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Setting up business finances – Do’s and Don’ts

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For any business owner getting the right financial advice when you start the business is critical, here are some Do’s and Don’ts

Separate your bank accounts

Many start ups try mixing business and personal transactions in their personal bank accounts, its a total nightmare, don’t do it, get a business bank account.

Mixing things up will almost certainly have tax implications.

Get help and register for Tax

Getting things right at the beginning is extremely important and a CIMA Accountant can makesure you choose the right business structure and help you register for VAT, PAYE, CIS and other taxes. Choosing the right VAT scheme will save you tax – take a look at this blog

Not registering and filing returns will have severe consequences and lead to fines and penalties.

Contracts

Ask your Accountant to review you contracts, they will be able to give you lots of useful tips.

Funding

Draw up a Budget and Cashflow and forecast how much cash you will need to run the business, looking at your cash cycle and managing it will be vital.

If you need funding ask your Accountant for help, they will be able to look at all the options and help you choose the option thats best for your business.

Accounting

Many start ups fail to keep control of their accounting, by working with an accountant you can avoid this problem and they can help you choose the best accounting solutions for your business.

steve@bicknells.net


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