How You Can Benefit from a Specialist Accountant for Start-Ups
Starting a new business is an exciting venture and is a path often taken by individuals pursuing a business plan they are truly passionate about. Whilst starting a new business can be incredibly rewarding, it can also be a big challenge with many considerations. It is important to make sure that you are as efficient as possible at any stage of a business’s development; if you can streamline it from the very beginning in all facets, including your accounting, you can give yourself a running start.
An accountant for start-up businesses can help in several ways, from company formation and tax planning advice to R&D claim submissions, as well as in many other ways. Some of the main areas a start-up accountant can help are listed below:
Choosing the Right Type of Business Structure
You can be sole trader or a limited company and the choice you make at this stage can have a big impact. From taxes and expenses to shareholders, the type of company you form will need to be carefully considered. We are very knowledgeable about the different types of business structures and their advantages and disadvantages, meaning we can advise on the best company type for you.
Company Formation
We can also do all the legal work to help you officially set up your chosen company. We will do all the paperwork so you can focus on other aspects of your business and you don’t have to second-guess whether you are doing everything correctly.
Setting Up a Business Bank Account
As part of your company set-up, you will need a business bank account. It is very important that your company finances are separated from your personal finances. We don’t just help you set up your business bank account, we have partnered with Mettle to be able to offer all of our clients a free business account from Natwest.
Further Enrollment
Unfortunately, when starting a new company, the work doesn’t end after forming the company. You need to get registered for Payroll, VAT, CIS and pensions. You must also infom HMRC that you are eligible for tax; if you don’t, you may be faced with hefty penalties.
Accounting Software Provision
Once you are running your company, you will need to start invoicing clients and tracking payments. Here at Gorilla Accounting, our clients use FreeAgent bookkeeping software, a tool trusted by thousands of SMEs, contractors and freelancers. This software also automates processes and can be accessed from anywhere at the drop of a hat, providing you have your mobile phone with you.
Organisation & Financial Relief Opportunities
We can also help you remain organised so you never miss a deadline. When operating as a sole trader or a limited company, there are many deadlines you must not miss, such as the self assessment tax return deadline. If you do miss these deadlines, the costs from penalties can quickly stack up.
Not only must you navigate deadlines, but there are rules about keeping records of invoices, company assets, expenses and loans that are against the company as well, just to name a few of the things you need to keep in mind. HMRC can request this information at anytime and, depending on the type of information and the type of company you are running, this can mean presenting documentation from as far back as ten years. We can ensure you never miss a deadline and keep all the required information, and we can also help identify opportunities to claim tax relief and other financial relief.
