It takes a good deal of courage and tenacity to turn an idea into a start-up business.
There is much to consider, from marketing, operations, HR and of course finance, the start-up entrepreneur has a lot to come to terms with and keep on top of. "You don't know, what you don't know" is a great saying and so applicable to starting a business.
Our team at McAleer Jackson know that start-up businesses in Northern Ireland are more likely to succeed if they seek and act upon the advice of a professional business adviser. If nothing else it is helpful to have a ‘critical friend’ to challenge and encourage to ensure the start-up has the best possible chance of success.
Start-up clients tend to ask us to provide the following services to assist them establish their businesses:
Our team has a wealth of skills to support the new and existing business owner. Bring us your business ideas and we’ll help you to evaluate them in a constructive and realistic way. We can also:
• assess your funding requirements, advise on the best sources of finance, and draw up the necessary proposals
• decide on the most suitable structure for your business
• complete any registration procedures with Companies House and HM Revenue & Customs
• deal with company secretarial issues
• help you develop a good working relationship with your bank
• help you articulate your proposal in a business plan complemented by cashflow and trading forecasts, which support your business proposal
All business owners should have a plan to mitigate the potential financial hurdles that could prove an obstacle to future success. The difficulty often arises in having the time to devote to this exercise but also being able to stand to one side of the business and observe it objectively. We see many businesses and because we have witnessed their successes and difficulties, we are well-placed to review your plans and help to identify the financial pitfalls.
Sound analysis, clear projections, and well-thought out contingency plans enable a business owner to plan for success and adapt to challenges. This is why we encourage our clients to prepare periodic financial forecasts and review actual performance against them. We can help with:
• setting and reviewing long term strategic goals
• annual/monthly profit and cashflow forecasts
• business planning
• monitoring performance and adjusting plans accordingly.
You may simply want someone to help you maintain your books or to add the finishing touches to information on your bookkeeping systems so you can create your own management information.
If you do not employ a bookkeeper then we can take up the role. Whether you want us to work at your site to better understand your needs or would appreciate the flexibility of a cloud or online solution, we would be happy to discuss how we can best work together.
McAleer Jackson is a partner with both Xero and Sage providing real time access to your accounts anywhere and at anytime.
Our clients enjoy the improved data access but also the comfort that they can share their live data with us, and that we can provide real-time business advice and support.
Our service is subscription based, so it can scale with your business. Multiple users are also easy to set up at no extra cost.
Through our network of contacts, we can introduce our clients to a wide range of funding options.
We have strong relationships with local mainstream funders, grant bodies and many alternative finance providers. We work with our clients to identify appropriate sources and structures of finance to support their business goals, and through experience and market knowledge, we can offer realistic advice on the likelihood of success.
Research & Development (R&D) Tax Credits were introduced by the government in 2000, to reward and encourage innovation by British companies and help economic growth and success across all industries and sectors.
If your business is a trading UK company, and has spent money carrying out R&D activities, you could be eligible to claim a R&D tax credit.
For tax purposes, R&D will be often involved in the creation of an innovative process or way of working; the improvement of an existing product or the design of a new piece of software to tackle a particular issue. It is not restricted to work undertaken in laboratories by scientists in white coats!
Having submitted many successful claims on behalf of Clients, McAleer Jackson’s tax team is well-placed to assess your business and determine if it could qualify for a claim. We can prepare a detailed report identifying qualifying projects and expenditure, make the appropriate submissions to HMRC and liaise directly with them in order to keep you up to date on a claim’s progression.
Have a question?
Whether it’s improving tax efficiency, supporting business growth, or protecting personal wealth, our team of trusted advisors can offer you a full range of accountancy, tax and business advisory services to give you the support you need.
Please use the form and we’ll be in touch, or you can find information on specific staff members by clicking here.