New business start up

I'm setting up a new business, so what do I need to ask? There are many questions but here are a few to begin with.

Explore these, together with other tax and business advice further with an on the spot chartered accountant...

1.You need to decide whether you should trade as a sole trader or limited company

Q Will you make a profit immediately?

A No

Q Did you pay tax in the last 3 years?

A Yes

It's possible it will be more tax efficient to be a sole trader, at least initially

Q Will you make a profit immediately?

A Yes

It's possible you should set up a limited company

2.You need to decide if you need to be VAT registered

Q Will your turnover be above £85k over a 12 month period?

A Yes

You may need to be VAT registered

A No

Q Are your customers VAT registered?

A Yes

It might save you cash to be voluntarily registered


3. You need to decide how to record your income and costs

Q Will you have many transactions?

A No

Q Are you comfortable with spread sheets?

A Yes

We help you set up an appropriate spread sheet based accounting record

A No

We recommend a trusted book keeper

Business start-ups

Business Start-ups

We will discuss the pros and cons of each option:on the spot working to start up your business

  • Sole Trader
  • Partnership
  • Limited Company

Starting a new business?

Confused with all the options?not sure which company type is best?

Unsure of the best type of business ownership for you?

Let on the spot explain the differences and identify the most cost effective solution for you.


On The Spot Tax Limited

Trading as On The Spot
Registered in England & Wales under company number 06566196
VAT number 937 5293 90