1. A Rough Guide to
Starting Your Own
Business

2. Should I Start My Own
Business?

4. • There are many reasons both for and
against starting your own business – only
you can really make the decision.

5. Reasons For:

7. • Flexibility
• Satisfaction
• Control
• Unique business

8. • Tax saving
• Unemployment
• Working from Home

9. Reasons Against:

11. • Employment Status
• IR35 Legislation
• Insecurity
• Ability

12. • Responsibility
• Legal Responsibilities
• Organisation Skills
• Personal Liability

13. Reasons which should not
affect your decision:

15. • Confidence
• Concerns about H M Revenue and
Customs
• Concerns about setting up a Ltd Company

16. What Do I Do First?

18. • Set your Goals
• Prepare a Business Plan

19. What Do I Do With My Business
Plan?

21. • Discuss your Business Plan with someone
else

22. Find an Accountant

24. • Make sure you find one who you are
comfortable with as you will need to have
a close relationship with them

25. What About H M Revenue &
Customs?

27. • Register your Business with H M Revenue & Customs
• If you are trading as a sole trader or in a partnership you
will need to notify HMRC that you are self employed.
• If you prefer to trade through a Limited Company you will
need to have the company ‘formed’ at Companies
House. You will then be sent a form CT41G by HMRC
which you must completed an send back to them by
post.
• Once registered you (and your Ltd Company if relevant)
will be given a UTR (Unique Tax Reference) number.
• Your accountant will be able to assist you with these
processes, or do them for you for a small fee.

28. Business Bank Account:

30. • Set up a Business Bank Account
• When selecting a bank consider the deals
they are offering, and their terms.

31. Bookkeeping:

33. • Decide on your bookkeeping system –
discuss this with your accountant.
• Most start-up businesses should be able
to manage with a spreadsheet for
recording their income and expenses.
• If you would like a free bookkeeping
spreadsheet template please let me know.

34. Do I need to be VAT
Registered?

36. • When starting up a business it will
probably not be necessary to register for
VAT immediately, however it may be a
benefit to do so.
• Your accountant should be able to advise
you on this, and on the various VAT
schemes available.

37. Launch Your Business:

39. • Start trading – obtain your initial
equipment, stocks and clients/customers

41. There’s No Need To Scream:
• Please remember to contact your
accountant with any queries throughout
the year – they should not charge for quick
questions and it could save you a lot of
time and hassle.

43. DFL Accountants Ltd
• The Handouts are available as PDF documents – please
e-mail me for a copy.
• I am also happy to answer any queries on the phone, or
arrange a free initial meeting.
• Darren Loring (FMAAT)
Director
DFL Accountants Ltd
Tel: 01423 550002
e-mail: darren@dflaccountantsltd.co.uk
skype: dfl.accountants.ltd
Website: www.dflaccountantsltd.co.uk