Business Startups.
Starting a business is a hectic and exciting time but navigating the tax and accounting requirements can be time consuming and stressful. The team at Boxwood specialise in providing tailored accounting and tax services designed specifically for start-ups, helping the business to quickly and professionally mange this important issue.
What are some of the key accounting & tax
issues to consider when starting a new business?
When starting a business, spending time on setting up your accounting and tax systems may seem low on the list of priorities. However, getting this part of the start-up process right from the beginning will save significant time later and will almost certainly save the business money via lower taxes, reduced penalties and more informed business decision making. Here are some of the key things to consider. . . . .
Deciding on your business structure.
One of the first decisions you will need to make is how to structure your business. Typically this could be a sole trade, a partnership, a limited company or possibly even a limited liability partnership. Getting this right is very important as the impact on the business will be significant and the accounting and tax rules are very different for each option.
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Ensuring you have completed all relevant HMRC registrations.
The new business may need to consider various HMRC registrations. Typically, these might relate to: VAT, corporation tax, income tax and payroll. Consideration should also be given to the need for registration with the Pensions Regulator, Companies House or for CIS.
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Setting up the business bank account.
Once the business has been setup, a business bank account must be opened. This should be done even if the business operates as a sole trader as it provides a higher degree of clarity. This process can take some time and should be done as early as possible.
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Accounting system and bookkeeping.
Choosing the right accounting system is important and should be done right at the beginning of the business to ensure all revenues and costs are captured. There are many systems to choose from. For smaller businesses these tend to be cloud based e.g. Xero, QuickBooks or FreeAgent and most are monthly subscription and are easy to use.
Accounting & tax filings.
Finally, as a new business, there will be a requirement to make certain monthly, quarterly or annual filings and payments. Typically, these might relate to: monthly payroll, quarterly VAT and annual tax returns. HMRC will charge penalties and interest for late returns or payments and therefore this area must be properly managed. In addition, there may be a requirement to file Annual Accounts with Companies House.
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time."
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Peter at Curzon
Landscapes Ltd
Why not get some expert help with your accounting and tax?
You'll be surprised at how easy and affordable it is
to get the support you need.
Making accounting & tax compliance
simple and worry-free for new businesses.
From bookkeeping to financial statement preparation, we offer a full suite of tax and accounting services. Our goal is to streamline your accounting and tax processes, allowing you to focus on growing your business while we handle the numbers.
Business structure.
We have a long track record in helping new businesses get established and we can help you decide on the best structure for your new business. We will be happy to talk though all of the advantages and disadvantages of operating as a sole trader, partnership or as a company so you are best placed to make the right decision for you.
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Bookkeeping and accurate records. .and
We have in-depth knowledge of all leading cloud based solutions e.g. Xero, QuickBooks, FreeAgent etc and we can help you select and fully implement the one that best meets your needs. We can also look after as much or as little of your bookkeeping if you wish. This means that we can process of of your daily or weekly transactions and reporting for you and make sure everything is ship-shape or (if you wish to manage this in-house) we can simply be there if you have any difficulties. Total flexibility.
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VAT.
Great care is required here as a business must register and charge VAT correctly on all taxable supplies once the threshold is reached. Overlooking this requirement can be a serious issue. We help our clients make sure that all VAT obligations are meet and that the correct VAT is charged and quarterly returns are filed on time.
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Payroll and auto-enrolment.
If the new business will have employees then it will need to register with HMRC as an employer and operate a PAYE scheme and make all required filings and payments. We can take care of all payroll requirements and help ensure that all reports are prepared and filed on time and that all staff pay the right tax and are provided with payslips. We can also advise on the auto-enrolment rules and help ensure that they are correctly applied.
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Annual account & corporation tax.
If a company structure is used then year-end accounts must be filed at Companies House and a tax return will also need to be filed with HMRC. The deadline for filing the Corporation Tax Return 12 months after the financial year but any tax is due within 9 months. Annual accounts must also be filed with Company's House with 9 months and both HMRC and Companies will charge penalties for late filings. We can take care of both of these requirements and help ensure that penalties are avoided.
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Income tax.
If the business is a sole trade or a partnership then income tax will be due and not corporation tax. As an owner/director you are likely to have more complex Personal Tax requirements and will almost certainly be required to file a Self Assessment. We can manage this whole process for you and help ensure you are maximising all tax efficiencies.
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Additional support.
Finally, many of our smaller clients really appreciate having an experienced accountant on hand to bounce things of. Sometimes all it takes is to chat things though. We are always available for our clients and will always be happy to help you think though any issues that may arise.
We offer a completely complimentary initial consultation.
Why not give one of the team a call today to get
answers to any questions you may have.
WHAT PEOPLE SAY
"Boxwood have been our accountants for a number of years and provide us with advice and support. We have always found the team helpful and professional. They are always available to chat through any questions we may have and we no longer worry about getting our tax filed on time.
John at Bentley Consultancy Services Ltd
"The team at Boxwood have managed my personal tax return preparation and filing since 2016 and I have found them really helpful and approachable. They are always available to answer any questions and I would have no hesitation is recommending them."
Hans-Werner at
Deutsche-Hypo Bank
"The team at Boxwood have been our accountants since 2014 and have always been helpful and proactive. They help us with our VAT, payroll and year-end filings. They always remind us when there is an approaching deadline and we no longer have to worry about our accounting and tax."
Karen at Chomp
Creative Ltd
Why should you choose us?
Keeping on top of your accounting and complying with tax legislation can be overwhelming. Partnering with the right accountants and tax advisers will make a real difference; saving time, money and worry and allowing you to focus on growing your business with peace of mind.
1
Chartered
Tax Advisers
We are fully qualified Chartered Tax Advisers & Accountants and we can provide expert advice & guidance
2
Complimentary
Consultation
We provide a completely free initial consultation, allowing you time to chat through any questions you may have
3
Competitive
Fixed Pricing
We operate on a fixed fee basis which is agreed in advance and there are absolutely no hidden costs
4
Small Business
Expertise
We have a long and established history of providing advice and support to small businesses.
Switching accountant?
If you are not getting the level of service that you expect from your current accountant then switching is very straight-forward.
1
Book our complimentary consultation and get answers to any questions you may have and get a fixed fee quotation,
2
Once you are happy that Boxwood Accountants is the right accountant and tax adviser for you then simply let us know by dropping us an email,
3
We will contact your previous accountant to advise them of the change and obtain all relevant records from them. Once we receive these the the switch is complete.
Useful tools for Start-Ups
