Start Up & Business Plan – Shrikish And Co

Business Plan

Although planning a business is a matter of an entrepreneur’s determination, a formal business plan will guide and help you in many aspects. As a businessman, you need to sketch a plan for several reasons.

This plan would be the owner’s vision of the intended business. An aspiring businessman should prepare, present and discuss a business plan, as it helps communicating the viability and prospects of the business to both financial institutions and prospective investors.

A Business Plan is a financial projection of an intended business venture. You should have knowledge of your target market along with certain other bodies of information about your business. Preparing feasibility studies and market projections before you venture into any business are mandatory. No matter the size of your business or nature of ownership – be it sole trading, a partnership, or a public limited company – you need to plan your potential share in that market, pricing, and competitive strategy, and report it all comprehensively in a business plan document.

Start Ups

You will need to understand the strengths, weaknesses, opportunities and threats (SWOT)of the business in relation to the environment and the detailed financial strength of your available resources. Vital components of an effective Business Plan are reported discussions on how you manage the venture’s capital structure for long-term financing and working capital for day-to-day working supplies.

Capital structure is the composition of capital in business. For sole trader and partnership business, capital structure is their capacity of investment or borrowings,but, for public limited companies, it is the collection of small measure of shares capital from public, borrowings from banks, and profit plough-back.

Legal Registration For Sole Traders & Partnerships

How to register for self-employment or getting personal taxpayer reference number is the first and foremost problem Sole Traders and Partnerships usually face.

We help small to medium scale sole traders register and start a business in terms of legal structure and tax perspective.
We help new sole traders register at HMRC and obtain Unique Tax Payer Reference (UTR) number.
We resolve VAT and PAYE issues.
We arrange meetings to open necessary bank accounts and other corresponding Government Authorities, where necessary.

Legal Registration For Starting Limited Companies

Only the business that starts on the right foundation has a resounding success. We help you form the right platform of your ambition by legally registering your company at Company House to get a unique ten-digit tax reference number. We will contact HMRC for obligatory compliances and notice of trade to start within three months.

This is an expression of having an existence of your business entity in the UK.

As Chartered Certified Accountants, we will assist you in informing the limited company on your behalf and produce relevant documents within 24 hours. Our sets of services for start-up limited companies include:

Formation of the limited company and open a bank account
Registration at HMRC for tax issues like VAT and PAYE
Corresponding with Banks and Government Authorities
Cash flow analysis

Partnerships

A partnership business is an unincorporated business formed by at least two individuals. There should be a partnership contract in writing between the partners and an investment proportion document, indicating risks and profits sharing in business. This means that, in a partnership business, all partners are liable for debt and liabilities. Shrikish can efficiently prepare a final account for this type of business.

Limited Companies

Sharing a business entity by two or many more people as shareholders and distributing its profit as shared profit or dividends forms a Limited Company. A Limited Company is considered as a legal person separate and distinct from the people who own it by business law. Therefore, a Limited Company (LC) is a type of business organisation that manages the amount of liability and debt separate from the company’s shareholders. It is because the shareholders’ limited investment is only part of the contribution made by many shareholders. Therefore, shareholders’ responsibilities for the company’s financial liabilities are limited to only the value of the shares they own and the Limited Company, in turn, works to protect the shareholders’ interest at all costs.

Charity Organisations

Charity organisations are notforprofit-making; their final accounts are prepared in different formats. Unlike profit-motivated companies, non-profits’ yearly evaluation consists of a consolidated summary of a Cash Book. All cash receipts are recorded on the debit side and all cash payments are recorded on the credit side, if recorded, are analysed.

Receipt and Payment Account is a basic tool for charities’ Final Account. It is usually prepared at the end of the accounting period. Although donations received for charities are often small, they may be treated as income. Donations for specific purpose may be shown in liability of a Balance Sheet.