Starting your own business can be extremely gratifying but also pretty daunting. There’s so much to think about and some big decisions to make. To start with your finances may be of a particular concern, with cash flowing out – and not in – for the early months!
Deciding which business structure you use will be one of the first choices to make. The main options are Sole Trader or Limited Company, both with pros and cons depending on a number of factors, and getting this right, and receiving the right advice on whether and when to change, can make all the difference to your tax efficiency. A good start-up accountant can offer this advice.
Getting to grips with accounting – or finding a start-up accountant who can do it for you – will prove a vital part of staying on top of cash-flow, tax, and compliance. This sort of stuff can prove to be a big stumbling block for many businesses, especially where there’s so much else going on at the start; but getting behind can put you at risk of fines and worse.