Our team of experts at Hubu Accountants in Wales have put together a list of the top 5 things you need to know about setting up a new business in the UK in 2023.
1 - Business Plan
Having a Business Plan is important for many reasons. A sound Business plan can help you to clarify your Business brand, gives you focal points for market research of your competitors, set financial targets for your new Business that are measurable - and changeable if problems arise. You'll also need a Business Plan if you're hoping to secure finance for your Business by way of a bank loan.
Some people looking to start a new Business will already be well aware of earnings before interest, taxes, depreciation, and amortisation (EBITDAH) and how to calculate it, but this is not something that people who are new to Business may be aware of.
There is no need to worry about any of the above however, if you use a professional Business Accountant like Hubu to help you to set up your Business.
2 - Register with Companies House
Deciding if you want to be a Sole Trader, a Limited Company, or even a Social Enterprise is a decision that needs to be made early on in the process of setting up a new Business in the UK. At Hubu Accountants we can guide you through the benefits of all the registration options that are suitable for your Business goals.
3 - Applying for finance
Searching for investors for your new Business can feel like a daunting task. at Hubu Accountants in Wales we can advise you on the best way to source finance for your new Business, whether that be applying for a start up loan, a Business banking loan or even using your own money as a Director's loan. It is important that you understand the pros and cons of each financial avenue.
4 - Understanding Employment
If you are going to have employees for your Business, there are several things you will need to do including registering as an Employer with HMRC. But there are other considerations - how much will you pay your staff? (This should be part of your Business plan). Who will look after the payroll for the Business; you as the Business Owner, a member of staff or your Accountant? Have you thought about pensions? If you are unsure of any of the above, it's definitely time to get in touch with an Accountant.
5 - Set up Digital Accounting for Bookkeeping
You may already be aware about the best digital software to use for Business Bookkeeping, but are you aware of the many different deadlines throughout the year for Self Employed people and Businesses? What about the Government scheme; Making Tax Digital (MTD)?
The good news is, that if you can find a professional Business Accountant it means you don't need to worry about any of this, as they will ensure you submit documents on time, or even submit them on your behalf.
How can Hubu Accountants help me to set up my new Business?
If you're wondering how to go about setting up and launching your new business, Hubu Accountants are here to help. With over 25 years experience working with Business owners, and as Xero and Quickbooks Accounting software partners; we not only have the expertise and insight to help you start and grow your business, but the access to industry leading information.
For more info on starting a business in the UK you can also check the Government website.