OUR SERVICES – BUSINESS STARTUPS
Are you thinking of starting a new business?
If you are thinking of starting a new business we can offer professional advice on matters such as VAT, payroll, financing, business structure and other statutory requirements.
Business Structure
The first thing you need to decide is what the structure of your business should be. Self employment is the simplest way to start a business, or you may prefer the protection offered by forming a limited company. A limited company must be registered at Companies House and Annual Returns and Accounts must be submitted. Have a look at our limited companies page for more information.
Taxation
Self Employed individuals and members of partnerships pay taxes based on the level of profits and are subject to Self Assessment. This means that you must inform HMRC as soon as you commence your self employment and you will be required to complete a tax return by 31 January each year. Limited companies are subject to corporation tax, you must inform HMRC as soon as your company starts to trade. Corporation tax must be completed annually.
Employing people
If you decide to employ others you must set up a payroll scheme with HMRC. You will need to deduct PAYE and National Insurance contributions and pay these contributions monthly to HMRC. At the end of the year you must submit an annual return containing details of all your employees, their gross pay and deductions during the course of the year. If you set up a limited company you will be a director and an employee and so you will also need to set up a payroll scheme regardless of whether you are employing others. More
VAT
You will need to decide whether to register for VAT. Once your turnover exceeds £85,000 in a twelve month period registration is compulsory. There are many schemes designed to simplify accounting for VAT such as annual accounting, cash accounting and flat rate schemes. More
Please contact us to find out more.
