New start-up or self-employed?

Getting Started in Business

Accountant in Rugby Getting Started in Business

Setting up a new business in Warwickshire?

If you’ve never run a business before, the whole process of setting up a business and getting it ready to make its first sales can seem quite daunting, with lots of things to think about and lots of choices to make.

Five Rivers Chartered Accountants can help you make good choices in your business set up right at the start and help you avoid having to make expensive and difficult changes down the line.

  • Advice on your business structure.
  • Company creation and registration.
  • Setting up payroll and company pensions.
Couple setting up a new business in Warwickshire
Five Rivers Chartered Accountants in Rugby 'Business Returns'

Individual and corporate accounting services for business start-ups

Here at Five Rivers Chartered Accountants, we will work with you on your business set up by:

  • Helping you put together a business plan.
  • Assisting you in getting a business bank account.
  • Helping you decide upon the best business structure for your business - whether you should operate as a sole trade, limited company or partnership.
  • Advise on whether you need to register for VAT and/or Making Tax Digital. Where your turnover is below the statutory threshold for registering for VAT (£85k), we can talk you through the advantages and disadvantages of voluntarily registering for VAT as for some businesses that incur a lot of VAT inclusive expenses, it may sometimes be worthwhile to voluntarily register.
  • Helping you set up a payroll and a pension scheme for your employees (and manage the administration of both for you)
  • Talk you through how to keep your books of accounts efficiently and help you choose, and train you up to use, the best accounting software for your business, whether its Quickbooks or Xero or something else (there are plenty of options out there!)

Things to think about when setting up a business

The first thing to be clear about is whether you really do want to work for yourself and that you have thought through all of the upsides and downsides of being your own boss. Start-ups often take time to get going and make enough money to pay their owners, so its important to have realistic expectations about your business and the means to see a fledgling business through to maturity.

All good businesses will be underpinned by a credible business plan and it often helps to commit your plan to paper as writing things down tends to focus the mind and helps organise ideas. Your business plan should not only cover the basics of what your business will do, who you want to trade with and where it will be located, but also how much money will be needed to set it up and where the necessary finance will be sourced from.

Another important consideration will be the structure of the business you wish to set up – will you be a sole trader or would you like to incorporate your business as a limited company as there are advantages and disadvantages to both types of set-up?

If you are going into business with someone else, maybe you’d like to set up a partnership, or if it's a limited company, have different types of shareholdings with different rights and entitlements attached to each. Getting these things right at the start can save you time and expense later on.

Five Rivers Chartered Accountants in Rugby 'Business Plan'
Sukhraj Syd Barhey from Five Rivers Accountant in Rugby & Coventry

Sukhraj 'Syd' Barhey

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Client Testimonials

We have worked with Syd, over the past couple of years for the Nursery accounts which can be demanding. He has also helped to navigate our way through covid and any grants or insurance claims we have put in. Gives great practical strategic advice to help move the business forward.

Harvey Kalsi

Harvey Kalsi

Cherry Tree Nursery, Coventry

I cannot recommend Syd enough. He is so much more than your average accountant, goes above and beyond. Extremely knowledgable & professional. Worth his weight in gold.

Stacey Blair

Stacey Blair

The Styling Rooms, Rugby

Syd is very professional and knowledgeable, When you talk to Syd you feel he has a genuine interest and understanding of your business and that he always is working in your business best interests. Nothing ever appears to be too much trouble and his support not only during Covid was more than you would hope for. He goes that bit further, gives very sound and good advice and makes you feel that things are achievable. He will always respond to you contacting him quickly. We have no hesitation in recommending Syd.

Ellen Colton

Ellen Colton

Woodford Halse Garage, Daventry

Syd is the best accountant I’ve ever had the pleasure of working with. Truly genuine, professional and really really cares about your business. Always goes out of his way to help you understand everything. Couldn’t recommend him highly enough.

Sarah Christensen

Sarah Christensen

Jokers Corner, Coventry

Syd’s breadth of knowledge in the finance field is immense. I was lucky enough to work in Syd’s team at RS components and have seen how he can deliver results with a no-nonsense approach. Syd is a fluent communicator and has the ability to build strong and loyal relationships with those both who he works alongside and those who work for him.

Claire Flinders

Claire Flinders

Mojo Accounting, Blaby