LB Group
Professional, Proactive, Partner-led advice
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IPSWICH
01473 359720
COLCHESTER
01206 867551
CHELMSFORD
01245 254780
LONDON
0208 221 8282

Professional, Proactive,
Partner-led advice

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ENQUIRY

LONDON: 0208 221 8282
CHELMSFORD: 01245 254780
COLCHESTER: 01206 867551
IPSWICH: 01473 359720

Email: info@lbgroupltd.com

Business Start-Ups

Are you looking to start your own business?

Do you have an idea which you could run successfully as a business and be profitable?

Do you know what needs to be done?

There are many things that need to be thought about when starting up a new business and each one needs to be considered to ensure your plan turns into a feasible business.

As a start-up business, you need to consider the most suitable business structure for your situation.

Sole traders – It’s easier to set up as a sole trader, however you are directly responsible for your business’s debts. You also have some accounting responsibilities.

Limited companies – If you form a limited company, the company’s monies are detached from your personal finances and there are increased reporting and management responsibilities. There could be tax advantages with this route, which LB Group can advise upon.

LB group can help you to set up as a limited company.

‘Ordinary’ partnerships – An ‘ordinary’ partnership is the most straightforward way for 2 or more people to run a business together. You share accountability for your business’s debts.

Limited Liability Partnerships – This is a partnership in which some or all of the partners have limited liabilities. It therefore has elements of an ordinary partnership and a limited company.

On deciding what the best structure is for the business, LB Group can explain what tax obligation you will have and how the administration of these taxes work.

Financing your business needs consideration and can be through:

  • Bank overdrafts
  • Personal Savings
  • Loans or Grants

To raise funds, you will need to create an accurate business plan. LB Group can assist with this.

Consideration of specific obligations that are dependent on the type of business you are looking at, such as:

  • Impact of selling goods online
  • Insurance
  • Licences
  • Permits
  • Implications of importing goods from abroad
  • Working from home or rented/owned premises

Employing people to support you in operating your business brings additional responsibilities including:

  • Running payroll
  • Paying National Insurance
  • Providing workplace pensions

If you decide to become an employer, there are many things you’ll need to do first:

  • Decide how much to pay someone
  • Check if someone has the legal right to work in the UK.
  • Check if you need to apply for a DBS Check – if you work in a field that requires one, e.g. with vulnerable people or security.
  • Get employment insurance
  • Send details of the job (including terms and conditions) in writing to your employee.
  • Register with HM Revenue and Customs (HMRC)
  • Check if you need to enrol your staff into a workplace pension scheme.

LB Group have the experience in assisting new businesses to start off on the right foot and can assist you on all the above and a range of other considerations including those listed below.

Management Accounting Services

LB Group provide an invaluable monthly management accounts service, which can help you to run and manage your businesses more efficiently. We can help with the following: –

  • Provide advice on the routine processing and reconciliation of accounting transactions
  • Assist in the preparation of VAT returns
  • Review the appropriate VAT scheme
  • Assist current bookkeepers with technical treatments and proposing adjustments where appropriate
  • Investigate fluctuations and variances
  • Prepare monthly accounts and provide detailed analysis thereon
  • Preparation of budgets and forecasts comparing with actual results
  • Provide training and support on accounting software

Company Secretarial Services

Our dedicated team at LB Group is well placed and highly experienced in dealing with all features of the Company secretarial role ensuring all aspects are dealt with on a timely basis:

  • Company formations
  • Registered office service
  • Resolutions and appropriate meetings
  • Timely completion and submission of statutory forms
  • Recording and attendance at Annual General Meetings

Books & records

One of the obligation of running your own business is to ensure you record the business transactions. We can assist with advising what system is most suitable for your business based on the size of the business and what information you need. Please see the section on our website about cloud based accounting which is becoming increasingly popular with many businesses.

We hope you have found this section useful. Please contact us to arrange your free no obligation consultation or if you wish to discuss anything further. We look forward to hearing from you.

LB Group Limited registered in England © 2018 Company Number: 2796741. Associate Directors are not statutory directors of the firm.

Chubb Insurance Company of Europe S. E, Policy Number: 82182733E. Limit of Indemnity £4 million on any one claim.

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