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Call: 0207 309 2222

  • Home
  • About JH
    • About Us
    • Trophy Cabinet
    • History
    • Talent & Careers
  • People
  • Services and Expertise
    • Key Services:
      • Personal Tax
      • Corporate Tax
        • Seed Enterprise Investment Scheme (SEIS)
        • Enterprise Investment Scheme (EIS)
        • Enterprise Management Incentive (EMI)
      • International Tax
      • Research and Development Tax Relief
      • Tax Investigations and Disclosures
        • Worldwide Disclosure Facility (WDF)
        • Undeclared Rental Income and the Let Property Campaign
      • VAT Advice and Compliance
      • Xero Training
      • Outsourced and Cloud Accounting
      • Payroll Services London
      • Tips, Services Charge, Tronc and Troncmaster Services
      • Independent Financial Advice
      • View All Services
    • Key Sectors:
      • Listed Companies – LSE & AIM
      • Restaurants and Hospitality
      • Specialist Food and Drink Accountants
      • Creative and Media
      • Artists and Art Galleries
      • Property
      • Technology
      • Medical and Healthcare
      • Retail
    • Key Goals:
      • Bounce Back Stronger post-COVID
      • Accelerate Business Growth
      • Outgrown Your Existing Accountant
      • Looking For A New Accountant
      • Starting a New Business
      • Listing a Business
      • Setting Up a Business in the UK
      • Expanding Overseas
    • View All
  • International
    • Setting Up in the UK
    • Expanding Overseas
  • #Trending
  • COVID-19

  • Home
  • About JH
    • About Us
    • Trophy Cabinet
    • History
    • Talent & Careers
  • People
  • Services and Expertise
    • Key Services:
      • Personal Tax
      • Corporate Tax
        • Seed Enterprise Investment Scheme (SEIS)
        • Enterprise Investment Scheme (EIS)
        • Enterprise Management Incentive (EMI)
      • International Tax
      • Research and Development Tax Relief
      • Tax Investigations and Disclosures
        • Worldwide Disclosure Facility (WDF)
        • Undeclared Rental Income and the Let Property Campaign
      • VAT Advice and Compliance
      • Xero Training
      • Outsourced and Cloud Accounting
      • Payroll Services London
      • Tips, Services Charge, Tronc and Troncmaster Services
      • Independent Financial Advice
      • View All Services
    • Key Sectors:
      • Listed Companies – LSE & AIM
      • Restaurants and Hospitality
      • Specialist Food and Drink Accountants
      • Creative and Media
      • Artists and Art Galleries
      • Property
      • Technology
      • Medical and Healthcare
      • Retail
    • Key Goals:
      • Bounce Back Stronger post-COVID
      • Accelerate Business Growth
      • Outgrown Your Existing Accountant
      • Looking For A New Accountant
      • Starting a New Business
      • Listing a Business
      • Setting Up a Business in the UK
      • Expanding Overseas
    • View All
  • International
    • Setting Up in the UK
    • Expanding Overseas
  • #Trending
  • COVID-19

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HOME / SERVICES & EXPERTISE / STARTING A NEW BUSINESS

STARTING A NEW BUSINESS

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.

final-emi-enterprise-management-incentive-employer-employees-scheme-business-company

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.

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.

jon-isaacs-jeffreys-henry.jpg

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 LLP 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 LLP

    Based in London, Jeffreys Henry LLP 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.”

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    Nikhita Sagar
    Nikhita Sagar

    020 7309 2222

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    Jeffreys Henry LLP is a Limited Liability Partnership registered in England and Wales with registered number OC306971 and registered at Finsgate, 5-7 Cranwood Street, London, EC1V 9EE. Registered to carry out audit work in the UK by the Institute of Chartered Accountants in England and Wales and for a range of investment business activities. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001108797. A list of Partners’ names is available at the above address. © Jeffreys Henry LLP 2021. All rights reserved.