Decide on whether you will be a sole trader, in partnership or a Limited Company(you will normally need advice). Depending on your income expectations and circumstances the right decision can be very tax efficient. Call us at Blue Skies for help on this one 01455 283916.
Choose an appropriate method of book keeping. Paper and pen is still OK but Microsoft Excel is even better if you can cope with it! The key is do it little and often.
Avoid over-complicatingyour book keeping – you may not need an accounting package at all, especially in the beginning!
Keep ALL your receipts– you never know if the tax man will come knocking… There are some great packages which can help with this. We recommend you have a look at Evernote which will allow you to photograph every receipt and tag it.
Talk through your business use of home deductionwith an accountant, you might be able to claim more than you think
Will your trading turnover be over the VAT thresholdin the first 12 months? You may need to check the latest HMRC limits.
Register your businesswith HMRC as a new source of income, and also to get online tax registration
Keep down your year end accountancy fee by keeping tidy, well presented book keeping. With our accountants in south Leicestershire we have a wide range of clients who is approach to providing us the detail we need is varied, but the more organised you are the cheaper it can be.
If you don’t know what to do with a transaction, put it in a column called“Other” and your accountant can advise
Secure the services of a great accountantwho can guide you through these and other hurdles, one by one! No clues as to who we believe is the best accountant in Broughton Astley, Enderby and the surrounding villages!!