Top 7 things to think about as you start your journey
Insurance
There are different types but the main ones are:
Professional indemnity insurance – ensuring your business is protected against claims for loss or damage made by clients or third parties because of the impact of negligent service you provided.
Employers’ liability insurance – legal requirement if you plan to have employees. elps cover compensation costs if an employee becomes sick or injured at work.
Data protection
ICO registration is mandatory for companies holding/storing client information – (equivalent to GDPR).
Bank account
The company must have its own dedicated bank account from which it transacts, which is separate from your personal accounts. It enhances the credibility of your business and is for loan and credit applications. Neobanks such as Wise, Revolut and Anna can be good options for getting up and running quickly.
Tax obligations
Ensuring that you set aside Corporation tax (currently 19% on profits below £50k), VAT and or PAYE (if applicable) in order that you can settle your liabilities as they fall due and knowing the dates you owe the different taxes. It is also important to set reminders in your calendar to ensure you don’t miss the various tax payment dates.
Accounting records
Maintain accurate and up-to-date financial records using a cloud based accounting system like Xero or QuickBooks. This will also enable you to get valuable insights into your finances enabling you to make better business decisions.
Cash flow management
Monitor and manage cash flow to ensure the business can meet its obligations and invest in growth.
Financing
How are you planning to fund your company’s operations? Either with personal monies, outside investment or bank loans to get you off the ground.
Contact Jeffreys Glass to learn more and take the first step toward financial peace of mind.