There are many important issues to consider when setting up a business.
Understandably, the appointment of an accountant is not always seen as being key from the outset.
It is often only when your first set of tax returns and accounts are required that this is done and it is often too late in the day. At this point many business owners regret not getting this right from day one.
An initial meeting with a pro-active and business minded accountant based locally to your business is free and can save you money by better tax planning from the start.
The discussion will identify the specific needs and requirements for both the business and individualsin the following crucial areas:
- Selecting the most appropriate trading entity for your business to ensure, if required, the business is fully registered with the required authorities and set-up correctly, including the full details of shareholdings and directorships which will be required at Companies House. Disputes can arise later which can be expensive and time consuming to resolve if the full information is not registered at the outset. Managing timescales for VAT and PAYE registration, for example, can also establish better tax planning in addition to avoiding tax penalties.
- Specialist tax advice is vital. This includes making full use of tax allowances, both personally such as pension payments and dividend extraction and for the developing business such as Research and Development Tax Credits and Capital Allowances.
- Outsourcing of individual tax returns, Payroll, VAT and PAYE submissions together with completing monthly management information and other services can be arranged, enabling you to concentrate your significant skills on developing the business.
- Ability to discuss and review your longer-term plans and budgets to discuss viability. Ongoing monitoring of the business performance can be provided, which is supported by prompt submission of year end accounts.
- Accountants can assist in sourcing suitable finance for business using their expertise and key contacts, saving you a considerable amount of time in this important area and working with you to gain the information required.
- Above all you have an expert to pick up the phone to share your issues. In a young business, the direction you take can change dramatically and promptly and you may need to act quickly. Prompt action can be taken to address issues and concerns which arise and with specialist knowledge available in-house to support you together with suitable introductions to key partners to work with, for example an appropriate solicitor, this input can be important.
- Discussing the most appropriate bookkeeping and online accounting software for the business, combining the need of enabling ease of access to sufficient supporting information without going overboard.
- At the end of the initial free consultation a quote is drawn up promptly for your review, which will give the comfort of setting a fixed price for each specific support and service required which will mean no nasty financial surprises further down the line.