Starting a new business? 3 things to take care of first

Starting a new business? 3 things to take care of first

Starting a new business? 3 things to take care of first

Business Start-Ups / November 26, 2021

If you are thinking of starting up a new business, it makes sense to plan for it properly. This can often be easier said than done, however, particularly if you have never owned your own company before. The key thing is to remain calm and make a list of crucial things you must do when first starting out. This will help you feel more in control and less overwhelmed. But what are the 3 vital tasks to take care of when you first get going?

Create a strong business plan

The first move to make when starting a business is to draw up a strong business plan. Take time to investigate the sector you plan to operate in, firm up details of your new business and work out other key details like costs and growth forecasts. It also gives you chance to perform some market research around your product/services. Creating a plan like this will allow you to see if your new business is likely to succeed and there is a demand for what you offer.

Decide on structure

When it comes to business start-ups & company formation, this is a critical task. Without a properly structured business, you will not be able to trade. But where should you begin? In very simple terms, it boils down to deciding whether you will be a sole trader, partnership, limited company or limited liability company. If you are unsure which type of company structure is best to choose, you should seek professional advice.

Register the business

It is also crucial to register your business with HMRC. Some types of businesses will also need to register with Companies House. Registering a business makes your new venture official and involves completing paperwork on your new company to submit. It is often wise to seek help from a professional accountant with this.

Let Taxcare Accountancy help

As certified accountants and business advisors, we can help with business start-ups and company formation. In addition, we can help you draw up a robust business plan and forecast cash flow and business strategy. Get in touch at [email protected] today for more details.

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This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
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  • 1 Director
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  • Annual turnover should be less than 80K
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This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
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£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
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This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

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