Top 10 Tips
STARTING A BUSINESS 43
Top 10 Tips
3go to your local stationery shop and buy a cash book( eight or 12 columns is usually sufficient). You can also use the photocopier for business copying. For headed notepaper, use 100 gsm paper. This does make your business look better. You will need a folder to store copies of your invoices in.
You should also buy a concertina folder. These are marked A – Z. Write on Pocket A, April; Pocket B, May; Pocket C, June, etc. File all your receipts in them by month. This should include parking permits, train tickets, meal receipts, bills, etc. Use the spare pockets at the back for cheque books, paying – in books and bank statements.
4you will probably need a business account at a clearing bank. While this is not compulsory, it shows that you are serious about being in business. Always take a copy of your business plan with you. The bank may also give you free advice on the plan’ s viability. Don’ t be afraid to shop around for the best rates. You may also need a business credit card. If you do, never( and I mean never) use it for private purchases. This is one of the quickest ways of coming to the attention of HMRC’ s own Investigations Branch.
If the clearing banks don’ t think you are posh enough for them, don’ t be afraid to go to a building society. Admittedly you won’ t be able to write a cheque unless there are cleared funds in your account, but it will give you an excellent reference if the clearing banks do want your business. I did this 10 years ago – and have never regretted it.
5register your business with the local tax office. You will need to give bank details, the registered office, etc. They should also tell you( as will your accountant) whether you need to register for VAT. All HMRC offices have free information packs on setting up businesses which the posh accounting firms will charge you thousands for. There is also a handy web site, www. hmrc. gov. uk. illustration: Matt Rock
ISSUE THREE 2007 engage | uk