Starting Your Business
We understand that starting up a new business can be an exciting but daunting process. The last thing you want when you are full of ideas is to be bogged down with the technicalities of setting up your business. It is important that every new business begins with the right foundations, and we can help you decide upon the most suitable structure for your business (i.e. sole trader, partnership, limited company or LLP).
We provide a same day service for company formations. All you need to provide us with is your completed formation questionaire, two forms of ID and payment of our formation fee. (£250 + VAT)
You will have your company registration number and documents within 24 hours so you will soon be ready to open your business bank account and start trading.
We can deal with all changes to company directors, secretaries and shareholders on your behalf and submit your annual return on your behalf.
For an annual fee of £50 plus VAT, we can also act as your registered office. You won’t have to worry about missing statutory deadlines again.
If you have a great business idea, we can help you with a business plan and/or cashflow forecast. This could be used to obtain finance or just to develop a business strategy and help you focus on developing your business.
Finance often needs to be raised when a business is starting up. In today’s unstable economic climate this is an ever-increasing challenge.
We can offer advice on the different sources of finance available and help you decide on the most appropriate. We will also assist you in submitting business plans and forecasts to the lenders, holding your hand throughout the entire process.
As a business starting up in the UK it is important that you register with the appropriate authorities. We ensure that all registration procedures are completed within the deadlines set by HM Revenue and Customs.
All businesses that have employees that are paid over £120 will require a PAYE scheme. Company directors are also treated as employees for tax purposes and payroll will need to be processed if a director receives a salary.
The different types of national insurance payable are:
- Class 1
- Class 1A
- Class 2
- Class 3
- Class 4
If you are registering as self employed for the first time you may have to start paying Class 2 NIC immediately. We can provide you with the relevant guidance and forms to ensure no penalties are incurred.
The current VAT registration threshold is £85,000.
However, as a new business there are various advantages (both financial and non-financial) of registering for VAT voluntarily. We will prepare the VAT 1 registration form on your behalf and advise whether you could take financial advantage of the VAT schemes offered by HM Revenue and Customs.