, an increase of 44,500 compared to the same period in 2019.

 

The last year has given many people an opportunity to focus on reassess priorities and focus on their goals, while for others potential redundancy or a fall in salary has acted as a catalyst to explore alternative options.

 

Starting your own business, or becoming self-employed is an exciting, but daunting process. There are a number of areas you will need to consider and getting things right at an early stage ensures you start on day one with the right business structure and meet all your statutory requirements. Not getting these in place early on can prove costly and time consuming in the long run.

 

We can work with you advising on a range of issues including:

  • Trading structure – sole trader, partnership or limited company.
  • Registering for tax and VAT.
  • Capital vs revenue expenditure.
  • Advising on forms of finance.
  • Cashflow projections.
  • Advising on the most appropriate accounting system to use.
  • Utilising trading losses and reclaiming income tax, where available.
  • Calculating future tax liabilities.
  • Employing staff
  • Understanding what expenses can be claimed to minimise tax.

 

 

Please contact your local Lentells office for more information. We can arrange an informal discussion either by phone, email or Zoom.

Chard - 01460 64441, chard@lentells.co.uk

Seaton - 01297 20584, seaton@lentells.co.uk 

Taunton - 01823 286274, taunton@lentells.co.uk 

 

Blog post uploaded 1 Jun 2021