Start-up and Small Businesses

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1 Start-up and Small Businesses Proactive Advice and Support Whether you want to be your own boss or have aspirations for even greater things

2 Contents Streets provided me with clear, expert advice whenever I needed it, and calmly explained and unravelled any confusions I had along the way. Nothing has been too much trouble. Hil Gibb Whatbox? Associates Ltd 3 Starting a new venture or running a small business 4 Why do I need an accountant? 4 Are all accountants the same? 6 What will an accountant do for me? 8 What services do Streets offer? 11 Sage and my business 12 What are the options for managing my accountancy requirements? 14 Becoming a Streets client We nurture our start-ups and advise and support existing small businesses Starting a new venture or running a small business For those deciding to start a new venture, or already running a small business, the process can be lonely and challenging. All too often it is unclear who to turn to for advice and reassurance. It is widely claimed that two thirds of owner managers ranked their accountant as their number one source of business advice. At Streets, we nurture, advise and support our start-ups and existing small businesses. We also continue to add value to our more established clients, many of which have grown to become major players in their sectors. Indeed we often find many of our clients exhibit a growth rate many times greater than average. Experience shows that it is important to address both the accounting and financial aspects of starting and running a business early on. To help new businesses, Streets offer access to a comprehensive range of guidance and support with accounting and financial expertise. As your accountants and business advisers we will: Provide advice and support to allow you to get on with your business Help you to avoid the common pitfalls of new ventures Ensure that you keep on top of your business Be there when you need reassurance 2 At Streets, we work with a wide range of start-up businesses including those: Switching from employment to self employment Turning a hobby into a business Acquiring a business franchise Starting a 'hive out' business With an innovative new business idea 3

3 Why do I need an accountant? Throughout our development as a company Streets has always been able to provide detailed and professional advice. Across all areas such as getting to grips with VAT to simplifying our bookkeeping practices, the Streets team have always been more than attentive. Lucas Lepola Keep Calm There is no legal requirement for most businesses to have an accountant. The exceptions are those that are required by law to have what is known as an audit. The requirement for an audit is for those businesses that have a turnover in excess of 6.5million or assets of 3.2million. Such businesses are not typically start-up or small businesses. Most businesses benefit from the advice and wisdom of having an accountant to look after their affairs. Not least if it is just to ensure they operate legally and to help minimise any tax liabilities they may have. Certainly having an accountant with whom you have a good working relationship should help in the success of your business. Chartered Accountants are members of Professional Bodies (ICAEW / ACCA) who ensure their members are qualified to the highest standard Working with you, your accountant will provide advice and support as well as assistance with the preparation of your year-end accounts and your personal and business Tax Returns. Are all accountants the same? The title 'accountant' is widely used to cover a multitude of roles people undertake ranging from bookkeeping work, through to those who are company finance directors and partners within a professional firm of chartered accountants. It is the norm for most businesses to employ the services of a practicing chartered accountant. 4 5

4 What will an accountant do for me? The team at Streets has been a great help to us. As a new start up business we were often looking for advice and answers to many accounting, taxation and business questions, which they were happy to give. The advice provided has had a positive impact on our business, and I would have no hesitation in recommending the team at Streets to other new start up businesses. Bryn Roebuck Syscat As your accountant we will provide advice and support throughout all the stages of starting-up and developing your business: Making plans Getting started Keeping on track Making plans Prior to starting your business we will work with you to consider your business idea: Keeping on track When your business is up and running we can keep you on track with: A bookkeeping package Reviews or meetings to see how your business is developing Advice on cash flow management and tax mitigation Annual reviews and forward planning sessions Signposting to specialist advice and support Providing guidance on approaching start-up Assessing the costs of running the business Providing advice on preparing your business plan or bank start-up pack Reviewing your business plan Providing advice on bank presentations Quantifying the critical break-even point Evaluating the most efficient business structure for risk management and taxation Providing advice on VAT implications and registration 6 Getting started As soon as you are ready to start your business we will help you with: Guidance on funding sources Advice on your business structure Company formation Guidance on accounting and bookkeeping systems Setting success measures Signposting to support services Guidance on who you need to advise that you have started a business Advice and support throughout all the stages of starting-up and developing your business 7

5 What services do Streets offer? We have received outstanding support from Streets as we faced the challenges of starting up and growing our business. Whether we required general advice or more detailed assistance, the ability of the Streets team to understand our position and offer pro-active advice as well as being dealt with in a professional and timely manner was beyond what we had expected from our accountant. Sheena Chapman The Works (Local) Limited Whether you are just starting out in business or you are an already well-established small business, our specially developed range of services will provide you with information and support. Bookkeeping Setting up appropriate and straightforward manual or computerised accounting systems Sourcing bookkeeping services through Streets Bookkeeping Club The supply of accounting software Company formation Setting up a Limited Company Providing a Registered Office address Company secretarial advice and assistance Taxation Completion of personal, partnership and corporate returns Advice on tax efficient means of receiving income Preparation of company dividend paperwork Annual review of tax affairs to ensure potential tax savings are considered Access to specialist taxation advisers Advice and assistance with HMRC investigations VAT registration Advice and assistance with VAT registration Assistance with completion of VAT returns Advice on VAT compliance Access to specialist advice Accounts preparation Production of your annual or statutory accounts, presented in a professional and easily understandable format and supplied within pre-agreed timescales Review and advice on your accounts, including explanation as to what the figures actually mean and interpreting your accounts to help you move your business forward Preparation of management accounts and reviews Filing of accounts and annual returns 8 Payroll Supply of payroll systems Advice on payroll processing including statutory returns Access to our in house payroll services 9

6 Sage and my business Financial planning Through our financial services arm, Streets Financial Consulting plc, advice is available on a broad range of personal financial matters including: Business protection Pension planning Investments Streets Financial Consulting plc is authorised and regulated by the Financial Services Authority. Computerised accounting The benefits of choosing the right accounting software or program for you can be considerable, from helping to make life simpler by easing the administrative burden to supplying valuable, timely and accurate information to assist in forecasting. Use of an accounting software package can also help make our work easier by helping us to ensure we provide a value for money service, focusing on the important areas of advice, support and planning as opposed to the routine production of your accounts, financial statements or audit. Streets are well versed in the popular accounting packages and are able to provide practical advice and support based on experience, including: Selection of an accounting package Implementation, installation and training Delivery of prompt and reliable management information On-going support and development As an award winning Sage Accredited Business partner, Streets Chartered Accountants has a practice wide team of Sage specialists able to offer the highest standard of advice on supply, installation, configuration and training in all of the Sage 50 and ACT! business software solutions. The Sage range includes solutions on:: Accounts Payroll Personnel management Job costing Contract management Forecasting As part of our accreditation, we undertake regular in-depth training and examinations to maintain our software expertise. This approach, coupled with our practical business experience, helps to ensure we can advise on the Sage software you require, provided and supported at a local level. On hand for support and advice 10 11

7 What are the options for managing my accounting requirements? For the past eleven years Charterhouse Management has enjoyed the professional advice and wisdom of Streets. Not only have they cosseted, assured and advised our Directors, they have interpreted the never-ending jargon into common understandable English; resulting in a full comprehension of what is exactly required to take our business forward. I have no hesitation in recommending their dedicated teams to potential clients. Pauline Portas Charterhouse Management The answer really depends on your financial skills, the nature and complexity of your business and the level of financial assistance required. There are three main options to choose from to suit your needs: Option One Use of an in-house bookkeeping or accountancy software program, such as Sage. All accounting records etc. are undertaken in the business by the owner or an in-house bookkeeper/accountant using either a manual accounting system or accountancy software program such as Sage. Use of an external accountant could involve preparation of your year-end accounts, business and personal Tax Returns. Option Two As above but use of an external bookkeeper is made instead of an in-house provision. Through Streets Bookkeeping Club we are able to signpost you to, or help you select, a suitable bookkeeper. Option Three Streets look after your day-to-day bookkeeping and accountancy requirements and year-end Tax Returns

8 Becoming a Streets client Streets have produced the accounts for the limited company I set up last year, and the whole process was refreshingly smooth and straightforward. I've also been really impressed by Streets quick and clear responses to all the questions I've asked, especially since it's all been so new to me. Mark Herring The first meeting We will be only too pleased to meet with you to discuss your needs and how we can be of service. To arrange an initial no obligation meeting or an informal chat please call your local office, numbers for which can be found at the back of this booklet. Alternatively please startups@streetsweb.co.uk The next steps Following our initial meeting, where we will discuss with you your aspirations and personal requirements, we will provide you with a written fee proposal. Engaging with Streets Having chosen to become a Streets client, and as part of our professional code of conduct and good practice, we will send you a letter of engagement. This confirms, in detail, the work we are to undertake on your behalf, who will be handling your affairs and the fees to be charged. Who will be looking after me? All clients have a dedicated Streets Partner and manager as their principal points of contact. In addition, they are supported by their team and other colleagues across the Streets organisation. On hand for support and advice, we give you... Two points of contact Guidance on accounting information and what the numbers mean Regular reviews during the first 12 months Invitations to attend seminars, along with other start-up businesses Regular newsletters Updated information on our website help from Established links with banks and the legal profession Sign posting to support organisations, enterprise agencies, Business Link What if I have an accountant already? You may have outgrown your existing accountant or are looking for someone who is a specialist in your field who can provide you with more specific advice on tax savings and business in general. If this is the case, then Streets is the firm for you. We appreciate that the decision to change is not always an easy one and that it is not an everyday occurrence. You can be reassured that the move is less daunting than you might first think. Certainly, Streets primary concern is to make the switch as easy as possible. 14 A key aspect of our work is ensuring that we are familiar with your accounting procedures and systems and that from a very early stage we understand your business and needs. Part of this process involves us writing to your current accountant, on your behalf, and asking them to provide us with information about your affairs and paperwork to ensure the transfer is as seamless and smooth as possible. 15

9 Get in touch To find out more about the services outlined in this guide, then please get in touch with us. Cambridge Grantham Hull Lincoln Newmarket Peterborough Retford Stevenage Wyboston Lakes Streets is a trading style of Streets LLP, Streets Whitmarsh Sterland LLP, Streets Northern LLP, Streets Tax LLP, Streets Audit LLP and Streets Financial Consulting plc. Registered Office: Tower House, Lucy Tower Street, Lincoln, LN1 1XW. A list of members is open to inspection at the registered office. Streets Audit LLP, is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at under reference number C