Startups & New Businesses
Start-up is a very general term for an entrepreneur, individual or more than one individual wishing to go into business. The first decision to consider is whether to register as a sole trader, limited company or, if applicable, a partnership.
There are tangible benefits and pitfalls with each and unless you have a clear understanding and are confident which option is appropriate for you, you should seek guidance from a qualified professional advisor or new business accountants.
Forming and registering a company is relatively simple and inexpensive, in fact a number of accountants on our panel will register your limited company for free.
An introduction to one of our accountants for startups will also provide you with advice regarding your business plan, business structure, responsibilities as a business owner and how best to remunerate yourself.
Most business start-ups require initial funding, again proactive accounting services for new businesses will provide you with advice regarding grants that may be available to you, local business initiatives, the various forms of lending on offer and what would work best for your business.
Whichever route you decide to take, as a business owner, you may have responsibilities to report on your company’s performance and personal income to HMRC and Companies House. For limited companies and LLP’s this will take the form of company accounts and self-assessment tax returns.
It is your decision as to whether you take on the responsibility to maintain your own books and records and file accounts and the relevant tax returns, or whether you appoint an accountant to act on your behalf.
Although there is a cost associated with using the services of an accountants, his/her knowledge and expertise will enable your business to properly fulfil statutory obligations to HMRC and Companies House if appropriate. With his/her considerable business expertise, an accountant could help ensure that you have the best chance of succeeding in your venture.
For more information with regards accounting services for startups and to discuss your requirements with one of our experts please Contact Us today.