Business Start-Ups

Our ‘Up and Running’ service

Starting a business is an exciting time, but also brings with it new responsibilities. Getting your accounting and tax affairs in order from ‘day 1’ will ensure that you are free to concentrate on making your business a success.

Not taking professional guidance early on can result in higher tax bills and penalties for non-compliance with legal regulations (e.g. by inadvertently declaring an illegal dividend or overdrawing a Directors Loan Account). The end of the trading year is often too late to correct mistakes made when the business was set-up.

We offer:

1. Free consultation

This enables us to understand your current situation and plans for the future. We can complete all the HMRC and other ‘formalities’ for you, and provide guidance on other business matters (e.g. business insurance).

2. Fixed fees payable at the END of your first year

We know that cash is usually tight for any start-up business. Therefore our agreed fees (see ‘Our Fees’ page) are only billed at the end of your first trading year.

By appointing your accountant when your business starts, you will also reduce your accountancy fees, as your business will be efficiently set up from the outset.

3. Detailed guidance to set your business up correctly

Review company formation documents (including the shareholdings are arranged in the most tax-efficient way, checking the year-end date & appointing new directors)
Register a PAYE scheme with HMRC to enable salaries to be paid
Register for VAT (if applicable)
Register for corporation tax with HMRC

4. Advice on keeping adequate records

Once your company has been set up correctly, we will then need to ensure that you keep adequate records to allow your annual accounts to be drawn up as required by HMRC and the Companies Act.

For example, a good invoice or receipt book should be maintained, as well as records of expenses (what for / amount/ date etc), including original receipts.

We can provide you with easy-to-use FREE Excel workbooks to ensure that your records are maintained in an acceptable format (this also keep your accountancy fees down!).

5. Insurance advice

By law, every employer must take out Employer’s Liability insurance, which covers the employer against employee personal injury claims. This cover is no longer required where the company only employs its owner, who owns at least 50% of the shares.

Other insurances you may consider taking out are Public Liability insurance (to protect the company against claims from customers if they have suffered because of your actions), or even Professional Indemnity insurance, (to protect the company against any claims about the professional standard of your work).