Before you begin trading
Clarify the activity, intended start date and whether you will trade alone. If another owner is involved or a company is being considered, settle that structure question first. The records and responsibilities should follow the way you actually operate.
Registration and tax questions
Registration and reporting questions depend on your circumstances. Keep a record of when the activity begins and the income received. Discuss the relevant requirements rather than assuming a previous employment arrangement covers the new business.
Set up simple records
Give every sale and cost an identifiable record. Keep invoices and receipts and distinguish personal transactions. Choose a method you can maintain regularly, whether that begins with a simple system or accounting software such as KashFlow.
KashFlow accountingPlan the first annual cycle
The first annual accounts and tax return are easier to discuss when the records have been kept consistently. Stour Business Partners can help you consider both stages, as well as the cash needed for business costs and future tax payments.
Your questions, answered.
Do I need an accountant before registering?
You do not have to appoint an accountant first, but a consultation can help clarify the questions before you start.
Should I open a separate bank account?
Separating business transactions is useful. The banking arrangement should also comply with the account provider’s terms.
When do I start keeping records?
Keep records from the start, including relevant setup spending and evidence of the first business transactions.