June 8, 2018 0

Tax Advice for Startup or a Small Business in the UK

Tax Advice for Startup or a Small Business in the UK

Tax advice is essential for any startup or small business. A ‘Great’ Accountant who can assist you with your taxes is what you need. (Other option is to spend time doing the research).

When you are just starting up, the success or failure of your business is not entirely dependent on taxation, but sooner or later it will be. The excitement of starting a new business may over shadow the need for compliance and regulations and managing your taxes to build a sustainable and profitable business. The best Founders and business owners actually give enough thought to tax from the onset.

An Accountant can help you with the following 10 things:

  1. Help you register your company:

    An accountant can do this for you. In the UK, the process is so simple that with a little bit of research you could actually do it yourself (it costs £15 to pay to Companies House and usually takes 2 days). But it helps to understand the company structure you want to register.

  2. Register for tax purposes:

    In the UK, this means registering with the HMRC.

  3. Review your business plan:

    Not necessary but certainly useful. An accountant can do that for you.

  4. Advice you on how to make the right expenditure:

    Companies with good cash flow can benefit for leasing instead of buying for tax purposes, also if you don’t have good cash flow, leasing will help you as well
    Hire now – tax returns services near you

  5. Create a shareholder’s agreement:

    This is an essential contract to have if more than one person owns the business. It details how much of the business each person owns and what the responsibility of the owners is within the business. You should definitely hire a lawyer to help you draft this.

  6. File annual returns:

    Even if you are not profitable and you do not make any money, you must file your annual returns. An accountant can help you with this.

  7. Tell you to make sure you have enough money

    The accountant can guide you on saving more to keep enough money in the bank to face the disasters and opportunities to come. You ought to be well prepared for education and health expenses, alongside recurring costs like insurance.

  8. Understand tax allowances and what you are entitled to

    Many do not avail the benefits and discounts offered by the government and various organizations, simply because nobody ever told them about it. An accountant will help you save what is yours and claim more to improve your PE ratio.

  9. Tell you how to keep records

    Even if you are not profitable and you do not make any money, you must file your annual returns. An accountant can help you with this.

  10. Give you some general business advice

    With years of experience working with several businesses under their belt, an accountant has insights into the work ethics and problems faced in the industry. They can help you cover the blind spots and prepare for the future.

Also Read- Top 10 Questions to Ask your Accountant

When your business is small and funds are limited, this may seem like superfluous things to get done. However, I’ve seen time and time again early stage mistakes destroy a company later on, once it has become successful.

Find an Accountant to help you with Company formation



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