Business Start Ups
We understand that those of you who start up your own business are experts in your own right, however when it comes to all the legals and the admin aspects, this is where many may struggle. We are here to help you get your business off to the right start and ensure that you are registered and ready to trade!
Which Business Format?
Did you know that there were different ways in which you could register your business? For example, are you a sole trader, partnership of limited company? We will help you identify which title is relevant to your business and go about getting it in place for you.
Limited company formation
Setting up a limited company can involve a bit more paperwork and can have additional benefits to the other business formats, such as, specified tax planning strategies. However, it does also mean that you will have to file accounts with Companies House – meaning that they are open to public review, including any director / shareholder info.
We will help inform you the pros and cons of this format and identify whether or not it is suitable for your business or not. If it isn’t, we will suggest the appropriate alterative, if it is, we will help you get this set up in place.
Self Employed / Partnership Registration
Registering yourself as self-employed or part of a partnership can be straight forward, so long as you know who to send what to. We will break down all the info you need to supply, we can even fill in the forms for you! We will ensure they are sent off to the right people to ensure that the correct set up is in place before you start trading.
We will also ensure that you are fully aware of any applicable business rates that you will have to pay so that you are fully informed before you set up your business and there are no hidden costs or surprises.
When setting up a partnership, we help you choose your trading name; as it doesn’t always have to include the partners’ names, this is especially relevant when a large number of partners are involved. We will supply you with the relevant forms that need to be filled in and sent off to the Companies House.
As past of the partnership registration process, we advice that you write up a ‘deeds of partnership’ document to outline who is liable for what. This is a vital piece of documentation, which we can assist you with to ensure no area is missed out and all items are covered.
VAT, PAYE, CIS registration
The first thing to highlight here is that not all companies have to register for VAT – there is a certain criteria that your business needs to meet for it to apply. However, to complicate matters, it can actually be more beneficial for business who don’t need to register, to register anyway and claim the VAT back. We will talk you through the criteria, see if you meet it; if you don’t discuss why it may be beneficial to do so anyway, and if you do definitely need to register, help ensure this process is quick and easy for you.
We know when you need to register and will help you do so on time and ensure you have all the right information to do so first time.
If at any point you have to ‘de-register’ for VAT we can also assist in this process.
Registering for PAYE is relevant to businesses who have employees and involves deducting income tax and National insurance from employees salaries. We can assist in this registration process as well as talk you through the system and what it means for you and your employees.
CIS registration is applicable to those of you who will be a subcontractor employer and is a simple and easy way to manage your subcontractor taxes and other HMRC requirements.
For all the mentioned registration options, we are always on hand to fully explain the different options and ensure that you are registering for the correct licence and have all the documentation required for the registration to be successful.