Startup Checklist

These are often our most bewildering conversations because there’s loads of new information to take in.  Most people start by finding an accountant that they trust – a good move, however, often it’s a solicitor that we need in the room.

Here’s our guide to the important bits to consider:

  • How many of you are there in the business?

    Legal: More than just you = you seriously need to consider a shareholders’ agreement 

  • Do you intend to own all of the business?  Have you thought about sharing ownership with your spouse?

    Accounting: There are potential tax savings to be had - legitimately

    Legal: You can fund the business through shares or loans

  • Are you hoping to employ anyone? What is auto enrolment?

    Accounting: Set up a payroll scheme – we’ll run it for you

    Legal: Best to have some proper employment contracts

  • How do I get paid?

    Accounting: Through payroll and dividends from the business profits

  • Do you know what a limited company does for you? 

    Accounting: (It’s ok, here’s a diagram)

    Legal: You can think of it as a great insurance policy

  • What do accountants and lawyers charge?  Can I do any of this myself?

    Accounting: We have very low entry prices because, apart from a bit of early guidance, there might not be much for us to do

    Legal: We wouldn’t advise skimping on the shareholders’ agreement

  • What about using one of the company formation agents on the internet – is that the same thing?

    Accounting: We use them

    Legal: We use them!

  • How do I make sure that I get paid?

    Accounting: Raise invoices early

    Legal: Make sure you have decent Terms and Conditions of Business

  • How do I organize my records – what do I have to do?

    Accounting: Get filing – there isn’t a prescribed format but we’ll give you some help

  • Do you know about Vat?

    Accounting: It can be a minefield

  • Can I claim the Vat back on costs that I am paying before the business is set up?

    Accounting: Yes – keep the receipts

    Startup Tip – set up your business bank account as soon as you can because it is often a frustrating experience.