Start Up Essentials

by Steve Maggs, Tax Partner

For more information on how RRL can help with your business, please contact Tax Partner Steve Maggs, on 01872 276116 / 01736 339322 or steve.maggs@rrlcornwall.co.uk.

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Starting a business can be a daunting prospect, with many considerations and requirements to work through. Whether you’re starting a business from scratch or just looking to take the next steps with your fledgling enterprise, here are three important factors to keep in mind.

Financing and Funding

Before you start your business, it is important to think about how you are going to fund it. There are traditional options, such as funding it yourself with savings or going to the bank for a business loan. However, there are other avenues, such as grants, peer to peer lending, business angels or crowdfunding. It’s also essential to think about contingency planning, should a funding source that you’d been relying upon dry up.

Business Structure

Choosing a business structure that works for you and your circumstances is vital when starting up. How you structure your business, will affect your legislative and reporting requirements, and will also impact how you pay tax and extract money from the business. What’s right for one person might not necessarily be the best option for another, so it is wise to consult a professional adviser to discuss what is best for you.

Do you need an accountant?

Many new businesses will find that they can manage their books and tax returns themselves, but as the business grows, an experienced Chartered Accountant can help with all of this and more, also offering support and advice, the value of which can be of far higher value than the fee for their services. Engaging an accountant who is also a Chartered Tax Adviser ensures that they have the qualifications and experience to help you save money by making the most of any tax reliefs available from HMRC. An accountant can be one of the best business investments you make.