When you take your idea for a company and turn it into a reality it can be the most exhilarating and terrifying time. Your business start-up deserves the best advice, tools and opportunities to flourish. Your mind may be spinning with the number of tasks that you must achieve but take a moment to consider whether seeking professional services from a leading London chartered accountant could be more beneficial than trying to accomplish what equates to a maths degree in a heartbeat.
Companies like Ross and Partners appreciate that time is precious and they can help by guiding you through the financial aspects of starting a business, the different requirements and forms that need to be completed and how, once trading, the accounts including payroll and VAT returns should be approached. In the current Covid-19 impacted world and with Brexit promising its own set of challenges, the wise words of experienced bookkeepers, payroll administrators and tax specialists are invaluable.
Business start-up services include:
- Advice on the pros and cons of incorporation in your unique situation.
- Appointment of the directors.
- Appointment of company secretary.
- Assistance in opening a bank account.
- Assistance with raising finance.
- Book-keeping set-up advice.
- Business plans.
- Company registration for Corporation Tax.
- Completion of all necessary minutes and resolutions.
- Issue of subscriber shares.
- Registered office services.
- Set up of the company’s PAYE scheme.
- Tax review with regard to company formation – Note: forming the company by yourself and making an error can prove costly.
- VAT registration.
How much time do you wish to “lose” to this task? You may consider appointing an employee to fulfil this demand, but this means a salary, holidays, expenses, desk space, perhaps training. Or a specialist payroll services provider can take this over and guarantee security, accuracy and compliance with current legislation. They’ll appreciate the impact of treasury announcements and newly implemented measures and how to enforce them.
2020 has been an unusual year but for many non-specialists this has caused significant headaches as businesses have tried to keep up to date with lockdown measures, furlough schemes, shielding, health and safety investments and managing their business rates and staff levels amidst the challenges.
As a new business start-up, would you welcome the documentation related to the financial merry go round that has been trading in 2020 landing on your desk for payroll, tax planning, accounts and reporting? Then please don’t put yourself under the pressure. There’s no need.
Outsourcing bookkeeping tasks means that you can concentrate on building your empire and focus on the core concerns that make the difference between success and vanishing broken-hearted into the ether. You may wonder if the outlay would truly be worth it but do you, or anyone in your team, have the time to devote to hours of paperwork and keeping a keen eye on the latest developments and regulations across the spectrum of business accounts areas? A chartered accountant has the knowledge, confidence and experience that you dream of, at a competitive rate, so please don’t use your time and energy on a set of tasks that keep you away from what you’d prefer to be doing.
Bookkeeping services providers generally offer the following services:
- End of year accounts.
- Estimated tax liabilities as you go along.
- Key Performance Indicators reporting.
- Prepare management accounts.
- Processing your invoices, bank statements, etc
- VAT returns.
- VAT inspections.
You must register for VAT with HMRC when your VAT taxable turnover is, or is expected to be, £85000 or more. You can also voluntarily register at any amount lower than this.
Every 3 months, which is the VAT accounting period, a VAT return is to be submitted which states the business’ total sales and purchases, the amount of VAT owed, the sum of VAT which can be reclaimed and the amount an HMRC refund is.
Even when there is no VAT to pay or reclaim in the accounting period the VAT return must be completed and submitted. This can be a time consuming and challenging task so hand it to an expert for your peace of mind.
Accountants will also handle any VAT disputes with HMRC. They know the system, the pitfalls, the common areas of dispute. Get the expert to fight for your interests.
The best accountancy firms also work with their clients on business growth, strategies, business plans, management and effective budgeting.
Your service provider and accountant work with you as their number one priority. You’ll be forging towards realising your visions pragmatically, legally and confidently.
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