Do you want the good news or the bad news first?
Well, let’s be positive and start with the upbeat news first. The UK economy grew in the three months from July to September, according to the British Chambers of Commerce (BCC). Based on its survey of 7,593 UK firms, the BCC said the economy grew by 0.5% in the third quarter. The BCC also said it did not agree with the Office for National Statistics’ (ONS) “gloomy estimation” that the economy had been contracting for the previous nine months, though in fairness the ONS has now downgraded this estimate and stated that things were not quite as bad as it feared. The BCC, which represents 104,000 business members, said that its members’ confidence in future turnover and profit had fallen to levels last seen at the end of 2011. However, it was prepared to take action to help promote growth, and has proposed a “growth voucher scheme”, offering 20,000 small businesses £5,000 worth of advice to jump start investment and expansion plans.
Now, lest you get carried away with the happy tidings, here’s the not-so good news.
More start-ups and small businesses are going under than ever before. For every business starting this year only 43 percent will still be trading this time next year: that figure drops to a lowly 1 in 5 over the course of 5 years. Why’s that? Well, because unfortunately start-ups are usually the first casualties on any economic downturn. It may not be fair, but it’s sadly the law of the jungle; the strongest always survive. So now, more than ever, small businesses will need the help of experienced accountancy professionals to help steer them through these difficult times if they are to emerge from the recession stronger, fitter and leaner, and able to survive regardless of what the economy may throw their way.
So how can Steven Glicher accountants help your start-up business? Well, that’s simple.
We’ll do it by providing all the core start-up business services your company will need to ensure that you emerge from the recession unscathed and successful. We’ll help with the tricky matters that often confound new businesses, such as:
- Tax planning : we can give you advice on the areas of tax planning we feel are likely to be of greatest importance as you start trading.
- We can advise you on the most suitable form of business structure for your business. Should you be a sole trader, partnership, Limited Company or even a Limited Liability Partnership? Which will work best for you?
- Raising finance and business plans: we can help your business by identifying the funding you’ll need, the most suitable sources of finance, the cash-flow projections, the budgets, and the trading forecasts.
- We’ll show you how to keep your book accurately and up-to-date. We can do this either manually or on a computer, whichever you prefer. We can also advise and train you on suitable accounting software.
- We’ll help you with business planning and will look at your existing business, identify its potential, and determine the main challenges it will face in the future.
- We’ll ensure that your business complies with all the relevant statutory notifications. It’s vitally important that you let HMRC know within 3 months of commencing self-employment that you are in business. Failure to do so results in substantial automatic fines. We will help to complete all the necessary forms, set you your national insurance payments and if necessary complete any VAT Registration forms for you.
- As part of our mentoring role, we can introduce you to local banks, solicitors and other professionals you may need assistance from in the coming years.
- We can also set up your Limited Company should you choose to trade through one.
- We can give small businesses helpful advice on the advantages and disadvantages of VAT, and take care of any issues you may encounter.