START-UPS
Starting your own business is very exciting and challenging, but getting the right advice on keeping your accounts is crucial at this early stage and will avoid common pitfalls. You need to ensure that you are keeping your books in the manner required by Inland Revenue, and that you are aware of your responsibilities regarding record keeping, VAT, paying your employees, and submitting your tax returns. Please bear in mind that Inland Revenue could select you at random for a compliance visit, and will expect to see all your accounting records being kept to their satisfaction.
Sole Traders
This is possibly the simplest form of business model – one person setting up in business who both owns the business and makes all the decisions. Administration for start up is minimal, and the only requirement from HMRC is registration for self employment. If you would like to discuss setting up as a sole trader, and how you should keep your accounts – we would be very happy to help you. We have many sole traders on our books that have been with us since their start up.
Partnerships
A little more involved, where 2 or more persons agree to go into business together. All the benefits, risks, and costs of being in business are shared (unless the partnership is between general and limited partners – Limited partners are not permitted to take part in the management of the business). Usually there will be a ‘Partnership Agreement’ which provides a written structure of the business, and should help to avoid potentially costly misunderstandings and conflict. We work with many different partnerships providing a wide range of services. If you would like to chat to us about setting up in Partnership, and how you should keep your accounts please give us a call.
Limited Companies
Many small businesses operate via a Limited Company, which is a separate legal entity to its directors and quite different from a sole trader or partnership. In other words, the company operates in its own name which is registered with Companies House. If you are opening your own Limited Company you need to understand your responsibilities, and how to run your accounts. We can help you with all these requirements and more, having many Limited Companies on our books.
Everyone
Keeping your books correctly and accurately from the very beginning is crucial to assessing your business performance, and we would be very happy to help you achieve this with as much of our input and expertise as you feel you need.
REMEMBER that your first no obligation consultation is completely FREE (up to 1 hour)
Starting your own business is very exciting and challenging, but getting the right advice on keeping your accounts is crucial at this early stage and will avoid common pitfalls. You need to ensure that you are keeping your books in the manner required by Inland Revenue, and that you are aware of your responsibilities regarding record keeping, VAT, paying your employees, and submitting your tax returns. Please bear in mind that Inland Revenue could select you at random for a compliance visit, and will expect to see all your accounting records being kept to their satisfaction.
Sole Traders
This is possibly the simplest form of business model – one person setting up in business who both owns the business and makes all the decisions. Administration for start up is minimal, and the only requirement from HMRC is registration for self employment. If you would like to discuss setting up as a sole trader, and how you should keep your accounts – we would be very happy to help you. We have many sole traders on our books that have been with us since their start up.
Partnerships
A little more involved, where 2 or more persons agree to go into business together. All the benefits, risks, and costs of being in business are shared (unless the partnership is between general and limited partners – Limited partners are not permitted to take part in the management of the business). Usually there will be a ‘Partnership Agreement’ which provides a written structure of the business, and should help to avoid potentially costly misunderstandings and conflict. We work with many different partnerships providing a wide range of services. If you would like to chat to us about setting up in Partnership, and how you should keep your accounts please give us a call.
Limited Companies
Many small businesses operate via a Limited Company, which is a separate legal entity to its directors and quite different from a sole trader or partnership. In other words, the company operates in its own name which is registered with Companies House. If you are opening your own Limited Company you need to understand your responsibilities, and how to run your accounts. We can help you with all these requirements and more, having many Limited Companies on our books.
Everyone
Keeping your books correctly and accurately from the very beginning is crucial to assessing your business performance, and we would be very happy to help you achieve this with as much of our input and expertise as you feel you need.
REMEMBER that your first no obligation consultation is completely FREE (up to 1 hour)