The Grapevine Early Spring 2020 Grapevine Feb-Mar 2020 v1 | Page 33

Starting out on your business journey? Here’s how we can help Here at Haines Watts we believe in treating all businesses, large or small and from whichever sector, the same by offering professional, straightforward advice and support. from the Resources section of the website: www.hwca.com/resources/ factsheets. Please note that the factsheet cannot cater for every possibility and any decisions should be supported by professional advice. We’re particularly proud of working with business owners at the beginning of their journey, as Managing partner Tim Pearce explains: We’ve collated some key factors to be considered before you can start trading. “I love working with start-up businesses as I’m excited to see what they can grow into,” said Tim. “By having a good accountant and business advisor with you from the start you are more likely to do well. “It’s worth bearing in mind that only four in ten businesses survive the first three years so the right advice from the outset is vital. Tim added: “One of our biggest clients started out as an idea and we’re proud to have been with them throughout their journey.” Starting Up in Business is just one of the information packed factsheets available to download Let’s start with business structure. There are three common types: sole trader, partnership and company. The appropriate structure will depend on several factors, including consideration of taxation implications, the legal entity, ownership and liability. Taxation aspects must also be high on your agenda. The type and rate of taxation will depend on the form of business structure. However, the taxable profit will normally differ from the profit shown in the accounts due to certain expenses which are not allowed for tax purposes and the timing of some tax allowances. National Insurance and VAT must also be considered. Correctly accounting for VAT is an essential part of any business and neglect may result in a significant loss. If you’re looking for your own premises, there are many pitfalls to be avoided. It’s also worth con- sidering the following: Suitability for the purpose of your business, local by-laws, compliance with legal regulations and physical restrictions such as access. If you’re setting up a business and need advice from Haines Watts’ experienced team, please get in touch via the details below. Start Up in Business factsheet can be posted to you today! Worcester tel: [phone] email: [email protected] Evesham tel: [phone] email [email protected] Tewkesbury tel: [phone] email [email protected] www.hwca.com/accountants-worcester We help business owners to BUILD A MORE VALUABLE BUSINESS Short to medium-term growth and profitability is essential, but do they ensure you maximise the long-term value of your business? Haines Watts can help you look at your business in a different way and support you in building value. To find out more contact Haines Watts, your local award winning accountants Suite 1A, Shire Business Park, Wainwright Rd, Worcester, WR4 9FA - 01905 612347 [email protected] Vale Business Centre, 9 Abbey Lane Court, Evesham, WR11 4BY - 01386 579999 [email protected] www.hwca.com The Grapevine 33