ACCOUNTANCY FOR START-UPS –
Starting a business is a huge decision to make for anyone, yet more and more entrepreneurs are deciding it’s time to begin their business journey.
If you are considering starting a business, or you have a business that’s in its infancy, our expert accountancy services are here to support you every step of the way. We help you manage your finances, cashflow and bookkeeping to get your business off the ground and lead it towards success.
FINANCES FOR START-UPS
It can feel like a minefield when you first start out as a new business owner. Sadly, many new business ventures fail, often because businesses aren’t prepared financially. You might find that you have a good business idea, but when it actually comes to setting up and running a business, you’re just not sure what is required. Having a solid financial framework in place before you even start trading is going to be an enormous benefit and help you be ready to face the future.
We have helped many new businesses through the early days and seen them go on to achieve success. We work differently to other accountants, going beyond just taking care of your finances: we help take care of your business as well. We work in consultation with you to offer you the support you need, at those times when you need it the most.
PRACTICAL FINANCIAL SUPPORT
FROM POMFREY ACCOUNTANTS
We make sure we manage your finances proactively and help you to get the most out of our accountancy services.
These are the core services we offer to start-up businesses:
- Keeping books in order and being fully compliant
- Offering tax advice, helping you minimise tax liabilities
- Helping you put finance plans in place
- Offering support and advice if you need more capital
- Sending correct information to HMRC, accurately and on schedule
We want you to view us more like your business partners than your accountants. We ensure your finances are set up in a way that will be compliant and correct, but we also are happy to offer you advice and support whenever you need it.
START-UP BUSINESS FAQS
Q: Do I need a business plan?
A: A business plan is the perfect starting point. We can provide you with a template or give further guidance, depending on what you require.
Q: Do I need to take out financing?
A: If required, we can put you in touch with specialists. If you have questions about financing, we have contacts who can help you access grants. We can also help you with applications to funding bodies.
Q: Do I need a business bank account?
A: Yes, this is a legal requirement for limited companies. For sole traders it’s optional, but it’s usually advisable.
Q: What business structure should I use?
A: There are many, from sole trader, to partnership, to limited company. There are also other kinds of company set-ups, such as community interests or limited liability partnerships. We can help you work out the best option for you.
Q: What does self-employed mean?
A: This means you are receiving income from a business or trade but this income is not taxed at source by an employer or agency. You need to declare this money to HMRC as part of a self-assessment tax return. We can help you complete your tax return, including giving advice on expenses and tax deductions.
Q: What can I claim?
A: This will depend on your trade. It might include options such as travel and telephone bills – we can advise you further.
Q: Should I become a limited company?
A: Limited companies pay fixed-rate corporation tax. It will depend on what is more beneficial for you and your business.