New Businesses
Are you setting up a new business? It should be simple, but often isn’t. You may have a great business idea, but you still have to go through some formalities – and tax and accounting rules have never been more complicated. The list of issues is practically endless, but here are some of the questions that frequently come up:
- Should you trade as a sole trader, a partnership or a company?
- If you’re forming a company, how should you allocate the shares?
- Is there any scope for sharing your income with your spouse to save some tax?
- How much salary should you be paying yourselves?
- How should you deal with cars?
- How about the costs of your home office?
- What other costs can you reclaim through the business?
- Do you need to register for VAT? Should you be using any of the special VAT schemes?
- What records do you need to keep?
- Should you use accounting software? If so, what package?
We can explain all the issues in plain English and help you choose the best course of action. We’ll be happy to have an initial meeting with you free of charge – just email Greg Lovett or Jane Park, or call us on 01844 268384. Remember, we always agree fixed fees with our clients in advance of any work being done, and you will never get an unexpected bill from us.
Case Study One: Publicity Oxford
Background
PR guru Catherine Warrilow started her own PR agency, Publicity Oxford, in 2008, specialising in creative consumer PR and social media.
Challenges
Like many creative, imaginative entrepreneurs, Catherine had countless exciting ideas for winning new clients and expanding her business. However, she also knew that it was important to underpin those plans with robust records and sensible tax planning, and was looking for a relationship with a firm of accountants that could help her to make that happen, and explain everything in plain and simple terms. She bumped into us via The Late Breakfast networking group.
Actions
A fixed-fee agreement with Fizz means that help is always on hand for Catherine. Fizz has helped to make sure that her business processes and tax affairs are set up as effectively and efficiently as possible. Catherine can call us whenever she has a query or an issue to talk through without having to worry that there’s an extra cost – there’s no meter running at our end of the phone, and there are never any unexpected bills. Regular tax and VAT advice has been really reassuring and the regular e-newsletter is always full of the latest information that affects a small business.
Results
Publicity Oxford is now into its third year of trading, and goes from strength to strength, with an expanding portfolio of exciting, engaging clients, and a great profile in local media and on the web. Catherine is looking at ideas for restructuring her business as it grows and looks for office space, and we’re very happy to be helping her with those plans.