Before you commence trading we can offer advice on the business idea, project income and expense streams and test the business viability. We can advise on the most suitable book keeping system, be it a simple manual or spread sheet record, or a more comprehensive computerised package such as Sage, Xero Quick books or the like. In essence we can discuss with you the “does and don’ts” when setting up a business.
Once you have decided to set up your own business greater freedom and opportunities to control your work life balance will follow. But there are also responsibilities and regulations to consider. We can help you navigate the bureaucracy of registering with Hmrc for income tax, corporation tax, vat and paye. We can also guide you through the process of registering a company with Companies house.
Vat registration becomes compulsory as your turnover reaches the Vat threshold, but there may be an advantage in seeking to register voluntarily? We will review, advise and register the business for the most appropriate scheme; for example the Vat Flat rate scheme, the Vat Cash accounting scheme or the Vat Annual scheme.
As your business develops you may need to employ staff or outsource work to sub-contractors in order to support business growth. We can help with advice on employment contracts, rates of pay and the setting up of a payroll and pension systems.
Rather than employing staff it may be more appropriate that the business outsources work to sub-contractors. This is an area that needs careful consideration and we can look at the regulations regarding appointing sub-contractors and review the current position with regard IR35.
Is there an advantage to me of trading as a Limited company? Is a question we are often asked. The answer is it depends upon your individual circumstances. We can discuss the pros and cons of sole trader, partnership or limited company as the best vehicle to support your individual business needs.
Perhaps you are looking to invest in buy to let properties and are in need of some tax and accounting advice. We can advise on the required book keeping records to support your business, what are, and are not allowable expenses that can be set against your property income for tax purposes. We can advise on the implications of capital gains tax that may arise on the disposal of a property.
Whatever questions or challenges may be on the horizon we have over 27 years of practice experience in dealing with traders, partnerships, landlords and small and medium sized enterprises. We are very happy to give a free consultation so you can test us before you decide who you want by your side as your trusted business, tax and accounting advisors.