Three vital steps for any business start-ups
Starting your company can be a very exciting time. You’ve had the idea to sell products or services, you’ve got a premises sorted out and you’re ready to get going in your day to day operation. However, one key aspect that many people forget is the documentation side of setting up a business. Here are a few of the core tasks, and what you can do to get up and running quickly.
Register the company
The first step you should undergo is business registration. You need to register your business either as a sole trader, a limited company or a partnership, and once you’ve done so you can get on with the day to day operations of your company. You’ll need to keep in mind that your business registration can adjust the rules and regulations that your company needs to conform to, so make sure that you get everything in this step right. Doing it wrong could be somewhat costly for you, and your business, in the long run.
Get to grips with your payroll responsibilities
Assuming you have employees in your company, you have a range of responsibilities as a business owner. These include paying your employees, paying their National Insurance contributions and providing the relevant workplace pensions to any of your eligible staff. Not paying any one of these contributions can lead to significant fines and punishments, so keeping all of these affairs in order puts you in a great position for the operation of your business for years to come.
Keep your taxes in order
Through the process of business start-ups and company formation, you can often feel like you’ve been thrown in at the deep end, and this is especially the case for taxes. With a wide range of rules, regulations, tariffs and charges, it’s easy to struggle with keeping on top of everything you need to pay. To deal with the books, it’s wise to get an experienced accountant such as Tax Care Accountancy on board. Our friendly team of experts have decades of knowledge surrounding tax law and business setup, so if you have any worries, from tax investigations to bookkeeping, VAT returns & payroll, Year end Accounts & Tax Return, TaxCare Accountancy have got you covered.