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Starting a Business – What do I need to do?

If you are starting a business and need to know what to do, an accountant can be very useful even before starting up. They could save you more in tax than it costs in fees if you take advice on tax and business from the start.

Here’s our list of the top things to look out for when starting a business.

    • Appreciate that setting up and running a business takes a lot of time and commitment. The rewards can be great but you have to know why you are starting your own business and what you are getting into.
    • Identify your strengths and especially your weaknesses. Identify areas where you need to get advice.
    • Decide on your business structure. You can trade as a sole trader, partnership, limited liability partnership or limited company. They all have different tax consequences and responsibilities and you should take advice on which one is best in your circumstances. We will help you with this.
    • Produce a financial forecast so that you know what funding you are likely to need and be conservative. We can help you with this.
    • Investigate the competition thoroughly, don’t take them for granted and look to take advantage of their weaknesses. You must also constantly be on the lookout for what they are doing.
    • Research your market to ensure there is a demand for what you are offering.
    • Decide on your marketing plan. Just because you have a good product or service doesn’t mean you will sell anything. Getting the marketing right can be the difference between success and failure.
    • Decide on what staff you are likely to need and what skills they need to have. You will have to operate PAYE for any employees you have although your accountant can help with this. You’ll also have employment law and health and safety law that you must be up to scratch on.
    • business plan is an important document to put together even if you don’t need to raise finance. It will help you to properly focused. We can help you with this.
    • Design your business stationery, ensuring it not only meets your legal obligations but conveys the image you want to get across.
    • Decide on how you are going to keep your accounts and get advice from your accountant from day 1. We will help you with this.
    • Make sure you register with all the relevant authorities including HM Revenue and Customs and decide if you need to register for VAT. We will help you with this.
    • Consider all the necessary insurances you need including public liability, keyman, stock, business assets, business interruption, bad debts, motor insurance, employer’s liability (compulsory if you have employees), professional indemnity and permanent health insurance.
    • Use trusted advisors such as accountants and solicitors to help guide you. Not getting the right advice can be costly.

How we can help you

Whilst there are many common issues to consider for new businesses, every business start up situation is different and expert advice at the beginning will pay for itself many times over. Assistance with business plans for funding, setting up your book-keeping system and tax planning at the beginning are all key areas that we regularly get involved with.

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L FergusonL FergusonPaul Ferguson Electrical Ltd
I really appreciate your help, I know we pay you but you have been worth every penny and I am truly thankful for your assistance!!"

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Jhem MurrayJhem MurrayJeystone Media Ltd
We have used several accounting firms in the past and switched quite a few times, but since discovering Paul Colman FCA I can say with confidence that this is the level of service and value we have been looking for all along.

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Iain CowardIain CowardBiggerbet Ltd

Paul did a great job with our accounts. He delivered on deadline with minimum hassle for us. He uses technology very well and this helps provide top-notch service.

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Anthony PearceAnthony PearcePearce UK Consulting Ltd
Good accountant with proven electronic processes."

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Annie MulvanyAnnie MulvanyFreelance Show Caller

Paul was a delight to work with. Flexible, understanding and endlessly patient; I would recommend him in a heartbeat.

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Gabrielle ShegogGabrielle ShegogSimple Software Solutions Ltd

Paul has been invaluable in providing accountancy services for my small business. As a small business owner, my time is valuable and so it's great having the piece of mind that I can rely on Paul to sort out my accounts for me. He is always prompt and clear in explaining anything I don't understand and I look forward to working with him well into the future.

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Trevor HolmesTrevor HolmesPrecise Marketing Ltd
I have yet to meet someone as meticulous with numbers and calculations as Paul. An extremely personable individual who knows his work inside-out. He is highly self-motivated, independent and efficient – all the qualities that I look for in an accountant for my business. All of my accounting needs are immediately processed well ahead of schedule. Paul plays a pivotal role in all my financing activities, which allows me to successfully grow my company. He will be an asset to any company that decides to use his services and I recommend him completely for any accounting needs."

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Martin KruusimägiMartin Kruusimägi
It has been great working with Paul. He is punctual and accurate, but I most appreciate the fact that I can go to him with any question, no matter how insignificant or elaborate. Thanks Paul, it's been a pleasure!"

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A CuryA CuryHouse of Greenland Ltd
Since the beginning of our start up and especially during busy and pressuring times, Paul has been by our side to help us dealing with accountancy. His patience with my lack of talent with numbers was amazing - I thank him for that and would recommend him in a heartbeat."

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Steven TrotterSteven Trotter
Many thanks for a very fast and professional job and look forward to working with you again."

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Mike BellMike BellJourneys To Wellbeing Ltd
Paul Colman takes all the pressure off and lets us get on with our work by taking care of the little detail as well as the big picture."

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D McIvorD McIvorBeyond the Fridge (Frome) Ltd
We’ve been with Cloudbook Accountants for some time now and would highly recommend Paul Colman FCA to any business looking for a truly enlightened advocate of online accounting and integration to online services. Having experienced several accountancy firms during my career, both large and small, I can honestly say that Cloudbook’s holistic approach to our business is by comparison the most efficient and cost effective, something we’ve long been searching for!"

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Zafer SaygilierZafer SaygilierSayturk Ltd
I have been dealing with Paul for the past 2 years, he has been amazing sorting out my very complex and disorganised affairs in no time and has provided me with clear advice and solutions tailored to me and my operations . I would recommend him and his professional services to anyone without any hesitation."

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Jesús CarreraJesús CarreraBitien Ltd

It took me a while to find an accountant that understands the needs of the modern times. Paul is very good at using cloud systems that reduces unnecessary paperwork (specially in printed form), and accelerate communications. My accounting and bookkeeping is less annoying now. Thanks Paul.

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This is the first time I have used cloud based accounting. It has been a refreshing change. I found Paul to be extremely helpful in setting things up being a new user. Communication was done by email and i always received a response within a day. Very knowledgeable and excellent communication. And a fantastic bonus was that the service was 1/3 cheaper than what i was paying using a traditional accountant. I would without hesitation recommend Paul. Just brilliant.

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