The one piece of advice every How To Start Up guest has shared unanimously is to find a good accountant.  In this episode, we hear from Chartered Accountant Laurie Borlace on what founders should consider when starting a business from an accounting perspective and what to ask accountants when trying to find the right one for their business.

Laurie qualified with the Institute of Chartered Accountants in England & Wales and has over 12 years of experience.  Full disclosure:  Laurie is Fallow, Field & Mason’s accountant and I can highly recommend his firm RedBrick Accounting, as they specialise in startups, SME’s and contractors.  Laurie has built his business through referrals and personal recommendations so has no need for a website however you'll be able to contact him via: [email protected]

Laurie's advice:

• Be sure you can finance yourself when starting out
• If you’re not good on personal finances, then you will definitely need an accountant to support you
• Know your numbers inside out when you are planning
• Remember an accountant will deal with the admin, so you have more time to grow your business and add value
• An accountant will need to know all the details about your revenue, expenses, strategy & vision for the business
• It’s probably wise to choose a Chartered Accountant (who will be properly insured)
• Having an accountant will give you peace of mind as he/she will examine everything in detail and make sure you comply with all HMRC’s requirements
• When you’re budgeting, remember to include your wage, tax and accountant's fee
• Be aware of regulatory dates e.g. when your financial year is, or that tax is due nine months after the end of your accounting year
• Self-assessment means that the first year, you pay tax in arrears, but from then on tax must be paid in advance, which makes the end of the first year expensive
• Finally, believe in yourself

N.B. Since the interview, the higher rate tax threshold has risen to £50,270 for 2021-22.

A brief summary of the different types of legal setup and how it can affect tax/NI
Head over to Speakpipe to leave your voice note for future guests too.

Links:

• LastPass the password-keeping site that syncs between devices. 
• Google Workspace is brilliant for small businesses
• Buzzsprout podcast 'how to' & hosting directory
• Canva for creating all the social media assets and audio bites.
• Contracts check out Law Depot.

Thank you for listening.  I would also be delighted if you could rate, review and share this podcast with anyone else who may be starting a company as it helps other people find it. Hosted by Juliet Fallowfield, founder of PR for startups advisory Fallow, Field & Mason, How To Start Up hopes to bring you confidence, encouragement & reassurance that you’re on the right track.

Edited by Emma Dewhurst. Recorded, edited & published by Juliet Fallowfi

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