Starting a business?

Starting a business is exciting, exhilarating, exhausting and scary.

There is a lot to think about. Will you operate the business as a sole trader, partnership or limited company? Should you register for VAT? What will you call the business and is this likely to infringe the trademark of any other businesses?

There is some risk of course. Your business might grow quickly and make you rich. It might struggle and then grow. Or it might struggle and keep struggling. It is important to consider whether to set up a limited company or as a sole trader / partnership. All have their advantages and disadvantages - getting the business structure right in the beginning matters, and can protect you somewhat from the financial impact should things not work out. A ten minute frank chat with us at the beginning won't cost you anything but could save a great deal of headache further down the line.

VAT is another thing to think about. You don't have to register until you reach a sales turnover of £85,000 over 12 months. Depending on what you are selling and who to, it may be advantageous to register straight away. Plus the VAT on some initial set up costs may be claimable if you register for VAT at a later date - have that chat with us now and you will help you to develop a VAT strategy.

Registering a trademark can protect your brand. You don't necessarily have to do it immediately, but as a minimum you should check that you are not infringing the trademark of any other business. Singhbury's convenience store was run by Jel Singh Nagra for a number of years before Sainsbury's applied legal pressure and he had to rename it - thinking ahead can save a lot of trouble further down the line

To summarise Clough Accounting have been there. We have experience of being a sole trader, part of a partnership, limited companies, registering for Value Added Tax, VAT schemes including the flat rate scheme, trademark registration and registering designs.