At Fair View Accountants, we feel absolute delight in serving people who are about to start a business of their own. We welcome them to come and talk to us so that we can help them with their financial requirements.
Financing and budgets Options
During the initial days, the start-up businesses are busy coming up with a business plan, stretching the limited funds they have, and cutting the costs wherever necessary. Proper financial planning could prove beneficial not only in the short run but can have longer impact on the business. We can help you create an initial budget for your business forecasted to the next 12 months which you can use as a blue print for running your business finances.
Why Work with a Great Accountant?
You only have a number of hours to get everything done so delegating some of the responsibilities is essential for your own good. Financial matters are sensitive and require expertise and full concentration so it is better if you let a professional handle them for you. A good accountant would be your most rewarding investment so consider the top in the business to handle the matters for you.
On the other hand limited capital resources could also mean that you will need to resort to commercial lending options. As a start-up your newly formed business might have a first obstacle of no credit history. This does not mean that the lenders will not give a business loan however, a properly drawn business plan can help you a long way. Whether it is internal finance budgeting or drawing up a business plan we are here to support you and your business.
Value Added Tax (VAT) Registration
VAT registration at inception is one of the important decisions for every start-up business and should be carefully taken.
Being a start-up business technically you are not required to register for VAT until you cross the current VAT threshold of £85,000 or if you expect to go over this limit within the next 30-days. There is however, option to register for VAT voluntarily which could in some cases prove beneficial at the onset for example, if your business will be involved in the import of goods from overseas such as an Amazon FBA sellers. On the other hand if you are buying a running business then the transfer of going concern rules might apply subject to certain conditions met. Another example could be that if you expect that your initial purchases will involve a lot of VAT being paid for example, you are buying assets for your business such as stock, furniture, computers and or motor vehicle. These heavy expenditures could include a lot of VAT making it worthwhile to register for VAT voluntarily and re claim the VAT paid.
Send in your query online with your circumstances so we can provide you with Expert Advice on VAT Registration. Please visit our VAT Returns section for further guidance on this subject.
Limited Company Formation or Sole trader?
If you are a self-employed business thinking of going to limited company then careful consideration need to be made depending on your circumstances.
For many the change from sole trader to limited company will be a big change requiring the change of banking details, invoicing formats, informing customers, the transfer of current obligations, the transfer of current receivables, transfer of VAT registrations and or valuation of your business.
We assess the circumstances of every business separately, and explain every step carefully helping you streamline a smooth incorporation. You can also request a free of cost tax comparative analysis which will tell you how much tax savings you will have if you will go ahead with the limited company incorporation.
To find more about the financial requirements of running a start-up, call us now and talk to our accounting expert!