Are you a start up business or a sole trader? If so, we at Blue Box Accountants in Warrington understand the excitement that you have finally set out on your own venture doing something that you love.
Whether you’re a florist, a builder or a small restaurant owner you will be an expert (or as close as you can be) in your field. You’ll certainly have ideas about how you wish to service your clients and partners once you begin trading.
One thing that we’ve learned working with small business across Warrington and Cheshire this year is that a lot of start up businesses don’t know enough about how to manage their company finances, how to set-up a limited business or how to register to do a tax return. Many of the business owners that we speak to are also asking us about upcoming changes to the way you return your annual statements.
Making the Switch to Self Employed
Let HMRC know that you are going self-employed
When registering for self employment there is no longer a need to send letters here and there or find multiple copies of important ID to post, you can let HMRC know that you’re going self employed online here. We’d also recommend that you watch HMRC’s free training video to get the best possible guide
Choose a Business Name
Every business owner has had the joy and headache of selecting a business name. It’s crucial that you use Companies House to check if your chosen business name is available. Once you’ve decided you can look into the availability of domain names for your new business website and begin planning your stationary needs etc.
Set-Up your Business Bank Account
Keeping clear and transparent accounts when trading is a must for any business. Blue Box Accountants come across many businesses who haven’t kept a great record of incoming and outgoings and in the end, they end up paying more in tax etc. If you set-up a limited business then setting up a business bank account is a must however, we’d advise sole traders to set-up a business bank account also to keep everything organised and clear for your annual tax return.
Finally, Account for Everything – Hire an Accountant!
It’s important to hire a bookkeeper or accountant to help you account for all of your businesses incomings and outgoings. As a micro-entity or a sole trader most of your time is going to be going on your specialty and your business so the extra stress of bookkeeping is one to avoid.
At Blue Box Accountants we have specialist packages to suit businesses of all sizes but love to help new businesses and sole traders. By working with Warrington’s friendliest accountants you’ll find accountancy services ranging from just £39 per month that may cover all of your bookkeeping needs.
Get in touch with Wendy and the Blue Box team today to find out more