Starting a business: how to turn your idea into reality

You’ve got a great idea to start a business and the entrepreneurial spirit to pull it off, but you lack the cash to get it off the ground, the knowledge to set up payroll and register with authorities. 

Fear not. There are several sources of funding out there for you to bring your idea to fruition, and we can relieve you of the worry when it comes to the rest. 

Our team of experts are experienced with setting up payroll, dealing with official bodies like HMRC and Companies House, and navigating you through the complex VAT maze. 

Sourcing funding for your startup

In years gone by, banks would happily loan money to people trying to get their business off the ground. Nowadays, banks favour lending cash to businesses with a track record. 

The government offers aspiring business owners up to £25,000 in the form of a startup loan, which comes with free support, help to write a business plan and 12 months’ mentoring. 

If that fails, you could turn to Alternative Business Finance which offers finds funding solutions from more than 150 lenders and products for small businesses up to a value of £50 million. 

Registering with HMRC and Companies House 

You need to think about what business structure to take before you think about registering with the authorities. Will you be a sole trader, enter into a partnership or incorporate your company? 

We can advise of what structure best suits your idea, and either point you in the right direction of which bodies you need to register with or take on registration responsibilities on your behalf. 

Sole traders need to register with HMRC for self-assessment and file an annual tax return, while partnerships also need to register online with the Revenue 

You will definitely require our assistance if you set up a limited company as there are multiple duties to fulfil, and our experience can assist you with all of that. 

Setting up payroll 

Don’t underestimate the administrative burden of being bogged down with payroll duties, such as calculating employee wages and national insurance and running a workplace pension scheme.

Fortunately, we have a four-strong team of payroll experts – led by Tracy Burgoyne – who you can outsource all of your payroll duties to. 

VAT: the complexities

You don’t need to worry about VAT straight away as your idea has yet to get off the ground. However, it’s wise to be clued up about the thresholds that may affect your business in the near future.

If your annual taxable turnover surpasses £85,000, you will need to register for VAT. The VAT-registration threshold is frozen until April 2020, so this figure is not likely to change until then.

Once you’ve registered, you will need to charge VAT at 20% on all of the sales your business makes in the financial year and pay VAT on a quarterly basis.

Be aware, VAT is much more complicated than this brief summary suggests and Julie Prangell  can handle all your VAT needs when it comes to it. 

Get in touch

Dunkley’s partner Jon Roberts leads our comprehensive startups service, and he can advise on any aspect of bringing your business idea to life as well as helping you along the way. 

To find out more, call us on 01454 619900 or email us at advice@dunkleys.accountants 

Get in touch

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