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Forming New Company

A word of advice to the OP - there are accountants and then there are accountants. Our first one was a nice enough guy but not too hot. Our new one isn't my best mate but he has saved us thousand annually. And what @Wordsmith said about timings - you will spend more than 2 hours a day on it. Trust me :oops:
 
We spent ages fiddling around with Sage accounts.

Dumped it and went for an online accounting service with KPMG using Xero Accounts. Simplified the entire process massively (although we are running both at present which causes some issues but if you are starting from scratch this will not be an issue).

Accounting & Bookkeeping | KPMG Small Business Accounting

We still use Sage for payroll (which is hardly onerous with one salaried employee).

Has anyone mentioned public liability insurance? Try Directline.
 
I tried looking at different threads, but cannot find any.

I have provided a service to a number of companies and think I could provide a service to others privately.

I am looking to cost things up. At the moment my costs are:

Non Recurrent:

£200 Web-site and Logo design
£12 registration Companies House

Recurrent (annum):

£50 (circa) Business e-mail account
£120 Freephone number linked to mobile
£250 PO box
Free Business Bank Account (for 18 months) - 1st 18 months
Minimal Stationary costs

Are there any other costs I am missing here from more experienced hands ? I would be looking to spend 2 hours a day, otherwise working on my day job to cover mortgage, living costs etc.

Not too much concerned about VAT as this would be included as a deduction as part of my income calculation.

This is a bit of a silly question while everything is so vague.

Only you know what your costs are while you don't mention your service.

If you're working full time though, you don't have to be too official just yet. Just work out what you need today for the job in front of you and keep your receipts. You've got a few months before you need to worry about anything other than making money, so get on with doing that.

If it's the kind of work you can do for cash, then do it until you figure out if it's a go-er or not. Keep it SIMPLE.

Btw, what is this 'business email' that you're paying £50 for? Your domain name comes with that for free.
 
Debt recovery. How do your intended customers pay you? Will you need to invoice them? What will your payment terms be?

Human Resources/Employment Law: If you are employing anyone, don't fall foul of employment law. There are many providers of HR and employment law advice, I think from memory Natwest offer this service (MENTOR?) if you bank with them. The deal is that if you follow their advice to the letter you are covered against any claims employees make. Even the smallest procedural error can cost you in a big way........ I know this from personal experience.

Employees: Don't promise them the moon and the stars to get them on board; the switched on people you want will see through bullshit. Be realistic; it is better for a job to exceed expectations than not deliver on promises. Your employees will never have the same emotional investment in your business as you, but people with families to feed and mortgages to pay will have a real interest in making your venture successful. A younger, carefree and more 'dynamic' employee may seem like a more appealing prospect but is more likely to disappear if the job doesn't deliver instant result, especially if his only fixed outgoings are giving his mum £50 a week and buying a bit of weed at the weekend;)

Good luck in your new venture. Will your customer base be the UK?

It will be more difficult, time consuming and stressful than you think. There will be things that you have overlooked, and change that you can't foresee that could adversely affect your turnover/profitablility (legislation/tech change/BREXIT/Carney/Cybercrime.......)

Have you run a business before? (I have) The sense of pride and freedom that comes from being your own boss goes hand in hand with what can feel like crushing personal responsibility when Mr Ratshit comes to dinner.

But with a fair wind, it will be worth it.
 
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