Did you ask your accountant everything that concerned you?
As an accountancy practice that specialises in start-ups, contractors and entrepreneurial Small and Medium-sized Enterprises (SMEs), our first meeting with a new business-owner often covers the following areas:
- Which trading vehicle to use: generally this boils down to being self-employed or incorporating the business into a limited company.
- Company name: is the name you want to use available and does it contain sensitive words that you may not be allowed to use?
- VAT registration: and now that covers the impact of Making Tax Digital (MTD) and the rules for recording all transactions digitally.
- Corporation tax – how it is calculated and when it needs to be paid by.
- Income tax – self-assessment and the 31 January deadline. Clients are also warned about the delights of Payments on Account. In essence beware of the £1,000 tax level but there is an exception!
- Cloud Accounts Apps: our favourite is Xero but others to consider are FreeAgent, KashFlow and Intuit QuickBooks.
- IR35– be aware of this ever-changing regulation.
- The timing differences between PAYE that an employee suffers versus having your own company: just because there is £1 left in the business account it doesn’t mean you can take it!
- We like to think of ourselves as the friendly approachable accountant. We always encourage clients to contact us about anything that is troubling them, there is no such thing as a stupid question.
If you would like to find out more about setting up your own business, about being an entrepreneur, then wherever you are: whether in Leeds, Bradford, Wakefield, Harrogate, Wetherby or elsewhere in the country or even overseas and thinking of setting-up in the UK, please get in touch.