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Starting up in business can be a daunting prospect, with budding entrepreneurs all too often left to fend for themselves. At Fraser Russell we can help you start your own business by giving you the confidence and freedom to go out and generate revenue without having to worry about administrative issues.
That’s why we have set up our ‘Start-up Consulting Service’ which is designed for all new businesses. We can work with you to create a clear, workable business plan and growth strategy for your business. We will help you to cut through the red-tape and support you at a crucial time in the life-cycle of your business so you can grow from strength to strength.
Still undecided and worried about the possible financial implications and need some expert advice and help?
Are you asking yourself; how do I select the best accountant for my business? It is a big decision!
Do you know that 20% of new startup businesses fail in the first year and over 50% within the first three years? An alarming number but, fortunately, something we can help you avoid. Businesses fail because:
Yes, absolutely. You can either select from one of our popular service plans, or we can tailor a plan to your exact requirements. This is one of the subjects we will cover at your first consultation. If during the year any top-up services are required e.g. ad-hoc management accounts, then we will always confirm in writing, the cost involved before commencing work.
Yes, simply because HMRC is moving to making tax digital. It will also: simplify the bookkeeping process; can help reduce your accountancy costs; and help you stay in control of your business finances.
Yes, if you have employees to pay, in which case, we can handle it for you, if you wish, allowing you to concentrate on running the business business. Alternatively, all the leading accounting systems offer payroll facilities, as part of their suite. Speak to us to find out which one is best for you.
This important question is something we will discuss at your free consultation and can have a significant impact on how much tax you will pay and how you see your business developing in the future. We will discuss the pros and cons of each, during the initial consultation.
No, not at the start. However, you must register for VAT if: you expect your VAT taxable turnover to be more than £90,000 in the next 30-day period, or your business had a VAT taxable turnover of more than £90,000 over the last 12 months. You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.
The best timing will depend on your plans and the industry you will be involved in. It is an important topic, we often discuss at the free consultation. We have extensive experience over many industries, so we should be able to give you all the information and advice, to help you arrive at the correct decision.
Conduct market research, write your business plan, work out how you will fund your business, pick your business location, choose the most tax efficient business structure, choose your business name, register your business, register with the HMRC, apply for licenses and permits and open a business bank account. We will cover all this at your free consultation.
Please see the section, earlier on this page, covering the pitfalls of starting a new business.
Trust, and you MUST also have a partnership agreement in place before starting. At our initial consultation, we can discuss the difference between a General Partnership and a Limited Liability Partnership, to decide which one will work best for you and your Partners and help reduce any risk involved.
Yes you do, and with our extensive experience over a wide range of industries, it is something we can help you with. Many new businesses fail, due to the lack of a realistic business plan or strategy. Also, if looking to raise finance, many lenders will expect to see a viable business plan and strategy, amongst a few other informational requirements.
Our financial advisors are here to support you. If you have questions, please do not hesitate to contact us and we will get back to you within 24 hours, but usually much quicker.
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