One of the things that can be most daunting – especially in the early years and when your business changes – is choosing the right business structure and managing your business finances and reporting. It can be complex: who to tell, which to choose, not getting caught out with key tax dates, returns and accounts. With this in mind I caught up with business finance specialist Heather Darnell, founder of Back Office Support Solutions. I highly recommend you watch this video if you’re starting, if you’re seeking to grow or if you find the financial side of running your business complex.
I choose Heather to guide us through this for a few reasons: she has a wonderful way of cutting out the complexity; she tells you what you need to know and -perhaps most importantly because she helps established and aspiring sole traders and small business owners to set up, manage their finances and to grow every day through as that’s what her business does. And because she is genuinely passionate about these things and she is, to me a Soul Trader; someone who set up a business that she loves to help others flourish.
Here in this interview here she you through: the main business structures to choose from; the implications of choosing self employment to running a limited company; who to tell and when; what reporting you need to do and when; finding an accountant; understanding how the tax year works – and other key issues to consider including insurance, VAT and when you need a lawyer. Watch part one above and part 2 below. Heather will be a future guest on a forthcoming Soul-Trader.biz webinar / web talk event so watch this space.
Those of you who have read Soul Trader or my earlier co-written book A Zest for Business will recognise Heather’s name as she contributed tips to the former and co-wrote the latter.
