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HOME / SERVICES & EXPERTISE / Starting a new business? Start-Up Business Accountants

Starting a new business? Start-Up Business Accountants

1. REGISTERING YOUR BUSINESS

There are 3 ways to register your business in the UK: as a limited company, a sole trader or a partnership.

With over 3.6 million limited companies in the UK, setting up is easy, quick and efficient. Most entrepreneurs opt to register as a ‘limited by shares’, giving you the option to keep any profits made after paying tax. If you set up as a sole trader, you run your own business as an individual and are self-employed. It is your responsibility to keep records of your company’s expenses and to send a Self Assessment tax return each year. Setting up as a partnership will mean you and your partner(s) share responsibility for any losses and will pay tax on their share of the business.

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2. VAT REQUIREMENTS

If your business’ turnover is over £85,000 a year, you must register your business for VAT with HMRC.

If you register for VAT, it is your responsibility to charge the right amount of VAT, submit VAT returns, pay VAT due to HMRC and keep VAT records. Most VAT registered businesses are also required to follow the rules for ‘Making Tax Digital for VAT’. Get in touch with us to see if your business is required to comply with these rules.

3. EMPLOYEE REQUIREMENTS

If you plan on hiring individuals as employees of your company, you must be aware of their employment rights.

Employees must be auto-enrolled into a pension scheme with employer contributions – as of April 2019 the total minimum contribution is 8% (3% employer, 5% employee). You must also pay 13.8% of your employees’ salary towards their National Insurance. PAYE must be operated as part of your payroll and you are required to report your employees’ Income Tax and National Insurance payments and deductions to HMRC on or before each pay day.

R&D Report

4. FILING YOUR ACCOUNTS AND TAX RETURNS

If you set up a limited company, at the end of the financial year you must ensure you prepare a company tax return and statutory accounts.

Your company is required to file a company tax return if given a notice from HMRC to do so. Your company tax return can be prepared by an accountant or yourself, but it must be filed within 12 month after the end of the accounting period it covers or a penalty will be issued. Statutory, or year end accounts must be prepared at the end of the company’s financial year. Statutory accounts must include a balance sheet, a profit and loss account, a director’s report (unless you’re a micro-entity) and notes about the accounts. Depending on the size of your company, you might be required to include an auditor’s report.

INTRODUCTORY MEETING

CONTACT US TO ARRANGE AN INTRODUCTORY MEETING, OR FOR A QUOTE.

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JON ISAACS

Partner


Since qualifying as a Chartered Accountant in 2000, Jon has been advising owner managed business in a number of sectors in respect of their financial and taxation affairs.
sudhir-rawal-jeffreys-henry

SUDHIR RAWAL

Partner


Qualifying as a Chartered Accountant in 1987, Sudhir joined Jeffreys Henry from a top 12 accountancy firm in 2013 where he spent over 19 years advising a variety of businesses.
Justin Randall

JUSTIN RANDALL

Partner


Justin advises a wide range of clients with particular emphasis on restaurants, technology and property, and is also the treasurer of Rays of Sunshine Children’s Charity.

ABOUT JEFFREYS HENRY

Based in London, Jeffreys Henry is a Top 60, award winning provider of accountancy, audit, tax and advisory services.

OUR CLIENTS ARE MOTIVATED TO ACHIEVE THEIR GOALS

Our clients include private individuals, entrepreneurs and businesses that are motivated and driven to achieve their goals. Here is a small but representative selection of such clients:

 

“I just wanted to send you a quick email to say thank you for all you and your team hard work on our accounts. Our previous accountant didn’t have our accounts in good shape and I didn’t know where we were for the accounts and numbers. Since we’ve moved over to Jeffreys Henry in August 2017, significant progress has been made. I now know where we are with accounts and it has enabled me to make some difficult yet necessary decisions on the business such as disposing sites that are not making enough profits and focusing time and effort on projects that do bring in profits.”

Bhimal Hira
Bhimal Hira

We’re one of the UK’s leading tech-enabled providers of accountancy, audit, tax and advisory services to fast-growth SMEs, international businesses, listed companies and private individuals.

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Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. VAT Registration Number 243307782. A list of Partners is available for inspection at the below address. Jeffreys Henry Audit Limited is registered in England and Wales with Company number 13172931. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C008924259. VAT number 374306694. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Jeffreys Henry Business Services Limited is registered in England and Wales with Company number 13128469. VAT number 369869417. A list of Directors (who we also refer to as Partners) is available for inspection at the below address. Each entity’s registered office is at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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