As a start-up business, you may have a limited budget. You want to hire an accountant but you are put off by high accounting fees. At the same time, you are overwhelmed with the amount of admin that is involved. On one hand, you have to do the marketing, planning and clients meetings. At the same time, you want to ensure that statutory compliance is taken care of on a timely basis.
You can do many tasks yourself. Among other commercial aspects, you should start thinking about the point below.
Will you operate through a limited company or as a sole trader?
This decision will obviously be based on your own personal circumstances and on the nature of your business. But, whatever decision you will take, will decide further course of action. It will also have an impact on your future tax liability.
Register the company with companies house. Here is the link do it.
Inform HMRC about your company. Here is the link to do it.
Inform HMRC about your business. Here is the link to do it.
Set up your Books
– Cloud based? or Offline? – We recommend clould based software
– Not enough budget for paid accounting service or don’t want to maintain your books in cloud? – No problem. We know a really good software which is completely free. It is called VT cashbook. Here is the link
Are you planning to employ someone?
You will have to set up a payroll scheme. Here is the link to inform HMRC.
You will need to calculate their wages.
Even if you don’t employ someone, it might be beneficial to take salary for yourself as sometime it saves tax / NIC.