We are glad to announce you that from 1st August 2022 PRV Accounting is changing to Limited Company.
Starting a business in the UK can be an exciting and rewarding experience, but it can also be a daunting task. There are many factors to consider, such as legal requirements, market research, funding, and marketing strategies. In this blog, we will explore some of the key steps you should take to start your own business in the UK.
1.Research your market.
Before you start a business, it’s important to research your market to determine if there is a demand for your product or service. Look at your competitors, their strengths, and weaknesses, and identify areas where you can differentiate yourself. You should also consider the size of the market, the demographics of your target audience, and any relevant trends that may affect your business.
2. Develop a business plan,
A business plan is a roadmap for your business. It outlines your goals, strategies, and tactics for achieving success. A good business plan should include a description of your business, your target market, your products or services, your marketing strategy, your financial projections, and any other relevant information. Your business plan will also be a critical tool for securing funding from investors or lenders.
3. Choose your legal structure,
The legal structure of your business will have implications for taxation, liability, and management control. There are several options to choose from, including sole trader, limited liability partnership, and limited company. Each has its advantages and disadvantages, so it’s important to choose the structure that best suits your business.
4. Register your business,
Once you have chosen your legal structure, you will need to register your business with Companies House, the UK government’s official registrar of companies. This process will involve choosing a name for your business, providing details of your directors and shareholders, and paying a registration fee.
5. Secure funding,
Starting a business will likely require funding, whether it’s from your own savings, loans from family and friends, or external investment. There are many options for securing funding in the UK, including government grants, bank loans, and crowdfunding.
6. Set up your accounting and financial systems
Good financial management is critical to the success of any business. You will need to set up accounting and financial systems to track your income, expenses, and cash flow. This may involve hiring an accountant or bookkeeper or using accounting software to manage your finances.
7. Market your business,
Marketing is essential for getting the word out about your business and attracting customers. Develop a marketing strategy that includes a mix of online and offline tactics, such as social media marketing, email marketing, advertising, and events.
Starting a business in the UK can be a challenging but rewarding experience. By following these steps, you can increase your chances of success and build a thriving business that meets the needs of your customers.
On April 1, 2023, there will be significant changes to corporation tax in the UK.
These changes will affect businesses of all sizes, from small startups to large
corporations. In this blog, we’ll take a closer look at what the changes are, why they
are happening, and what they mean for businesses.
What is Corporation Tax?
Before we dive into the changes, let’s start by defining what corporation tax is.
Corporation tax is a tax on the profits of companies operating in the UK. It’s payable
by all companies, regardless of their size or whether they are based in the UK or
overseas. The current rate of corporation tax in the UK is 19%, which has been the
rate since April 2017.
What are the changes?
Introducing the new changes to Corporation Tax from 1 April 2023 – big news for
businesses across the UK. The main rate for non-ring-fenced profits will be
increased to 25%, affecting companies with profits over £250,000. But fear not, as a
Small Profits Rate (SPR) will also be introduced, allowing companies with profits of
£50,000 or less to continue paying Corporation Tax at the current rate of 19%.
For companies with profits between £50,000 and £250,000, a marginal relief will be
provided, resulting in a gradual increase in the effective Corporation Tax rate. This
measure will allow companies to ease into the increased rate and help mitigate the
impact on their finances.
The changes aim to create a fairer tax system and help to pay for the costs of the
COVID-19 pandemic. The government recognizes the importance of supporting
small businesses and has implemented measures to ensure they are not unfairly
impacted by the changes.
Overall, these changes are set to have a significant impact on businesses across the
UK. It’s important for companies to understand how the changes will affect them and
to prepare accordingly. The introduction of the Small Profits Rate will provide some
relief for smaller businesses, while larger companies will need to adjust their
finances to accommodate the increased rate. Let’s prepare for the future and
navigate these changes together.
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