Starting a business
Starting a business involves a handful of decisions that are easy to get wrong and awkward to unpick later. Getting them right at the outset takes a conversation, not a week of research.
Where to begin
Below is what we usually cover with a new business owner. What's right for you depends on your circumstances — so treat this as an outline of the ground to cover, and speak to us about your own situation before acting on any of it.
The two work very differently — how you're taxed, what you have to file publicly, how you take money out, and where you stand personally if things go wrong. The right answer depends on what you're doing and what you expect to earn. It's worth ten minutes of conversation rather than an evening of guesswork.
If a limited company is the right structure, we can form it for you: company name, registered office, directors, shareholdings and share capital, and registration with Companies House. Getting the shareholding right at the start matters more than most people expect.
Depending on your setup you may need to register for self assessment, corporation tax, PAYE or VAT — each with its own deadline. We'll tell you which apply to you and make sure the registrations are done on time.
Starting with a workable system — rather than a shoebox and good intentions — is the single easiest thing you can do for your future self. We'll set up cloud bookkeeping that suits how you actually work and show you how to use it.
A limited company needs its own bank account. Sole traders aren't required to have one, but running everything through a personal account makes the bookkeeping harder and the year end slower. Open one early.
There's a turnover threshold above which VAT registration becomes compulsory, and there are situations where registering voluntarily makes sense. We'll explain how the thresholds and schemes apply to your business and keep an eye on where you are relative to them.
The moment you take on staff — or start paying yourself through a company payroll — PAYE obligations and RTI submissions come with it. We'll get the scheme set up and run it for you.
Mixed transactions are the most common cause of messy first-year accounts. Separate accounts, separate cards, and a habit of recording things as you go will save you money in accountancy fees alone.
Obligations
The tax itself is rarely the problem. Not knowing it's coming is.
Once you're trading, you'll have filing deadlines and payment deadlines — and they don't all fall at the same time. Depending on your structure that could include annual accounts, a corporation tax return and payment, a personal self assessment return with payments on account, quarterly VAT returns, and monthly payroll submissions.
Part of our job is making sure you know what's due and roughly what to set aside, far enough in advance that it's a plan rather than a scramble.
Before you commit to anything
Tell us what you're setting up and we'll send you a short checklist covering the structure, the registrations and the deadlines that actually apply to you — rather than a generic list of everything.
Amaan puts these together personally, so it'll be relevant rather than generic. We won't add you to a mailing list. Privacy Policy.
Important
Nothing on this page is personal tax or financial advice, and it isn't a substitute for looking at your own circumstances. Before you decide on a structure or register for anything, speak to us — the conversation is free and it's a lot cheaper than correcting it later.
Next step
Tell us what you're planning. We'll talk through the structure, the registrations and what you'll need to keep on top of — no obligation, no hard sell.
