Use your accountant’s expertise when setting up a new business

Use your accountant’s expertise when setting up a new business

Becoming self-employed could be the right step for anyone who has the necessary skills and experience that will be required to successfully run a business. As the recent uncertainty around jobs is taking its toll and people have seen the advantages of working from home many people who may not have contemplated self-employment are giving it serious thought.

Once who have decided on your business the next step is to choose a business name that is memorable and that reflects your business. You will need to register as a sole trader with HMRC so that they know you will be completing a self-assessment tax form and paying class 2 and class 4 national insurance contributions where relevant.

It is at this stage that it would be wise to seek the advice of an accountant as they will be able to guide you in terms of the bookkeeping you will need to undertake and any legal requirements you will need to fulfil such as having a business bank account. Setting up the bank account and any trade accounts for supplies if appropriate will mean that you are ready financially to begin your self-employed adventure. The accountant will also be able to advise you on any financial help that is available to new businesses that will give your new business an initial boost.

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