Business Start-Up
All businesses started life at some stage and new businesses start all the time.
Statistics show that 20% of new businesses fail in their first year, and nearly 60% fail in less than 5 years in business. Obtaining the right advice and understanding what it means to be in business is critical to the success of your business.
To succeed in business you need a plan, unfortunately most go into business with little or no planning at all. Usually the business owner starts with no skills in marketing, pricing, purchasing or cash management. All of these skills can be acquired but without a plan as to how to achieve them and whether to undertake them directly or outsource some or all of them, the new business is immediately on the back foot.
Our New Business Start-Up Advisory Club can help your new business succeed, contact us now for further details.
We provide business start up services from our offices in Bath, Midsomer Norton, and Warminster, covering clients across Somerset, Wiltshire, and the surrounding area.
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Feel free to get in touch with us any time.
Frequently asked questions on Business Start-Up's
What is the first step to starting a business in the UK?
The first step to starting a business in the UK is deciding on the type of business structure you want, such as sole trader, limited company, or partnership. After this, you'll need to register your business with HMRC or Companies House. Our Business Start-Up service helps you select the right structure and manage the registration process seamlessly.
How do I register my new business with HMRC or Companies House?
Limited companies must be registered with Companies House, while sole traders and partnerships register with HMRC. Registration involves providing details such as your business name, address, and SIC code. Our experts can handle the entire registration process to ensure compliance and accuracy.
What are the legal requirements for starting a business in the UK?
Legal requirements include choosing a business name, registering for taxes, obtaining necessary licenses, and complying with employment and VAT regulations if applicable. Our Business Start-Up service ensures you meet all legal obligations from the outset.
How can I create a business plan for my start-up?
A business plan outlines your goals, target market, financial forecasts, and strategy. It is essential for securing funding or attracting investors. We offer expert guidance in drafting comprehensive business plans tailored to your industry.
What are the most common start-up expenses and how can I manage them?
Common start-up expenses include registration fees, office space, marketing, and equipment. Managing these costs requires careful budgeting and financial planning. Our team can help you develop a robust plan to control start-up expenses and maximise ROI.
Do I need to register for VAT as a new business?
Answer: You must register for VAT if your taxable turnover exceeds £85,000 annually. However, voluntary registration might benefit your business. Our specialists can assess your situation and guide you through the VAT registration process if required.
Can PG Owen help with funding advice for my new business?
Yes, we assist start-ups in identifying funding opportunities such as loans, grants, and investor options. We also provide financial projections to strengthen your funding applications and increase your chances of success.
What tax responsibilities does a new business have?
Tax responsibilities vary based on your business structure but may include corporation tax, VAT, and income tax. Our Business Start-Up service provides ongoing tax advice and compliance support to help you meet HMRC deadlines and avoid penalties.
How can I market my new business effectively?
Effective marketing for a start-up includes creating a strong online presence through a professional website, SEO optimization, and social media platforms. We collaborate with you to develop and execute marketing strategies that drive growth and visibility.
Why should I use PG Owen for my business start-up needs?
PG Owen offers a comprehensive Business Start-Up service, including legal compliance, financial planning, tax advice, and funding guidance. With our expertise, you can focus on growing your business while we handle the administrative and financial burdens.