Setting up a business can be both exciting and daunting, and there are certain issues which must be considered from an accounting point of view. It is important that you:
- comply with relevant legislation and;
- ensure that your new business is structured in the most tax efficient way for you.
We are here to help, and will:
- Discuss the most appropriate business structure for you and your business- whether it’s as a sole trader, partnership, LLP (limited liability partnership) or limited company. We will advise on the tax implications of each, the different reporting requirements, and if you choose the LLP or limited company structure, we can deal with the formation of these at Companies House on your behalf if you wish, and additionally we can offer a full Company Secretarial service if required.
- Advise on (and complete if you wish) your obligations relating to letting HMRC know about your new business.
- Deal with your VAT registration and/or CIS scheme if appropriate, and setting up a PAYE scheme if this is tax efficient.
- Advise you of the records and documents which need to be maintained, and discuss the best way for you to do this.
- Discuss any other issues, such as company cars, mobile phones, allowance for use of home etc.
Once your business is up and running, we will always be on hand to provide help and advice throughout the year, and will of course be only too pleased to deal with your ongoing accounting and taxation requirements, be it a full bookkeeping service, monthly payroll and CIS returns, the preparation of quarterly VAT returns or helping with the annual requirements of preparing and filing your self assessment tax return and year end accounts from your records. And please do remember, even if you decide to ask us to deal only with your year end needs, we will be very happy to hear from you at any time if you have any queries or problems. We offer all of our clients one hour of free phone advice each year so you can speak to us without expecting a bill!.