Welcome to every inspired idea that may lead to be something great! However, you might have numerous options while making the decision for setting up your new business venture.
Do you have excellent business idea to start your own business venture? If the answer is yes, you may think how I should set up my startup business and what are the compliances that you need to follow.
Don’t worry, the basic guide about the startup business will be explained in the article which might help you to get the general idea of how to start your new business journey.
You can structure your business either as sole trader or under a Limited company. If you have partner with your business, you can do as a general partnership or under an LLP company. The best option depends on your circumstances and hence you might need professional advice on this matter.
This is highly recommended to have a business bank account once you have set up your new business. You may choose high street bank or other online banks that best suited and friendly with your needs. Having a business bank account in place means you can manage your business incoming and outgoing money smoothly and smartly.
Any new business needs fund to start its journey. You can invest your own money if you have or find some investors who might can help your new business finance. Moreover, you can apply for a startup business loan to have your required funds. A business plan with financial forecast might help on your funding from investors and banks.
You should register your start-up business with Companies House if you want to structure as a limited company or under an LLP company. Otherwise, you just need to register as a self employed or general partnership with HM Revenue and Customs. There are some registration requirements for other tax purposes including VAT, PAYE, CIS and more. To find out which one relates to you, you may consider professional advice or any other source of information. Some business needs other registration because of their nature of business. For examples, you may need to register with Solicitors Regulation Authority (SRA) if you are solicitors.
Accountancy includes a range of services; annual accounts, audit, corporation tax, self assessment tax return, VAT, payroll, CIS, MTD, company secretarial and much more. You may need some of them rather than all accountancy services and it depends on your circumstances.
You need to find an accountant who is best suited to your business needs. Finding an accountant might be easy, but having the best suited one might not be easy. Therefore, you should follow the ways how to find an accountant.
This is not obvious to have a professional advice before starting your new business, but highly advisable to do so. Having plan with professional hands help to see the future of your new business venture.
At the initial stage of your new business journey, you may face challenges or some difficulties on how to start the business. At The Stan Lee, we love to help for your startup business.
Talk to us and we’ll help on general advice regarding your start up business at no costs on our initial meeting.
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We are required by our professional bodies to have separate entity and therefore, there are two firms involved. Both firms are required to have Professional Indemnity Insurance (details of the PII available in our office upon request).
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