Ask These Finance Questions before Starting a Business

Starting a new business is complicated, and can be a minefield of financial decisions. Do you start as a sole trader or a limited company? Do you need business insurance? Should you hire an accountant? Many financial decisions require careful thought for avoiding the risk of financial penalties and mistakes. Making a wrong decision not only will cost you money now, but will continue to haunt you for a long time. To help you make the best start here are 3 questions you must ask yourself before launching a new business.

Is It Best to Start as a Sole Trader?

If you do not expect a large income from the business, particularly at the start, it is a common belief that sole trader rather than limited company is the best route. But before you decide, consider how both entities affect your liability and your tax. If you are a sole trader in London then you have unlimited liability for all the debts of the business – there is no separation between you and the business. All your personal assets could be at risk if you are sued or you get into debt. If you do not want to risk this then you can register your company with Companies House, for a fee, as a limited liability company. When you do this the debts of the company belong to the company, and not to you. Tax issues are also affected if you are a limited liability company or a sole trader. If you are a new business then it is important to seek professional advice from an accountant as to what is best for you – if you are looking for accountants central London offers a range of professionals. The accountants central London provides can help you decide what your best direction is to take.

How to Get Dream Car for Your Business on a Budget

There’s no doubt that first impressions matter. This extends beyond your own appearance and how you present yourself to what you’re driving too. The big three German manufacturers, BMW, Audi, and Mercedes-Benz, have long represented the kind of luxury people expect from a successful businessperson’s car. This kind of quality doesn’t come cheap, though, and for those running a small business on a tight budget, it’s often an expense that can’t be justified. So how can you still drive that luxury car that conveys an aura of success without having spend a fortune. Here are few options you can consider:

Leasing

Leasing a vehicle works much like an extended rental. Rather than owning the car for a short period of time, though, these deals usually operate over a 12-48-month basis. You choose a contract length that suit’s your current requirements and an annual mileage, typically 12,000 miles per year. Going over this limit will result in what are known as excess mileage charges so it’s important you have a reasonable expectation of what your driving habits will be over the next few years. At the end of the contract you can decide to renew your existing deal, though many look to instead lease a different vehicle. With this kind of flexibility, you can ensure you’re always driving the latest model in the showroom floor.

How to Secure the Business Location without Ruining its Appearance

Whether you own a large corporation or a small new business, it’s very important to keep your assets as safe and secure as possible. Unfortunately the best methods to do this usually involve huge expenses, highly technical security and large brick walls, which can take a lot away from your company’s friendly appearance.

Depending on the nature of your business and where it is located there may already be some security measures in place. If there aren’t or you are looking to strengthen existing capabilities then the following safety measures will be a real help without damaging its image.

CCTV

CCTV will not prevent break-ins or damage to your business’s property but it will help in investigations after such an event and in recovering assets. It will also act as a kind of scarecrow, hopefully warning off potential criminals in fear they may be identified, even if just fake camera are installed.