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Accountants in Preston

Small Business Start Up

When you start a small business, there are a number of steps to take and decisions to make. Although we can't give advice without knowing your personal circumstances, we hope the notes below will help you get going.

 

Legal Matters

Sole Trader or Limited Company

Deciding to set up and trade through a limited company is a big decision, which may well last a lifetime. And there are some very clear advantages, including big tax savings.

Registering a limited company is a specialist subject, please contact us with your requirements.

Sole Trader

If you have just started in business as a sole trader, and have not registered with HMRC, you can download form CWF1 from this link:


 

 

 

 

Business Paperwork

Accounting Software

Choosing accounting software is not easy. If you are concerned that you won't be able to use it properly, you will probably create your own system in Excel, or even keeping a record book. We will help you choose the right software for you, and also help in training you.

Understanding Accounting & Bookkeeping

Getting to grips with understanding how bookkeeping and accounting works is a great lifetime skill for anyone in business. You will always be able to stand you ground and cut through the jargon.

Reporting

When you understand your business reports, you will be able to judge your business's performance, and make good decisions.

Bookkeeping

If you keep good records yourself, you will be able to save on your accounting bill. If you want it done for you, that's part of our service.

 

 

Tax

There's no getting away from it. We understand that as a small business owner you want to pay the correct tax within the deadline in order to avoid any penalties, but you may not know how to comply with the legal requirements, and might not have the time to prepare accounts yourself.

If you are a small business sole trader (or partnership) your tax will be under Income Tax - Self-Assessment.

If you trade though a limited company, the tax system is Corporation Tax.

We offer a range of services to help you, including a complete year-end tax and accounts service. We will prepare your accounts and file your tax return.

To find out how we can help you, please call us on 01772 611432. We will be glad to listen to you, and to advise you about how we may deliver you security and peace of mind.

Online Filing

Online filing is a big part of running a business these days. Some online filing is optional, but some is a legal requirement with hefty penalties if you miss deadlines.


Employees

If you have staff, or even if you are a director of your own business, you will need to set up a PAYE scheme, to deduct the right amount of tax from your employees. We will do this for you.