Where Can I Find Business Advice and Support?

Starting a business is exciting, but it’s no secret it comes with its fair share of struggles. Some you may have planned for, but other issues may arise that you might never encounter prior to running a business!

So where can you find guidance when you need it? Scary as self-employment might sometimes be, you’re not alone. Whatever your query, there will be someone out there who can give you a helping hand.

We’ll look at where you can find business advice and support, along with the types of support you can receive.

What type of business support do I need?

If you feel you need some support but you’re unsure where to look – you’re in the right place. A good starting point is working out what sort of help it is your business needs, such as:

We’ll take a look at some financial and non-financial support you can receive for your UK business.

Finding financial support

There are lots of funding schemes and financing methods available for startups, as well as various other things you can do. For example, you can:

Advice on doing business overseas

Having clients and customers overseas is more common than ever, although some of the rules around exporting goods can be quite complicated. You can use GREAT for advice and guidance, along with access to live export opportunities. We also have our own starter guide which explains what you can do if you’re preparing to trade abroad.

Tax advice

We know how confusing tax can be, but before you panic there is lots of help out there! For instance, if you’re looking for support with submitting your Self Assessment, you can contact HMRC for basic information.

If your query is a little tricky then it might be time to get an accountant who can give you more hands-on specific advice.

There are also guides that can assist you based on your business structure, such as on HMRC’s website, and even on our very own Pandle blog. We do our best.

Organisations such as TaxAid provide tax support if HMRC are unable to help, or for more general financial advice you could try MoneyHelper.

What type of tax will I need to pay?

This depends on your business structure. For example, if you’re a sole trader you’ll submit a Self Assessment return to report your profits and pay income tax and National Insurance contributions.

If you’re someone who runs a limited company then your tax reporting might be a bit more complicated depending on how you pay yourself from the business. You’ll need to submit a Company Tax Return to report the company’s profits and pay Corporation Tax, but you might also need to file a Self Assessment to report any untaxed income you receive, such as dividends.

Will I need to register to pay tax?

Yes, you’ll need to register to pay tax if your self-employed earnings are more than the tax-free trading allowance (which is currently £1,000) in a tax year. The way you set up your business depends on which business structure you use. For example, limited companies are created by incorporating the business at Companies House.

Self-employed businesses pay tax based on their profits, so like many small start-ups you might not make a profit in your first year or two. But either way – HMRC need to be informed whether you make a profit or a loss.

How do I manage my business finances?

You’ll need to keep a record of all the transactions which take place in your business, such as invoices you send and receive, and payments to and from your accounts. This information (known as bookkeeping) can be used to create financial reports which make it easier to keep an eye on what’s happening in your business, and make more effective decisions.

Networking

Networking is great because it allows you to meet others who are in the same boat as you. You’ll likely learn from the people you meet, and you may find investors and coaches who can help your business grow, or even potential clients!

Organisations such as the Chambers of Commerce host lots of networking events, with different branches operating across the UK, for example Liverpool Chambers of Commerce and London Chambers of Commerce.

Learn more about using Pandle to make business accounting easier. Create an account today and decide what to do with all the extra time you get back.