Work "ON" not "IN" Your Business
> Minimise your administration time by using good systems and being organised
> Maximise your time spent on marketing, networking, research and business development....as these activities will move your business forward
Thursday 22 April 2010
Tuesday 20 April 2010
Top Tips for Start-Up Businesses...Tip 9!!
Get an Accountant!!
> A good one helps you grow successful business and helps you avoid problems!
> "Chemistry" is important
> Get a fixed fee quote from 2 or 3 different accountants
> Pay your accountant for tax AND business advice
> A good one helps you grow successful business and helps you avoid problems!
> "Chemistry" is important
> Get a fixed fee quote from 2 or 3 different accountants
> Pay your accountant for tax AND business advice
Monday 19 April 2010
Top Tips for Start-Up Businesses...TIP 8!!
Dont Try to Beat the System
> If your sole aim is to pay as little tax as possible-then why are you bothering?
> HMRC are spending £1 billion this year on making sure people dont't break tax laws
> Aim to make Profits and utilise the tax allowences that are available
> If your sole aim is to pay as little tax as possible-then why are you bothering?
> HMRC are spending £1 billion this year on making sure people dont't break tax laws
> Aim to make Profits and utilise the tax allowences that are available
Friday 16 April 2010
Top Tips for Start-Up Businesses- TIP 7
Claim Back Personal Expenditure!
> Most start-ups are funded from owners pockets
> Keep a record of money you have spent-even before you start your business (travel, stationery, research) as it reduces your tax bill!!
> Remember to keep receipts
> Most start-ups are funded from owners pockets
> Keep a record of money you have spent-even before you start your business (travel, stationery, research) as it reduces your tax bill!!
> Remember to keep receipts
Thursday 15 April 2010
Top Tips for Start-Up Businesses...TIP 6!
Don't Undersell Youself!
> Calculate a profitable price for your goods or services and STICK TO IT!
> Being the cheapest is a no win strategy
> Services: Hourly rate x 3. Get a time management system.
> Goods: Aim for Cost Price x 2 or 3
> Calculate a profitable price for your goods or services and STICK TO IT!
> Being the cheapest is a no win strategy
> Services: Hourly rate x 3. Get a time management system.
> Goods: Aim for Cost Price x 2 or 3
Wednesday 14 April 2010
Top Tips for Start-Up Businesses..TIP 5!
Invest in Good Accounting Software
> Go for user Freindly over complexity
> Good records = lower accounting fees
> Go online
Using user friendly good accounting software will allow you to do your own book-keeping and produce your own records. It will help you answer the question 'Am I making any profit'.
There are now numerous online accounting services such as FreeAgent Central which offer an even simpler way to produce your own records, it also allows your accountant to directly access your data. It will save you time and money! You can find out more about FreeAgent here.
> Go for user Freindly over complexity
> Good records = lower accounting fees
> Go online
Using user friendly good accounting software will allow you to do your own book-keeping and produce your own records. It will help you answer the question 'Am I making any profit'.
There are now numerous online accounting services such as FreeAgent Central which offer an even simpler way to produce your own records, it also allows your accountant to directly access your data. It will save you time and money! You can find out more about FreeAgent here.
Tuesday 13 April 2010
Top Tips for Start Up Businesses...TIP 4!!
Keep Your Records Neat and Tidy
Make sure you have separate files for:
> Sales (money in)
> Purchases (money out)
> Tax Stuff
> Bank Statements
Make sure you have separate files for:
> Sales (money in)
> Purchases (money out)
> Tax Stuff
> Bank Statements
Monday 12 April 2010
Top Tips for Start Up Businesses...Tip 3!
Put Money Aside for the Tax Man!
> Get a second bank account and link it to your main account
> Transfer money each month to the second account
> Remember you may not need to pay tax for 18 months to 2 years
> Know what you tax liabilities are!
Its vital you know what your tax liabilities are when you start your business as this allows you to plan ahead! You can find out what your liabilities are from your accountant or HMRC.
> Get a second bank account and link it to your main account
> Transfer money each month to the second account
> Remember you may not need to pay tax for 18 months to 2 years
> Know what you tax liabilities are!
Its vital you know what your tax liabilities are when you start your business as this allows you to plan ahead! You can find out what your liabilities are from your accountant or HMRC.
Friday 9 April 2010
10 Top Tips for Start Up Businesses...TIP 2!
Get Paid By Your Customer
This made sound simple but many people stuggle to recieve payment for the work they complete for their customers! So remember to:
> Be clear about your prices and payment terms
> Ask bigger companies for a purchase order number
> Put your bank details on your invoices
> Send out monthly statements
This made sound simple but many people stuggle to recieve payment for the work they complete for their customers! So remember to:
> Be clear about your prices and payment terms
> Ask bigger companies for a purchase order number
> Put your bank details on your invoices
> Send out monthly statements
Thursday 8 April 2010
10 Top Tips for Start Up Businesses. Make sure yours doesn't join the Failures!!
TIP 1
Understand Your Tax Obligations!!
> Sole Traders need to register with HMRC within 3 months of start up!
> Limited Companys need to make sure they register for PAYE
> Learn the basics about your tax obligations. There is PAYE, VAT, Corporation Tax, Personal Tax and CIS to consider! The HMRC website will provide information on many of these topics, if not ask your accountant!
Understand Your Tax Obligations!!
> Sole Traders need to register with HMRC within 3 months of start up!
> Limited Companys need to make sure they register for PAYE
> Learn the basics about your tax obligations. There is PAYE, VAT, Corporation Tax, Personal Tax and CIS to consider! The HMRC website will provide information on many of these topics, if not ask your accountant!
Subscribe to:
Posts (Atom)
Posts
