You may believe that a new business isn’t established enough to need an accountant. However, unless you’re an expert in accounting and tax you may find a steep learning curve awaits.
Appointing an accountant can provide your new venture with some essential advice and ongoing support that will steer you through that tough first year and beyond.
A good accountant will help you set up a bookkeeping system to keep track of your invoices and your receipts. This could range from an Excel spreadsheet to a cloud based bookkeeping system.
More importantly, you may need your accountant to help with registering for PAYE and VAT and the procedures involved should you need this.
Your accountant can provide the service of being an additional business adviser. Ahead of any funding applications, an accountant will be able to give advice on a business plan and the tax considerations when registering a new business.
Should you operate as a sole trader, partnership or limited company? An accountant can discuss the benefits of each structure and the tax implications. They can also go through what is right for your circumstances, needs and plans.
Managing Your Business As It Grows
Whether you are a growing business or starting up, an accountant can advise you on the best way to arrange additional finance without putting your business at risk.
When your funding is in place, there needs to be a layer of control to ensure your business grows in the right way. Many of your concerns may be financial – adequate working capital, good stock control, invoicing and so on – an accountant’s advice will be invaluable in such matters.
The tax bill should be covered by the business and an accountant will review and look to optimise your tax position and make sure you’re operating as tax-efficiently as possible. An accountant can also help you plan to put aside any possible tax so that a large tax bill doesn’t arrive out of the blue, putting your business at risk.
At TaxAssist Accountants, we enjoy helping new businesses get their tax affairs and records in order so you can do what you do best, run your business. We offer a free meeting to discuss your business needs at any one of our 250 offices across the UK.
We can provide you with a, no obligation, fixed fee quote and we also offer flexible monthly payment options to help with cashflow. Contact us today either by clicking here or calling 0800 0523 555 and get your business off on the right foot.
By Jo Nockels
Last updated October 2015
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.