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Tips for Starting Up
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7. Books and Records: You need to set up a system for keeping all your records including payments, receipts, purchases and sales, assets and loans. You also need a system for product prices, customer details.
8. Accounts: The books and records you keep are used to produce your annual accounts and the better your records, the less time and money an accountant will cost. Legally you need to provide information to HMRC for VAT, PAYE & NIC and Corporaton Tax.
9. Employing People: If you employ staff you need to consider your interviewing skills and techniques. You will also be responsible for deducting PAYE and NIC and submitting payments to HMRC. You must also be aware of legal changes to the Tax Codes, HMRC procedures and Employment Law criteria. You will need to produce a contract of employment and maintain personnel records.
10. Premises: You need to decide the best location and type of premises for your business. If you can run your business from home, then use a Virtual Office Service to provide you with a commercial address, a business telephone number and the support services a business centre can offer. If you need storage facilities then a government subsidised enterprise unit may be more appropriate. Should you need a permanent office base for you and your staff, then a serviced office with its fixed monthly fee which includes all your rent, rates and utilities with a one month notice period is the best starting place. Contact us at the Belfast Business Centre for prices and advise.
11. Insurance: You will legally require insurance for employers, vehicles, stock and depending on the nature of your business for public liability, consequential loss and bad debts.
12. Pension: A Pension Scheme may be a good way of saving for retirement dependant on the tax rulings, you should check out what benefits as a business owner there are in relation to pensions.
Check out the Belfast Business Centre social media accounts today for updates, offers, other tips and incentives!
