Go to BOOMERANG FUNDING
Go to BIBBY FINANCIAL SERVICES
You will require finances when starting your new business and this can come from your own personal savings, a grant, crowd-funding, a bank loan and/or funding.
Contract recruitment businesses need to have access to the necessary funds to pay contractors and insurance policies and funding companies such as Boomerang Funding and Bibby Financial Services can be a great support.
Business Bank Account
Go to NATWEST
If you have set up your business as a Limited company it is a legal requirement to set up a business bank account. As a sole trader although not legally required it is recommended to keep your personal and business finances separate.
Go to EXPERIAN
A main reason why businesses fail is due to B2B late payments and astonishingly, according to Experian businesses with under £1 million turnover wait an average of 72 days to be paid. Cash-flow is one of the most important things in a business.
Credit scoring and reporting can help you make better
Go to PAYPAL
Having the facility to take card payments either in person or over the phone can make receiving payment quick and easy.
Go to FASTPAY
If you are running contracts for customers, having the facility to take direct debit payments can help you structure your cash flow and make it easy for your customer to pay.
Go to EXPERT COLLECTIONS
Although you will run a tight ship, unfortunately, from time to time, you may find yourself in a position where a customer is not paying you and you will need to instruct the help of a debt collection company.
Go to GOV.UK VAT REGISTRATION
You must register for VAT if you expect your VAT taxable turnover (the total of everything sold that is not VAT exempt) to exceed £85,000. You can also register voluntarily.
Go to SAGE
Go to HOWARD SMITH & CO
To run a successful business, you will need to keep accurate detailed records. If you have set up your business as a Limited Company and/or you employ people and are responsible for paying wages, tax and national insurance you will require to instruct the services of an Accountant.
Go to KINGSBRIDGE
Go to JELF
As a business there are several insurances that you may need to consider:
Professional Indemnity – This is designed to cover the cost of any claim made against your company by a customer for any losses they suffer due to your work or advice.
Public Liability – This is designed to cover your businesses against costs if a third party suffers injury or property damage whilst on your premises or whilst you are working on their property.
Employers Liability – If you employ 1 or more people you have a legal requirement to have this insurance.
Whether you are working from home or a business premises you need to protect your equipment. Home insurance is only designed to cover your personal effects for domestic use so if you are working from home check that the insurance cover that you have covers you for your business needs.