Are you thinking of starting a business?
Get proper advice at the outset and do not become one of those thousands of businesses that fail in the first few years.
Accountant for Business Startups
We believe that if you are starting a business, you should seek the advice of an accountant with a proven track record in start-up situations. They can help you establish a realistic plan, steer you away from any potential pitfalls and ensure that everything is in order before the business starts to trade.
For a simple cash in, cash out business the financial plan can be really simple. However for a business that is going to need buy equipment, provides goods on credit terms or needs bank financing then a much more rigorous set of forecasts are going to be required.
The relationship between client and accountant should be that of a partnership working together for a common cause. We are a firm believer that the extra help and investment that we can give you at this stage will prove invaluable to your businesses long-term prospects. That is why you will be looked after by specialist start-up personnel within the firm and will be offered the first meeting free and without obligation.
Matters that you will be made aware of are:
- Business structure including company incorporation
- Business plans, forecasts and cashflow
- Funding requirements
- VAT registration – advisable or not?
- VAT schemes
- Direct taxation and how to minimise it
- What expenses can be claimed against tax
- Business or private vehicles
- Record keeping, including accounting software etc
- Other related issues such as legal requirements, pensions, insurances etc
Your business will be in safe hands right from the start of the process. We have been instrumental in the success of hundreds of new businesses over the years and some of these now employ over one hundred staff.
Why not check out our testimonials below for evidence of how we add real value to start up businesses?
Please contact us if you would like a free, no obligation conversation about your business start up ideas.
Fill in the form below and we’ll send you a copy of our New Business Kit.
Free Download – New Business Kit
Get your comprehensive guide to the financial, tax and accounting considerations of starting a business, “The New Business Kit” which we offer free to start-ups or those who have recently made the jump into business ownership.
The guide helps start-ups think about:
- Selecting a legal entity;
- Registering with the tax authorities;
- Accounting and bookkeeping;
- Value Added Tax;
- Payroll taxes and pensions;
- Income and corporation tax;
- Cash planning and forecasting;
- Insurance;
- Selecting professional advisers; and
- Digital accounting systems.
In addition, there is a section of useful names, addresses and telephone numbers – just ask – it’s free!
Compliance deadlines - Accounting and taxation
| Type | What is it? | Deadline | Frequency | |
| Statutory Accounts | Financial reports prepared at the end of the financial period detailing all business financial activity.These are required to be submitted to HMRC and Companies House. | 9 months following financial year endThe first deadline date may vary it depends on whether your first financial period is longer or shorter than 12 months.If longer than 12 months then file within 21 months of incorporation or 3 months following financial year end, whichever is longer.If shorter than 12 months then file within 9 months following financial year end. | Annual | |
| CorporationTax (CT600) | A company tax return is required to be submitted to HMRC reporting company earnings and corporation tax liability due. | Return submission: 12 months after the end of the accounting period it covers. Your accounting period is usually your financial year end.You may have to file two corporation tax returns depending on when you started trading and whether your first period is longer than 12 months. | Annual | |
| Corporation tax is calculated as a percentage of profits. | Payment due: 9 months and 1 day after the end of the accounting period. Your accounting period is usually your financial year end. | Annual | ||
| Self- Assessment (Personal Tax) | A personal tax return is required by some tax payers to be submitted to HMRC to declare your personal income and how much tax you should pay. Depending on income level some individuals are required to make payments on account. This is an advanced tax payment based on estimated income. | Return submission: 31 January following the end of the tax year | Annual | |
| Payment due: 31 January (and 31 July if required to pay in advance for the next tax year) | Twice a year (potentially) | |||
| ConfirmationStatement | A snapshot of general information about the company’s directors, registered office and ownership. | Submission: Anniversary of company formation. | Annual | |
| CT61(Return of Income Tax on company payments) | If your company pays interest (E.G. from a director’s loan), royalties, alternative finance payments, or any similar recurring payment, you must generally make these payments after deducting Income Tax at the basic rate. You need to inform HMRC about these payments and pay the Income Tax that you’ve collected. | 14 days after the quarter end.The quarters align with the accounting period. | Quarterly | |
| Employment Intermediary Report | A form required by HMRC to be submitted every quarter detailing all non-PAYE workers. | Reporting periods:6 Jan – 5 Apr6 Apr – 5 Jul6 July – 5 Oct6 Oct – 5 Jan Submission deadline:5th of the month following the quarter end | Quarterly | |
| VAT returns | A form you file with HMRC to show how much VAT a company should pay to or be reimbursed by HMRC. | Usually quarterly.Submission and Payment: 7th of the 2nd month following the quarter end. | Quarterly | |
| PAYE &NationalInsurance | PAYE and National Insurance (Employees and Employers) due on payments made to your permanent and temporary staff (incl. directors). | 22nd of the next month | Monthly | |
| Pension Auto- enrolment | As an employer you are required to have a workplace pension scheme and automatically enrol your employees unless they opt out. Employers are required to contribute to the scheme on behalf of the employees. | This depends on your pension provider.Payment: No later than 22nd of following month. | Monthly | |
| PAYESettlement Agreement (PSA) | A PAYE Settlement Agreement (PSA) allows you to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees (e.g. staff incentive trips) | The deadline for applying for a PSA is 5 July following the first tax year it applies to.Submission: 31 JulyPayment: 22 October following the tax year | Annually | |
| P11Ds | A form used to report benefits in kind to HMRC. Benefits in kind are any additional items provided to employees in addition to their regular salary (e.g. company car or private medical).The employee is then taxed for the benefits received through their self-assessment tax return (if required to prepare one) or by adjustment to their PAYE coding notice. | P11D submission: 6th July following the end of the tax yearPayment due: 19th July | Annually | |
