Skip to main content
Guiding you to a better future

Search

For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

Advice on protecting your wellbeing, self-confidence and mental health from the pressures of starting and running a business.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

Six in ten start-ups plan to do their own accounts

7 June 2022

A new survey has found that 61% of start-up business owners say they won't use the services of an accountant to file tax returns in a bid to save money.

The poll of 962 new business owners conducted by Business4Beginners has found that as few as 28% say they plan to employ an accountant to handle their tax returns. Six in ten (61%) say they will do their own accounts and 9% are still undecided.

The findings suggest that the cost of doing business is having a significant impact on would-be entrepreneurs who are seeking to minimise their running costs. However, they run the risk of making incorrect submissions and potentially overpaying on tax.

Paul Bryant, founder of Business4Beginners, said: "I understand that businesses are desperately looking at ways to cut costs, especially while trying to get an idea off the ground. However, they should think carefully before opting against hiring an accountant.

"A good accountant won't just submit your tax returns for you. They will advise on the various tax-saving measures that are available to small businesses and can often end up saving you money. And that's not to mention the time and effort they save business owners from trying to do it themselves. That alone can be the difference between the success and failure of a business."

The poll also asked business owners about their priorities when choosing accounting software - apps that most businesses now need to use under the government's Making Tax Digital initiative. The results show that ease of use is by far the most important consideration, cited by 58%. Just 35% said that price was the most important factor when choosing accounting apps. The range of features is important to just 7%.

Bryant said: "We see a lot of accounting software push their list of impressive features, yet our research suggests this may put many people off if they perceive the software to be harder to use as a result."

The poll findings also suggest that the availability of accounting software combined with a growing understanding of bookkeeping thanks to online resources could be driving the shift away from accountants. Even so, it's estimated that one in five businesses fail every year - most often because of cash flow problems.

Written by Rachel Miller.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.