• We meet people from all backgrounds who want to start their own businesses.
• Three categories particularly common:
  • Young individual who have completed their training, apprenticeships or studies
  • Individuals who have to adapt to a life changing event eg redundancy or parenthood.
  • Individuals with many years work experience seeking a career change.
• All have challenges. But we have seen all types of individual make a success. What’s important is that your business is thought through and planned.
• We help many start ups – whats Important is to see us early.

• Some people can their own business while employed eg NHS staff who also have a private practice. Important to agree this with employment
• but it’s usually quite difficult to juggle both. Some individuals manage to do some pre-trading preparation while still employed, but event this can be difficult. To get your new business off the ground you will need to be fully immersed in it and available to make contact with customers or suppliers to get things off the ground. Therefore, most people tend to finish their job and start the new business with a minimal overlap.

• It is deceptively simple to set up a business.
• As a sole trader all you need to do is register with HMRC.
• If you decide to trade through a limited company then you can have your own limited in less than two days.
• But you have to make sure you set everything up correctly and that you keep up with your paperwork to avoid making mistakes that could be costly.

• In our experience, the most difficult part can be taking the plunge and actually getting started. It’s a nerve-racking time but we can show you what’s out there to give you the assurance you need to before starting your own business. We can help you remove some of the barriers that are stopping you from getting started.
• Remember that millions of people have started businesses, from all different backgrounds. Sometimes people have spent years in industry and want to leave to follow their dreams. Others may be set to return to work after a break and are looking for greater flexibility. For all reasons and backgrounds, people are leaving their jobs to start their own business.
• But you have to make sure you set everything up correctly and that you keep up with your paperwork to avoid making mistakes that could be costly.
• We have lots of experience of helping people to set up a business and we know what ‘good’ looks like.We will help you put things in place that will give your business a great foundation.
• Please speak to us as soon as you are thinking of starting your business so we can set you on the right path.

• In short, right away. It’s really important to speak to an accountant before you get started make sure you avoid making expensive mistakes.
• For example did you know that you can claim losses back against your previous salary if you set up as a sole trader? But the same is not true if you create a Limited Company.
• Our first meeting is free and we can help you create a road-map of everything you need to do.
• We will help you decide on the best legal structure, whether you should register for VAT and how to take an income from your business.

Every case is different, but we can help you create a plan that’s right for you and will help you look for finance or any other start-up support

• Sole trader is the simplest legal form, but it offers no limited liability if someone makes a claim against you.
• A partnership is a venture run by two or more individuals. It has the same legal status as a sole trader and offers no limited liability.
• Limited companies are easy to set up and offer great flexibility. They provide limited liability to its owners, and could save you tax. But they are much more complicated to run.
• More information on the different legal structure can be found on…
• There are a number factors to consider when deciding on the ideal legal form. This is why you should see an accountant early.

• Yes, this can be done and is quite straightforward.
• Often makes sense to start as sole trader when business is small and then to convert to limited company as business grows.
• There is some planning required. At Beans we have a programme which we use to make the transition as seamless as possible.
• Always take advice.

• Not necessarily. Generally you will have to register for VAT when your sales in the previous 12 months exceeded £85,000.
• Whether you actually need to register depends on what you sell, as some items are exempt from VAT.
• There may be circumstances where you could save tax by registering for VAT even your sales are below £85,000.
• We can help.