Bookkeeping software is not a requirement if your business is very small. However, larger businesses with a large amount of transactions and much larger scales of operation, we do recommend that you do keep bookkeeping software. There are many low cost cloud based products available to choose from, however, if you are unsure please contact us and we can discuss further. We also offer bookkeeping services, in which case we use our in house software.

Yes, you need to register for PAYE. Even if you have a single employee or you are a sole director, it is imperative that you are registered for PAYE with HMRC and make all appropriate submissions.

This depends on the nature and structure of your business. There are many factors that need to be considered including, size, profitability and scale of operations. There are advantages and disadvantages of each structure which we can guide you through and help decide which structure is the most appropriate for you.

VAT registration is a requirement by law if your business turnover is greater than the annual registration threshold. You may also register for VAT on your own accord if you feel that it is beneficial to your business.

The best time to start your business is when you are prepared to devote your time and attention to it. That doesn’t mean that having a part-time business or having one alongside your day job is wrong, it means that the best time to start is when you are able to allocate time to be able to focus on it and give it the attention it needs.

There are no set requirements to start your own business as this very much depends on the size and nature of the business. However, we do recommend that to start-up your business you do have a clear business plan, an appropriate financing option, a suitable business structure and system to track cashflow.

When it comes to setting up a new business there are many things to consider and to address all of them can be quite a daunting task. This could lead to things being missed and if the correct procedures aren’t followed there could be legal consequences. At VinSam, we are very experienced with setting up new businesses and we can guide you through the process to make it as quick and as easy as possible. We will ensure that nothing is missed and can help you to organise your finances so you are in the best position to achieve your business goals

Going into a partnership with a friend can be a very successful business option. There are many advantages to being able to share resources and use each others strengths to give your business the best chance to be a success. However, a few things to consider when going into a partnership would be to have a clear partnership agreement, clear division of responsibilities from the outset, a clear remuneration agreement, a flexible exit strategy and a clear person in charge to make the day-to-day decisions.

Yes, it is very important to have a clear, well thought out business strategy and plan to help give your business the best chance of success. At VinSam we can help you to organise your finances to match and support your strategy.