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Business startups

  

Planning a new venture?  We wish you every success!  But of course there's more to success than just good luck. Whether you're starting a brand new venture, buying an existing business, or investing in a franchise, the key to success is careful planning.  As the saying goes, "failing to plan is planning to fail".  

You have the vision, Wortham Jaques has the expertise, experience and tools to guide you through the process of making it a reality. Below are some of the services we offer specifically to help new businesses get off to a sound start. To see the support we can offer once your business is up and running, please take a look at our services for professionals, sole traders & partnerships and limited companies.

 


Choosing the right structure

One of the first decisions you have to make is how to structure your business. If you’re going it alone the choice is between unincorporated sole trader/practitioner or limited company. If there are two or more of you, your choices are a partnership, a limited liability partnership (LLP), or a limited company.

Each of these structures has advantages and disadvantages which have to be viewed in the light of your particular circumstances. Wortham Jaques will take time to gain a sound understanding of those circumstances. We can then recommend what we consider to be the best structure for your new business and explain in plain English the reasons for our recommendation.

The business plan

No one can predict the future, but we still have to plan for it. It's especially important to do so when starting a new business. A well thought out business plan, supported by sound financial projections, is the essential road map for the crucial first months and years of your venture. It will also be vital to your success in raising the finance needed to turn your business vision into a reality.

Wortham Jaques has the expertise and experience to guide you through the process of producing a comprehensive business plan appropriate to your business, along with the supporting cash flow and profit forecasts. If you need to raise finance we can help you negotiate with prospective lenders, using the business plan to demonstrate that your proposition is viable.

Once your business is up and running, the financial forecasts will provide a benchmark against which to measure how well it is developing. Wortham Jaques will help you to keep them up to date as your business grows and evolves, so you will always know whether your targets are being met and, with our guidance, will be able to react quickly if things do not go according to plan.

Tax planning

It is important that you understand the tax implications of the decisions you make when starting up your business, and no doubt there are a lot of questions you want to ask about tax and VAT. At Wortham Jaques we pride ourselves on using plain English to make difficult tax concepts easy to understand for the non-specialist. We will make sure not only that the decisions made during the start up phase of your venture are beneficial from the tax viewpoint, but also that you understand how they will affect your tax position in the future.

As your business grows and the profits start rolling in your tax planning needs will evolve. Tax planning is an ongoing process; at Wortham Jaques we keep all our clients' affairs under constant review to ensure that tax saving opportunities are taken and tax pitfalls are avoided. And of course we take care of all their routine tax compliance needs, such as completing annual self assessment tax returns. We look forward to doing the same for you!

Getting the record keeping right

This is the boring bit. Unfortunately it's also one of the most important. Accurate business records are essential if you are to understand and evaluate the performance of your business and steer it in the direction you want it to go. They are also the key to preparing accurate accounts, tax and VAT returns, without which you are at risk of incurring financial penalties from HMRC.

The trouble is that bookkeeping can be an unwelcome distraction when you are trying to build a business. At Wortham Jaques we have a range of cost effective solutions to minimise the burden, from taking over your bookkeeping completely to setting up a computerised or manual system that you can use comfortably, freeing you to concentrate on building your business.

Accounting software

Accounting software can simplify your record keeping and provide useful management information, but to do so it must be the right package for your business, properly installed and configured, and operated correctly.

Wortham Jaques offers the following solutions to ensure that you get this important aspect of your business operation working smoothly from day one:

Installation and setup

We can install and configure accounting software in either single or multi-user mode and assist new users with initial setup. We can also help experienced users manage their businesses more effectively by improving their current setup.

Personal Training

Whether you want us to train you personally or your staff (or both) we can provide cost effective training sessions at your premises or ours.

Support

Our support service can provide you with any installation, setup or operational assistance you might need.

Review

Our review service involves checking your accounting records and making any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive accurately reflects the financial condition of your business. Reviews may be conducted at any time, but we recommend monthly reviews to provide you with up-to-date information and feedback about your business.


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