The New Year is often a time for reflection and taking time to think about our current situation – thinking about resolutions and things we would like to achieve in the next 12 months.
You might be thinking of starting your own business, stepping out into the world of being self-employed?
I did it six years ago. I came to a crossroads in my employment and made a big decision with the support of my family and friends to set up my own business. I was so passionate about what I did for a job and felt that I could really help other businesses and individuals.
When starting your own business there are lots of questions and uncertainties that will come up. Will I have enough work? Will I afford my bills? Where can I run my business from?
These are all questions that you will be able to work through. Look at the type of customers you hope to work with and the market for the type of business you are setting up.
Once you have decided you want to give it a go, you will need to register the business and get the formal side of things in hand. It’s a good idea to speak to professionals about these things.
We can talk through all your ideas and financial forecasts and progress onto getting you registered with HMRC, banks and give advice on business systems to help ensure you get your business off to a flying start.
Our initial meeting is free for all new businesses and we will happily meet with you. Do not delay, if you feel it is right for you come and talk it through. Seeing an accountant will also be helpful to explain the differences in tax and national insurance for self-employed.
It’s your responsibility to save you tax from day one. This is generally payable to HMRC annually or every six months, depending on the amount of tax you have to pay. Timings of payments must be understood when you start so that you do not miss any payments and are able to budget accordingly.
Maybe this is what you are contemplating for 2015? If it is, please speak to me and see if, with a bit of support, you can live your dream. I can offer support on all aspects of starting businesses having experienced it myself.
I now have a team of five staff, three of us are qualified chartered certified accountants and I also have two staff dedicated to payroll, book keeping and VAT services.
I have never looked back – let us help you make the step too!