Business Start up
At Taxwise Accountancy we welcome people who are about to start in business, or those with new businesses, to come and talk to us
Starting a new business is an exciting and eventful time. It is vital to establish firm foundations based on professional advice and expert knowledge, to allow the new enterprise to take off, establish itself and eventually grow. At Taxwise Accountancy we can lead you through the maze of statutory bureaucracy and help you from the business idea through to running a successful business.
Whether you wish to start in business as a Sole Trader, Partnership, Limited Liability Partnership, Limited Company or even a Charity you can benefit from our skills, knowledge and expertise in business start-ups and improve your chances of success. We can help attain your goals quicker and more efficiently, minimising your tax exposure and maximising your potential cash flow and profits.
Our Business Start Up service can be provided as an individual service. It may be combined with other tax and accountancy related services as part of an annual package that we can offer as your appointed Accountants, Business Advisers and Tax Planners. Our service can include the following key components for a successful business:
Are you going to launch your business as a sole trader, partnership or limited company? Before you choose your business entity the following should be considered:
- commercial risks – We will advise on the most suitable and tax efficient structure for your business, whether it is a Sole Trader, Partnership, Private Limited Company or an LLP. The choice of structure should be based on commercial factors such as:
– the importance of public image
– the expected level of profits and tax rates
– public liability and commercial risk
– the source of financing
– protection of personal assets and capital i.e. cars, business tools, computer equipment and business premises
– tax planning and business exit strategyWe can help you make the right choice, by advising on the controls and requirements of the Companies Act, on directorial responsibility, and on minimising the new company’s tax liabilities. We also assist you to identify new business start-up cost eligibility for tax deduction and VAT reclaim purposes, saving you tax and giving you the vital cash-flow for your new business venture.
- Business Plan – We can prepare a business plan including budgets and forecasts. It is more than a strategy to help you raise capital; it is a management tool which helps you set out your plans and projections. We can help you establish achievable goals, and create a firm financial base which will help you realise them. This will be required by business investors or financial institutions such as banks. We will include a cash-flow projection and also highlight the business strengths and alert you to potential pitfalls.
- Finance – Financing your business is a key factor in its success. We can help determine the financial resources required and help you balance and maximise the resources available to you such as grants, bank loans, government funding and personal sources.
- Company Formation – Swift formation of your new Limited Company or Limited Liability Partnership, appointment Directors and issuing shares in accordance with the Companies Act.
- Company Secretarial – Help with the compliance for your business including changes of name, filing statutory returns, maintenance of statutory records and changes to shares and Directors.
- Charities – Specialist advice on choosing the most suitable type of charity structure, registration with HMRC and/or Charities Commission, application for Gift Aid, charity bookkeeping and annual accounts and filing with the relevant authorities.
- Bookkeeping – Maintaining accurate financial accounts and records with suitable accounts software, management of cash, stock levels, debtors and creditors coupled with regular and specific business advice.
- Management Accounts – Comprehensive analysis of business trends to aid management intervention and budgeting of resources on a timely basis. Regular management accounts with explanatory and understandable notes.
- Payroll – Initial set up of the payroll scheme, calculation of relevant PAYE, NI, SSP, SMP, Student Loans, regular payslips and automated BACS payments. Filing of required statutory reports including P45, P60, P30 and P11D and CIS subcontractor services.
- Annual Accounts – Completion of annual accounts from business records to agreed timescales and statutory deadlines. Timely filing with HMRC and Companies House. Review of accounts to aid future cash flow and efficient working capital management.
- Tax Returns – Assistance with timely registration with HMRC for Directors and business owners, collating required information, preparing returns and schedules, filing with HMRC and advising of tax position.
- Corporation Tax – Preparation of company tax returns and taking advantage of tax opportunities and reliefs, timely filing with HMRC and dealing with the relevant authorities on your behalf.
- VAT – Assistance with VAT registration and choosing the most tax efficient scheme for the business, filing of VAT returns online, specialist advice on international trade and VAT planning for property transactions. We can also liaise with HMRC for VAT investigations and other issues.
We can also assist with establishing relationships with banks, solicitors and other professionals through our network of contacts and will endeavour to provide you with the expertise required to establish and expand your business. All our services come with year round support and robust business advice,
Our services will be tailored to the individual needs of your business. Why not arrange a consultation with our friendly, expert staff, to discuss in detail how to create a firm, well-planned basis for your new venture? With fixed monthly fees starting from as little as £40; you will always know what our bill will be.
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