business start-ups

It goes without saying really - starting a business is a major step requiring careful planning.

We can assist with -

* preparation of a business plan
* cashflow projections
* location selection
* acquiring finance

Most accountants will not fully charge for initial interviews. These meetings usually involve completing the engagement procedures as well as some general advice on meeting HMRC regulations, and if required, on obtaining finance.

Fair enough - but all too often the client is then left to fend for themselves. There may be no further contact until well after the first financial year end has passed.

Problems can arise and not be identified, let alone addressed, for months.

A new trader not keeping track of turnover and reaching the VAT registration threshold is a common example. The result is late notification of liability to register. Not a great start, but often forgotten with everything else which is going on.

By maintaining more regular contact in the early years of a business:

- tax planning issues can be identified.

- when appropriate, interim accounts can be prepared which would identify any problems with profitability, cashflow or record keeping.

The above, is of course, often also relevant to an existing business, it's not hugely time consuming and should not add significantly to fees charged, but can be extremely effective.