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Starting a business

Launching a new business can incredibly exciting, but also very daunting. The chances of enjoying prosperity from the outset are enhanced remarkably when you have a team of market-leading financial experts behind you. If you are considering starting a new business, or are in the process of getting a new venture up and running, DBS Corporate can provide you with all the accountancy support and advice that you need. We are able to assist you in a variety of ways, helping you bridge any funding gaps that you might be facing and ensuring that you’re taking advantage of all the tax relief that you can claim.

Is Your Business Viable?

Before you start getting a new business off the ground, you will need to ask yourself a number of questions. What are the chances of being able to make money from your venture? Are you offering something distinctive? Are you likely to receive support from investors? We can help you identify whether your venture is worth pursuing, and if we agree that it’s worth going ahead, you can expect us to provide all the bespoke accountancy support you require.

Considering Living Costs

If you are going through the transition from employment to running your own business, you may find yourself initially struggling to earn a great deal of money. You will also need to ensure you have enough money to live on, whilst getting your business of the ground. In order to achieve this, you may need capital from elsewhere to start the business. You may be able to raise it via a bank loan, asking family members or friends for short-term help or by approaching an investor.

Identifying Funding Opportunities

Grants may also be available to help you get things moving, depending on the nature of your enterprise. You may be able to save money by starting your business from home rather than using commercial premises. Once the business starts to grow, you may decide to set up on office away from home. You will also need to decide whether to set yourself up as a sole trader or as a Limited Company. A DBS Corporate financial advisor or accountant can help you make informed decisions that you won’t come to regret later, to give your business the best chance of success and help you reduce the tax burden as much as possible, whilst remaining full compliant.

Sole Trader or Limited Company?

The amount you take home after tax may be determined by whether you set yourself up as a sole trader or a limited company, so it’s essential to speak to a competent finance and accounting professional so you can arrive at the right decision. Whilst your taxes will generally be simpler if you set yourself up as a sole trader, forming a limited company can be incredibly tax-efficient and deliver a range of valuable tax planning opportunities. You also need to decide whether you register for VAP and whether to set up PAYE. Again, we can take a close look at your own individual circumstances and the nature of your businesses in order to help you make the most appropriate decisions.

The Benefits of a Business Plan

Creating a business plan is one of the most valuable steps you can take when starting up a new business. In a business plan, you can lay out your goals and financial projections in detail as well and detail the way that your company is structured. Clerical duties can start to mount up quickly when you are engaged in starting up a new business, which means it’s vital to get an accountant and financial advisor to help you at the earliest opportunity. Although this will come at some cost, it will enable you to dedicate your own time to helping your business bring in money. At DBS Corporate, we are here to help you lay down the strongest foundations possible for your business, whilst enabling you to attract investment and allow you to stand out from the crowd. We can direct you towards the most promising funding opportunities and are renowned for our hands-on approach.

A Range of Solutions

Whether you need advice on VAT and National Insurance, grant funding, attracting investors, book-keeping, income tax, self-assessment, payroll, corporation tax, PAYE or anything else related to setting up and managing the financial side of your business, we are here to help. We can also liaise with tax offices, banks and solicitors on your behalf whenever required and can deal with all matters relating to company formation and registration.