North Devon Business support
Are you in North Devon and thinking of starting a business? Are you unsure of some aspects such as whether to start as a sole trader or incorporate as limited company? Would you like business support and advice with pricing and how to manage your accounts?
Then help is at hand.
Maynard Johns is delighted to welcome Jon Stanton back to our team as a Client Manager.
Jon completed some of his training with us several years ago and alongside advising family businesses, he specialises in advising new startup businesses and businesses in their early years of development.
Key financial mistakes made by startup businesses.
Getting business support and professional advice from the start can help you avoid many of the reasons startup businesses fail such as:
- Poor cash flow management thereby running out of money.
- Over ambitious financial forecasts leading to spending money too quickly.
- Poor financial tracking and planning resulting in missed opportunities and/or financial difficulties.
- Incorrect financial recording leading to incorrect tax filings and potential fines/audit by HMRC.
- Not understanding tax and VAT and how to make the most of tax deductions to increase profits.
Benefits of business support and financial advice when starting a business
By getting startup business support and taking professional financial advice when starting a business, you can get clear on your vision and goals and put a strategic plan in place to achieve these. Using an independent professional will help immensely as they will be able to look at your individual situation from an experienced and unbiased perspective, whereas you may be over excited, afraid, or overwhelmed.
Remember, at the end of the day, whether a business is successful or not is down to how it manages its finances. Financial mistakes are often the biggest downfall of a business and can be extremely difficult to recover from if not identified quickly. By getting business support and taking the correct advice at the start can help determine the success or failure of your startup business.
During a session with Jon, startup businesses will get support and advice including:
The best company structure for your startup
- Should you trade as a sole trade or partnership or limited company.
- What are the benefits and pitfall of each situation.
Explain the tax scenario for all the above once chosen.
- Discussing the objectives of the business and the different tax implications of the chosen business structure.
Discuss the most appropriate bookkeeping system whether digital or manual and advise on the legal requirements.
- Help in ensuring accurate financial records are kept for planning and reporting to HMRC.
- Identifying the best system for your business to save time and stress and reduce accountancy fees.
To advise on what is a tax deductible expense.
- Ensuring you claim all relevant expenses to keep as much profit as possible.
- Claiming pre-trading costs
Discuss the business plan to ensure there is a clear pathway for success.
- Business planning is essential for any startup business. As the adage says, ‘fail to plan, plan to fail’.
Signpost to other support services where required.
- We can sign post you to the best services to support your business in areas we can’t provide. This includes marketing advice and web design from our sister company, Seahorse Creative.
Register the business with HM Revenue & Customs.
- Registration is different dependent upon your chosen company structure.
- Failure to register correctly and/or on time can result in fines and penalties.
Advise on being registered for VAT where applicable.
- The benefits and disadvantage of being VAT registered.
- How to pay and charge VAT
And the best part is that your first session of up to an hour with Jon is FREE OF CHARGE!!
Give your startup business the best chance of success by emailing Jon at info@maynardjohns