Low-Risk Ways To Start A Business

Methods To Overcome Uncertainty

So you’ve got a business idea and you think it might be a good one. But just as you’ve geared yourself up, all kinds of worries start to creep in.

Whether you’re starting from scratch or adding a new string to your bow, there are things you can do to set up your new venture whilst reducing some of the risks and stress.

Testing The Water

Have you considered trading temporarily like over a certain season or on a short term deal? It’s easier than ever these days to hire space on a pop-up basis. Speak to your local council or manager of the local shopping mall to see what’s available. Though it might not be your dream premises, 6 months trading in a temporary place could provide well needed word of mouth, brand recognition and positive reviews.

Events, fairs and festivals can offer a large number of potential customers over a short period of time, and give you lots of valued feedback on how your product or service is received.

Depending on your new business plan, and providing you have the space, you may be able to work from home. For client meetings, you can consider renting hotdesking space also.

Collaborate and Communicate

Could you work effectively with another business to minimise risks? Does an existing business have unused office space that they could sublet? As well as cutting costs, this can give you access to valuable business partners and customers.

As long as you’re not competing with your new contacts, there are lots of ways you can work together effectively.

It’s easy and free to use social media and lots of customers like that they can directly contact the business owner. Lots of website providers offer low cost options for business websites, whether you’re selling online or just need an online brochure. But don’t forget the traditional media, there are still plenty of local newspapers and community publications for you to make good use of.

Don’t Forget Your Own Time

It’s really important that you think everything through before you jump in. Work out your start up costs, running costs and how many hours or sales you need to cover those costs. Your time is a cost too so don’t forget to factor this in.

Every new business will take a little while to pay off, but be clear about when this should happen and what’s reasonable for you to sustain.

How Can We Help

Egan Roberts have specialised in acting for start up businesses for over 30 years. We can help and assist you with every aspect from putting together your business plan to making sure your books are kept up to date and filing all necessary returns. Call us on 01254 583515 or complete the contact form below.

Preparing For Self-Assessment

How Can We Help

If you want to take the stress out of completing your return, make sure you meet the deadline and ensure you’ve claimed all the reliefs you’re entitled to; then let us complete your return for you. Call us on 01254 583515 or complete the contact form below.

Don’t leave it until the last minute

With only two months left until the 31 January deadline for online returns, self assessment is very much on our minds!

There’s an added urgency this year due to Brexit. As present, the UK is scheduled to leave the EU on the same date as the self assessment deadline, which could cause some added problems for HMRC.

Exactly 2,616 people filed their returns on 25 December 2018 and according to HMRC a whopping 735,258 returns were submitted on the deadline day 31 January 2019. Don’t spend your Christmas thinking about your tax return, get it out of the way before then.

The Side Hustle

Whether it’s renting property, freelance work, driving a taxi or selling online, lots of British people are now finding ways to boost their income in addition to their day jobs.

To keep things as simple as possible, a £1,000 trading allowance has been introduced for ‘micro-entrepreneurs’ who make a small amount of income through trading. There’s a similar allowance for individuals making less than £1,000 per year from property. However, these allowances are for those who aren’t otherwise engaged in business so there are some restrictions on who can claim.

Deadlines and Penalties

Remember, if you don’t file by midnight on 31 January, you’ll immediately be issued with a £100 fixed penalty. This applies even if the reason you didn’t file your return was because you thought there was no tax to pay.

After 3 months with no return, the penalties increase to £10 for each day after that second deadline up to a maximum of £900. After 6 months, then 12 months, additional charges of 5% of the tax outstanding or £300, whichever is greater, are applied. There are also penalties in place for late payments of tax.

Last year 731,186 tax payers missed the deadline on 31 January 2019. This equates to a scary £73 million in instant fixed penalties.

How Can We Help

If you want to take the stress out of completing your return, make sure you meet the deadline and ensure you’ve claimed all the reliefs you’re entitled to; then let us complete your return for you. Call us on 01254 583515 or complete the contact form below.

Egan Roberts joins national network of Handpicked Accountants

We are delighted to announce that we have been selected to join the UK’s most reputable firms on the Handpicked Accountants website.

As a leading accountancy firm in Ribchester, Lancashire, we have been recognised for our personalised customer service and specialist knowledge of the industry. Established in 1986, our team of chartered accountants and business advisors have developed our services over the years to embrace technology.

We specialise in delivering our services to start-ups, academies, medical professionals, manufacturing businesses and SMEs.

As a registered auditor, we also carry out audits for a number of businesses across the country.

Our services include bookkeeping, VAT returns, tax planning, tax returns, payroll and accounts management using cloud based software, Xero.

The team at Handpicked Accountants choose only the strongest performing accountancy firms to participate in their network. Handpicked Accountants features specialist firms which have been tested for reliability and knowledge, filtered down to location to make the online customer journey more efficient.

As a provider of Xero accounting software, we can ensure that you have 24/7 access to your accounts from any device. The shared dashboard will also mean that you will be able to view the same financial data as your accountant. Xero is compatible with Making Tax Digital so you are able to complete VAT returns and submit other financial documents directly to HMRC.

David Tattersall, Head of Client Relations at Handpicked Accountants, said: “After careful consideration, we are really excited to announce that Egan Roberts is now part of the Handpicked Accountants family. The team have years of experience dealing with small business owners, so you can be reassured that the Ribchester based business can be depended upon.
“We aim to simplify the process to source a local accountant which fits the bill in terms of trust, reliability and high service standards. The Handpicked Accountants website makes it easy to filter for accountants in your local vicinity, helping you take control of your financial affairs.”

Our profile can now be viewed on the Handpicked Accountants website.

If you would like more information about our services, an initial meeting and quotation free of charge with no obligation then call us on 01254 583515, email accounts@egan.co.uk or complete the form below.