A solid business plan is vital for success and securing finance. Your plan should cover:

• Business description
• Product/service details
• Market analysis
• Operational plan
• Capital requirements
• Projected financial results

Choose the right structure for your business: 

• Sole Trader: Simple to set up with no legal distinction between personal and business affairs.

• Partnership: Like a sole trader, but with more than one person. A written agreement is advisable. Consider a Limited Liability Partnership (LLP) for some legal separation.

• Company: It offers a separation of business and personal affairs but involves more legal regulations.

If you would like more information for deciding on a business structure, take a look at our ‘Trading Options’ blog which takes you through each option in detail. 

Business Stationery: Ensure compliance with legal requirements for business stationery. This can be both paper and electronic, depending on the type of business structure.

Books and Records: Maintain detailed records of all financial transactions, either manually or through computerised systems. Fiander Tovell specialises in maintaining detailed records of all your financial transactions. You can view our outsourced bookkeeping services here, where we let you focus on core business while knowing your financial records are in good hands.

Accounts: Prepare accurate accounts for HMRC and comply with electronic submission requirements (iXBRL) if forming a company. We provide businesses with comprehensive support, from initial set up to ongoing management and submission of financial statements which can be viewed here.

Considering the taxation implications is a crucial aspect of business, especially in the beginning. The main three are as follows:

Tax on Profits (Corporation Tax or Income Tax): Varies by business structure; taxable profit differs from accounting profit due to disallowed expenses and timing of allowances.

National Insurance (NI): Rates differ for sole traders and company directors; using dividends can mitigate NI in a company.

Value Added Tax (VAT): Register for VAT if sales exceed the threshold and comply with Making Tax Digital requirements.

Fiander Tovell can advise companies on each of these taxes and more, throughout your business’ journey. We provide tailored guidance and support to ensure compliance and optimise tax efficiency at every stage.

Every business is different, with each requiring a unique plan tailored for success. However, most businesses need to employ staff at some stage. Here is a breakdown of what hiring employees requires:

• Registering with HMRC and managing PAYE for income tax, NI, and student loan deductions. 
• Compliance with Real Time Information reporting. 
• Automatic enrolment of eligible employees in a pension scheme, either occupational or through NEST. 
• Adherence to employment laws. 

Our inhouse payroll team, FTPay, can manage the registration of staff and give guidance throughout the process, ensuring accurate and timely processing of all payments and deductions. We handle the registration of new employees with HMRC, ensure compliance with Real Time Information reporting, and manage your pension scheme enrolments.  

 With Fiander Tovell, you can be confident that all aspects of payroll and employee compliance are expertly managed, allowing you to focus on growing your business. Why not look at our Payroll animation here, summarising FTPay’s service. 

There are many pitfalls to be avoided in choosing a property. Consideration should be given to the following:

• Purpose and/or suitability 
• Legal regulations 
• Local by-laws 
• Access restrictions 

Ensure comprehensive insurance coverage, including business vehicles, employer’s liability, public liability, consequential loss, business assets, Keyman, and bad debt insurance. 

Tailoring your strategy to fit your specific circumstances and aspirations is crucial. Professional advice can help you navigate potential pitfalls and increase your chances of success. Services such as bookkeeping, management accounts, VAT returns, and payroll preparation are available to support your business from the outset.