Start-up

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.

Limited Company?

Register the company with companies house. Here is the link do it.

Inform HMRC about your company. Here is the link to do it.

Sole Trader?

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

– Cloud based – Xero, Freeagent, Quickbooks, Sage? – We recommend – Xero. 

– 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. 

Here is the free software from HMRC. However, we recommend using this software as it is very easy and will save time and hassle running your payroll. 

Even if you don’t employ someone, it might be beneficial to take salary for yourself as sometime it saves tax / NIC.

If you need help with any of these tasks, do give us a call on 01732 807 472 and we will be happy to provide you help. We are also registered with HMRC to undertake such tasks on our clients’ behalf. Our fees for start-up businesses are surprisingly cheap.