Sowing the seeds of a new business
Clients often ask us when the best time of the year is to launch a new business and our answer will usually be February or March. According to a report by Aldermore Future Attitudes, UK small businesses launched in spring tend to ‘triumph over’ companies created during other seasons.
From an aspirational point of view, the weeks leading up to spring and spring itself seen like the ‘right’ time to launch something. We’re coming out of winter and there’s new growth to be seen everywhere and seeds to be sown. It’s a period of the year which symbolises renewal and new potential. You might even discover that the increasing amount of daylight ramps up your motivation level too.
There are though, many practical and financial reasons to launch in early spring, particularly if you’re looking to set up a limited company. When incorporating a limited company, the company year-end will usually be on the last day of the month in which it was incorporated. A year-end of 31 March ties up well with the tax year ending on 5 April and just makes business life a bit more straightforward.
Here at Lewis & Co, as accountants, we always breathe a sigh of relief when February comes along and all our clients’ self-assessment tax returns have been completed and filed with HMRC. For businesses, with these figures now up-to-date, it’s a good time to work out where you are and make plans for the future or, as we mentioned above, launch a new business.
While we’re always ready to support you making plans for your new business, alongside helping you to minimise your future tax bills, we do tend to have more time to chat after the sometimes frantic run up to 31 January deadline.
We can support you to take the long view of your company and provide you with a route map for your business success. We’ll help you map out the challenges of your business venture, offering advice on how you can generate revenue, plan for expansion and generally lay the groundwork for you to refer to.
To find out more, do get in touch on: 01892 513515 or email: firstname.lastname@example.org