Getting in touch
To find out more about the services outlined in this guide, then please get in touch with us.
Streets
Tower House Lucy Tower Street Lincoln LN1 1XW Telephone 01522 551200 Facsimile 01522 533234 St Peters Chambers 2 Bath Street Grantham NG31 6EE Telephone 01476 590838 Facsimile 01476 590795 Halifax House 30 George Street Hull HU1 3AJ Telephone 01482 225399 Facsimile 01482 219964
Churchgate House 33 Churchgate Retford Nottinghamshire DN22 6PA Telephone 01777 869955 Facsimile 01777 869962 87 Park Road Peterborough PE1 2TN Telephone 01733 312191 Facsimile 01733 896214 www.streetsweb.co.uk www.asktheaccountant.co.uk Streets Financial Consulting plc Tower House Lucy Tower Street Lincoln LN1 1XW Telephone 01522 536108 Facsimile 01522 536118
Sills & Betteridge Solicitors
46 Silver Street Lincoln LN2 1ED Telephone 01522 542211 Telephone 0800 5424245 Facsimile 01522 510463 www.sillsonline.co.uk
Whether you want to be your own boss, or have aspirations for even greater things
Streets is registered to carry on audit work by the Institute of Chartered Accountants in England and Wales. Streets and Streets Financial Consulting plc is regulated by the Financial Service Authority. This guide is intended as a general introduction to certain issues commonly arising on the establishment of a small business. You should obtain detailed accountancy and legal advice on your specific project before incurring any expense or entering into any obligations. Streets and Sills & Betteridge will be happy to assist you.
“Working together to support start-up and small business”
Starting a new venture or running a small business
For those deciding to start a new venture or already running a small business the process can be lonely and challenging. All too often it is unclear who to turn to for advice and reassurance. Research has revealed that two thirds of owner managers ranked their accountants as their number one source of business advice. At Streets we nurture our start-ups, advise and support existing businesses and continue to add value to our more mature clients that have grown to become major players. Experience shows that it is important to address the accounting and financial aspects of starting and running a business. It is also crucial that - especially during the early stages - the legal aspects of the business are addressed. To help new businesses Streets and Sills & Betteridge have joined forces to offer access to a comprehensive range of legal guidance and support with accounting and financial expertise. Sills & Betteridge has a dedicated team of lawyers to help with start-up and the early stages of running and growing businesses.
Our role in your success is to:
Provide advice and support to allow you to get on with your business Help you to avoid the pitfalls Ensure that you keep on top of your business Be there when you need reassurance
Streets accounting and finance support for Start-up and Small Business
Our dedicated team will provide advice and support throughout all the stages of starting-up and developing your business: Making plans Getting started Keeping on track
Making plans
Prior to starting your business we will work with you to consider your business proposition: Providing guidance on approaching start-up Assessing the costs of running the business Providing advice on preparing your business plan or bank start-up pack Reviewing your business plan Providing advice on bank presentations
Getting started
As soon as you are ready to start your business we will help you with: Guidance on funding sources Advice on your business structure Company formation Guidance on accounting and bookkeeping systems Setting success measures Sign posting to support services
Keeping on track
When your business is up and running we will keep you on track with: A bookkeeping package Reviews or meetings to see how your business is developing Advice on cash flow management Annual reviews and forward planning sessions Sign posting to specialist advice and support
Services
Whether you are just starting out in business or a wellestablished small business our specially developed range of services will provide you with information and support. Bookkeeping Setting up appropriate and straightforward manual or computerised accounting systems Sourcing bookkeeping services The supply of accounting software Accounts preparation Production of your annual or statutory accounts, presented in a professional and easily understandable format and supplied within pre-agreed timescales Review and advice on your accounts, including explanation as to what the figures actually mean Preparation of management accounts and review of the information Filing of accounts and annual returns Payroll Supply of payroll systems Advice on payroll processing including statutory returns Access to payroll services
Taxation Completion of personal, partnership and corporate returns Advice on tax efficient means of receiving income Preparation of company dividend paperwork Annual review of tax affairs to ensure potential tax savings are considered Access to specialist taxation advisers VAT Registration Advice and assistance with VAT registration Assistance with the completion of VAT returns Advice on VAT compliance Access to specialist advice Financial Planning Through our financial services arm, Streets Financial Consulting plc, advice is available on a broad range of personal financial matters including: Business protection Pension planning
On hand for support and advice, we give you… One point of contact Guidance on accounting information and what the numbers mean Regular reviews during the first twelve months Invitations to attend seminars, along with other start-up businesses Regular newsletters Updated information on our website www.streetsweb.co.uk Email help at: asktheaccountant.co.uk
…with no hidden costs
Your initial consultation will be free of charge Prior to undertaking any work, we will discuss your individual requirements for initial, on-going and annual accountancy services and support. Based on this, we will provide you with a guaranteed fixed fee quote. Helping your cash flow To ease your cash flow, annual costs can be spread over twelve months and are payable by bank standing order.
Legal advice and support to suit your needs with Sills & Betteridge
The legal aspects of starting and building a new business are often overlooked. However, a little time spent in the early stages could be vital in safeguarding your interests and ensuring you reach your goals. You will probably need to consider some or all of the following: How you are going to trade How you are going to collect payments from customers How you will control credit and collect debt What type of business premises you operate from When and how to employ staff Safeguarding intellectual property The Data Protection Act Banking and personal guarantees
How are you going to trade?
A common legal issue facing many businesses is the choice of structure. We will advise on your trading entity and help you in deciding which may be appropriate for you and whether you need to be: A limited company A partnership A limited liability partnership Depending on the chosen trading form we will advise on and assist with: Company formation Shareholder agreements Partnership agreements
Collecting payment from your customers ‘terms of trading’
Having set up your business, you must ensure you get paid. To help ensure you are paid and to make it more difficult for a customer to delay paying or avoid paying altogether we will assist in preparing terms of trading.
Credit Control and Debt Collection
We will also advise you on chasing customers for outstanding monies. If you still have difficulties recovering money from customers, a solicitors' letter may result in payment being forthcoming. Advice and assistance in pursuing a debt through the court is also available.
Premises
As and when your business is ready either to buy property or to lease it, we are on hand to provide legal advice.
Thinking of employing staff
Taking the decision to employ someone is often the most difficult challenge faced by those in business. You need to answer questions such as: Do you have the right person specification? Have you taken care of all the employment law considerations? To help you through the employment maze we will advise you on all the legal aspects, which start with recruitment and continue even beyond termination of employment.
Intellectual property
You may think that you do not have any intellectual property within your business. However, you need to think about: Business name. You may be able to register that name as a trademark and, when selecting it, you should ensure that you do not infringe the registered trademark of anyone else Corporate image. If someone else is creating your corporate image, you should ensure that the intellectual property contained within it belongs to you. If you do not, you may face difficulty, for example, in reproducing your logo etc. in the future Business website. If someone else is developing your website you should ensure that any intellectual property rights associated with it belong to you and that you can make any alterations to the website as and when you wish Depending on the products and/or services which you are offering for sale you may be able to protect those through one of the following: Copyright Design right protection, whether registered or unregistered Patents Plant breeders’ rights
Data Protection
If your business will be holding personal information on any individual, including employees, it is likely you will need to be registered under the Data Protection Act 1998.
Banking and Personal Guarantees
Many businesses will be receiving funding from a bank. We will assist with advice on terms of bank loans and facilities and the granting of security to the bank in the form of mortgages, debentures or personal guarantees. You may be called on to give a personal guarantee to suppliers for money lent or goods supplied to your Company or Limited Liability Partnership. You need to consider taking legal advice on any guarantee that you give.
On hand for support and advice... we give you
One point of contact Invitations to attend seminars Regular newsletters Updated information on website www.sillsonline.co.uk On hand telephone advice Email help at: sh@sillslegal.co.uk To support the development of small businesses, for a fixed fee you will receive a CD containing the documentation you need to get started. If you do not have access to a computer hard copies of the documentation can be provided. Please contact Sarah Hooker at Sills & Betteridge for further information.