LET HAGGARDS CROWTHER HELP YOU

To get your business off to a flying start

We offer our clients structure and support on the processes that recur annually.

MAKING SURE INFORMED, EFFICIENT ADVICE IS THERE WHEN YOU NEED IT. 

In what will be an exciting and extremely busy time, you will have 101 decisions to make. Here are one or two thoughts on matters that impact our world:

CHOOSING A NAME

This can be over-thought. If the business is primarily about the owners, then use the owner’s names. It does need to sound right, and it can get complicated if there are more than 2 or 3 owners.

If names don’t work, revert to the adage of doing what it says on the tin – IE a property, road or area name followed by a word that reflects the industry you are in.

Overall, the most important aspect is to pick something unique, and to start as cheaply as possible.

CHOOSING A TRADING ADDRESS

You have options depending on your requirements and the image you want to present to your clients and potential clients:

  • Your home address is an obvious choice if it is where you are going to be based while you are getting started.
  • A virtual office
  • Renting/leasing space

CHOOSING A YEAR END

As a sole trader or partnership, you may want to look at a year end of 30th April. Setting this as your year end date defers the tax that you pay on profits for as long as possible, and is therefore good tax planning in a start-up scenario.

As a Limited Company, 31 March is a popular year end. Benefits of an April year end do not apply – indeed often makes tax planning more difficult.

OPENING A BANK ACCOUNT

We hear it time and time again from frustrated clients - it can be the biggest practical obstacle to getting your business going. Be prepared to spend some time waiting for the bank (whichever one you select) to go through its hoops.

You will have to go to a branch. Be prepared for it to take time - there are forms to fill out, questions to be answered and – even if you don’t want to borrow money. 

All banks are very similar in what they offer. Good local branches are usually good because the business development manager is good. When he/she goes, and so does the reputation

Not all branches have a full-time business bank manager, so make an appointment. When you make the appointment, ask for the information they will need.

Have your passport and at least 2 recent utility bills to confirm your address.

CHOOSING ACCOUNTING SOFTWARE

Excel remains a very workable solution in the early days.

It is likely that you already have it installed and you understand it, and we can provide templates to make sure you are on the right track.

If you want a solution that is designed for purpose, there are a number of accounting software products available, and we can help you select the best one for your business.

DECIDING WHO DOES THE BOOKKEEPING

There are 3 options available to you:

  • Do it yourself. This is the cheapest solution in a start-up world where money it tight. It is always worth considering options, as your time may be better spent running the business and driving sales.
  • Hire a bookkeeper, who will come to your offices and do the basic processing
  • Get us to do it. The value in Haggards Crowther providing the service include: We will be providing other services for you, thus you will benefit from having everything under one roof.

We have a range of resources, and can therefore tailor the resource to the job required.

We will run your accounts on Sage 50, the most widely used software in the country. Our systems and processes ensure peace of mind that your records are maintained in a secure environment in which day back-ups are performed to 2 separate locations. 

I have worked with Tim Haggard for a number of years and always find him to be incredibly knowledgeable and happy to help. Our working relationship is so refreshing that it often feels like he is a part of our company... '

MR GORRIN, W1