Are you planning on taking control of your destiny and being your own boss? Do you know what you want to do, but want to keep the safety net of your full time job till you are ready to go it alone? Make sure you tick all the boxes on our “StartUp Checklist” before you cut ties with your regular salary and stability – you may not meet them again for a while!!
Start-up checklist:
- Check your current employment contract
Are there any clauses in your contract that state you’re unable to start your own business while in your current employment, or areas of business you cannot go into that conflict with your employer.
- Be honest
If you setup your new business as a limited company and register as a Director, this information is in the public domain. A suspicious employer could find this out before you decide to tell them!!
- Be respectful
Don’t waste company time working on your business idea. Leave on good terms – you never know when you’ll have to call upon your former colleagues or boss for support.
- Compliance
Let HMRC know so you can file your Self Assessment on time and pay the correct tax on your income. It is a legal requirement to inform HMRC once you start earning from your business. Don’t create any additional worry or concern for yourself by not having your taxes organised.
- Work / life balance
Working two jobs can be very tricky to juggle. Remember that your health is important. Don’t work yourself to the point of exhaustion or illness.
- Be organised
Structure your precious time well and you’ll find your productivity levels soar. Set realistic goals and stick to them. There are many Apps that can help organise your time – have a browse and see what fits your lifestyle.
- Find support from a good Accountant
Look no further, you’ve found us – we’re not just here for tax and year end returns, we can help you through the whole cycle of business life.
At Magpie Accountancy we are always happy to talk numbers, so feel free to contact us on info@magpie-accountancy.co.uk or 07957 245 760