TOP 10 THINGS TO CONSIDER WHEN STARTING A COMPANY

1. Software

Make sure you are using a software that is sufficient for your current needs but one that can also grow with the business.

2. Keeping good records

Consider whether you need support for bookkeeping, payroll, quarterly oversight assistance or just end of year compliance matters. Take advice at the earliest stage possible.

3. VAT

You don't need to register until sales reach £85,000, so consider whether it is beneficial to register below that level as all sales will be 20% more expensive to customers if they are not VAT registered.

4. IT security

Make sure that everything is backed up and protected.

5. Know your numbers

Are you on track with what you expected? What do you want to achieve in the first month, year, 3 years, also, do you have a plan for exiting the business.

6. Write a business plan

A good business plan gives you something to be held accountable for, it also gives you a target and helps formulate your plans/ goals.

7. Have the right advisers around you

Having the right advisers will likely mean saving money in the long term, be it obtaining the right tax advice or having the correct legal contracts in place.

8. Be willing to pivot quickly as business requires

9. Consider having agreements

If there are more than one director and more than one shareholder – what happens if something goes wrong.

10. Do something that you are passionate about

There will be tough times and if you are not passionate it will make life a lot harder.

For all of your accountancy, tax and advisory needs, please visit www.stca.co.uk or call Seymour Taylor on 01494 552100 where they are happy to help.