Seminars: Taking the leap to starting your own business

If you’re thinking about starting your own business, local Chartered Accountants and Business Advisors, Whiting and Partners, are offering support and advice by hosting a series of ‘start-up’ seminars.

Whiting and Partners understand that starting up a business can often be a step into unfamiliar territory. With so many different aspects to juggle and responsibility, new business owners often find themselves getting bogged down from the very start.

The initial steps of business planning and management create the foundations of how successful a business will ultimately be, as well as how it will cope with growth and challenges that may arise.

The new business start-up events will help new business owners consider the 5 key areas that should be implemented in order to work towards growing a successful business:

• Funding. All businesses need working capital to finance their start-up and running costs. This cash injection could be a bank facility, a loan or even a grant. There may be tax implications around the type and nature of the ‘debt’. So, again seek advice on the best step.
• Structure. Get professional advice early on. Sole Trader is the obvious route if you’re going it alone but if more than one person is involved, a Partnership. Forming a Limited Company is an option depending on circumstances. There are pros and cons for each including both commercial and tax considerations.
• Compliance is important and will vary depending on type and sector. However, all businesses must register with HM Revenue & Customs within the appropriate timescale. If the business will make ‘taxable supplies’ in the next twelve months that exceed the current VAT registration threshold of £83,000, then VAT registration is obligatory.
• Record Keeping. The UK’s taxation system is changing and all businesses must maintain adequate accounting records and, depending on turnover levels, these may need to be held in a digital form from April 2019. Choosing the right accounting package is vital and getting right from day one will almost certainly save time.
• Employees. If you are going to employ people, including salaried directors in a limited company, your business will need to register with HM Revenue & Customs for a PAYE scheme. Regulations surrounding work place pensions will also need to be adhered to as noncompliance can result in significant financial penalties.

A number of external speakers will attend the seminars, as well as specialist business growth advisers, with knowledge and expertise in business planning.

Presentations will cover various topics such as; tools for business growth, managing your business effectively, as well as raising awareness of funding and taxation opportunities and legalities.

The start up events take place across Norfolk, Suffolk and Cambridge. Visit the Whiting and Partners website to book your free place, or by email or telephone on 01284 752313.