Starting a business

Are you planning to start a new business? We understand that starting a new business can seem like a minefield. What do you need to do? What and who do you need to know? Where and what do you need to register? How to register? What records should be maintained? What options do you have for using Cloud accounting? How can you minimise your tax liability while maximising your profits?

With our extensive experience in working with new businesses we can assure you that our advice will be tailored to meet your specific business goals and objectives. We will work with you to ensure that the record-keeping responsibilities do not restrict your ability to run a successful business any more than necessary.

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Employed or self employed?

The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HMRC emphasise that this is not the case.

Buying a business

Buying an established business that someone else wishes to sell provides a path that many follow to fulfil their desire to enter into business or expand existing operations.

Initial costs of starting in business

No new business is the same as another even if the product or service is similar. Review our summary of likely costs as well as making use of our start up funding calculator.

Proving your credentials to investors

People don't invest in ideas; they invest in people. You can have the world's best business plan with a truly original idea that is guaranteed to make a fortune, but you could fail to attract investment if the people behind the idea do not inspire confidence or have the necessary plans in place.

The tax system for the self-employed

If you start working for yourself, you must register with HMRC.

Business deductions

In order to attract a deduction in computing the profits of a trade or business, any expenses must be incurred wholly and exclusively for the purpose of the trade.

Claiming expenses

The rules which determine what expenses can be deducted from profit for tax purposes are essentially the same whether you operate as a limited company, sole trader or partnership.

Choosing your accounting date

You are free to select your choice of accounting date. Under the current year basis, the taxable profit for a particular tax year is determined by the accounts that end in that year.

Buying a franchise

Is buying a franchise of interest? This is one approach that many adopt in order to become an owner of an ‘established’ business.

The construction industry

There are special tax rules affecting the construction industry, which are designed to ensure that tax is paid by workers in the sector whether they are employed or self employed.

Preparing your business plan

Do you have a written business plan? Failing to plan is the first step towards planning to fail.

Essential record keeping

Ideas on how you can reduce the time we take to prepare your year-end accounts.

The national minimum wage and the national living wage

An employer must pay their workers a minimum amount per hour as defined by law. This is referred to as the national minimum wage or the national living wage.

Working from home

Some people work at home; others see the home base as the perfect solution to a noisy office, endless interruptions, or a long and expensive commute. But if you are thinking of leaving the office on a permanent basis, there are a number of questions you must first consider.

Insuring your business

Adequate insurance is fundamentally important for a business. And in many cases, it is actually a legal obligation.

What follows is a brief guide to the types of insurance a business must have and the types of insurance it might consider desirable.

Tax planning for businesses

If you are thinking of starting a business, you should consider, among other factors, the impact of being the business owner on all areas of your life and the degree of risk involved. Devising a strong business plan is essential to aid and help you navigate the direction of the business.

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SJD Accountancy

SJD Accountancy are the UK's largest specialist provider of fixed fee, Limited company accountancy services to contractors; we've been acting for contractors across the UK since 1992 and have more than 15,000 clients.

We are the only national specialist firm of contractor accountants with offices nationwide. SJD Accountancy has more qualified staff than any other firm in our market with qualifications from the following major tax and accountancy bodies - ATT, AAT, CTA, ACCA, CA, ACA and FCCA.

  • Unlimited face to face meetings. This is a unique service only SJD Accountancy offers - unlimited face to face meetings across the UK - tax is complicated and sometimes only a meeting will do.
  • UK's Largest contractor accountants with more qualified staff. No call centres, no outsourcing, no automated call handling. Simply telephone, email or meet your own dedicated accountant face to face.
  • Money back service guarantee. All your Emails received by 4pm on any normal working day will be answered the same day. Should it be necessary to leave a telephone message it will be answered same day/following day latest or we will make a full refund of that months fee.
  • Outstanding reputation. We have won more awards for customer service and accountancy excellence than any other firm in our market, including: Best Accountant for Contractors, Accountant of the Year and Best Professional Service Team to name just a few.
  • All inclusive low cost fixed fee accountancy package which includes completion of accounts*, payroll bureau, dividends and corporation tax computations, personal taxation, free bookkeeping software, your own dedicated accountant* and all company returns for a fixed fee starting from £120 plus VAT per month. Check our packages for more detail.

If you have any questions about contracting or would like any further advice please call our new client services helpdesk on 01442 275789 or email: janice@sjdaccountancy.com. Our new client services helpdesk is open Monday to Friday (8am to 6pm).

Appoint SJD Accountancy and never worry about your tax or accountancy affairs again.

Form your own Limited company with SJD - our same day online company formation service includes company bank account set up, VAT/PAYE registration and advice on optimum share structure. 

You may also find the following pages, guides and case studies useful:

*If you would like us to complete your company year end accounts we simply ask that you have been a client of SJD for one year or have made 12 monthly payments. All accountants are part or fully qualified.