The Wow Company UK Limited
Samar House, North Way,
Andover, Hampshire. SP10 5AZ

e-mail: info@thewowcompany.com
Tel: 01264 358 039
   or 0845 201 1582
Fax: 0845 201 1581

The Basics: Starting up in business

Download as a PDF here.

The Plan
It is essential that when you start your business, you have a plan. Without some form of plan your chances of success are dramatically reduced. Questions to ask yourself include: What are you going to sell, and to whom? How are you going to engage with clients? How will you pay the bills in the first few months?

Here are some other things to think about:

Sole Trader, Limited Company or LLP?

Factors such as tax cost, business operating costs and image need to be considered. Limited liability status can bring with it a degree of protection against personal financial risk.

VAT

Be clear on your VAT status from the outset so you don't run into problems with HMRC. VAT registration may be required immediately. If not, it may still be advisable and financially effective. 

Budgets and Cashflow

Prepare a target forecast to measure your actual results. Any issues can be spotted early. Forecasts for a new business can be simple to create and used as a comparison to your monthly results.

Record Keeping

Start your business with a computerised record keeping system that is easy to maintain and ensures you have the financial information you need at your fingertips. Check out www.xero.com if you haven't done so already.

Tax & National Insurance

You need to be clear as to what your obligations are relating to tax and National Insurance liabilities, for both you as principal of the business and any employees that may work for you.

How we can help

We offer anyone thinking of starting a business a free consultation to discuss the issues you need to consider, and help you get off to the best possible start. To find out more,
get in touch.

The Wow Company UK Ltd is an appointed representative of 2020 Financial. Services Ltd, which is authorised and regulated by the Financial Services Authority. Registered in England and Wales, number 05007424. Registered office as above. VAT number 834 6544 15     © 2010. The Wow Company.  All Rights Reserved   

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