Recently I’ve been contacted by a number of people who are starting up their own business. Naturally, they are all really excited about the prospect of working for themselves, being their own boss, making the decisions and being able to directly enjoy the results of their efforts.
However, I find that when I start to talk them through the statutory and taxation requirements, they start to get really worried and some even start to question if they are doing the right thing.
If you think about it, it’s no wonder, really – companies house, accounts and annual returns, corporation tax, PAYE, national insurance, VAT, returns of benefits and expenses, construction industry scheme filing………..
It seems a shame that budding entrepreneurs out there can be stopped in their tracks by all the bureaucracy that surrounds a business, and I would urge any aspiring business owners not to be put off.
If you are thinking about starting up your own business, you should really go and talk to an accountant who can explain what is required, help you understand your duties and responsibilities and then take away as much of the fear and worry from you so that you can get on with the exciting bit!
Provided that you find someone that you trust, you should be able to rely on them to guide you through the legal requirements, deadlines and rules and regulations.
For some people starting up their own business this won’t be an issue, but remember that the best entrepreneurs are surrounded by the best people for each and every part of their business, so do your new business a favour and find someone who can be the best for you.
Then go and enjoy running your own business!