When it comes to business start-ups and company formation, choosing how to structure your new venture is key. A popular option many new entrepreneurs go for is operating as a sole trader. This is usually the best option if you want to keep your tax/accounting responsibilities simpler and do not mind taking on liability for the business. Of course, it is important to get to grips with some of the finer details around handling your accounts as a sole trader. But what are 3 essential things to know about?
Starting your business: Three vital things you need to have If you're looking to start your business, it can be incredibly tempting to get right into it and try to start operating as soon as you possibly can. However, there are a few things that you'll need in order to make sure you have the best possible foundation to move forward. Here are three of the most important things to consider when planning your new business and exactly why you need them.
Any business owner that employs staff will know that managing employees comes with a range of responsibilities. Payroll is certainly crucial and a key task all businesses with staff face each month. This involves correctly calculating each employee's monthly pay and working out the amount of NI & tax deductions to apply. It also covers reporting the relevant details to HMRC for each employee. One thing you might have heard about before in terms of payroll is salary sacrifice for employers. But what is it and how does it work?
SMEs are the real backbone of the UK economy and are key to the nation's financial health. Anyone who runs an SME knows that there is a lot to stay on top of and plenty to sort out each day.
Business finance is certainly a crucial area and one that any business must get right to succeed. The problem for some business owners is that they do not have the time or skills to look after it themselves. While they could hire permanent staff to cover this, they come with associated costs SMEs might not want to take on.
Payroll has a reputation for being complicated and tedious for many, if not all, small business owners. It could be said that payroll is a waste of time since it takes away from growing your business – yet at the same time, it is incredibly important as it keeps employee morale high when wages are paid on time without error.
If managing your payroll is distracting you from running your business, here are some reasons why you should leave the payroll to the accountants.
Start-up
£
60
/ Month (+VAT)
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)*
- File confirmation statement (annual return) with Companies House
- Reference letters for Director only (Free)*
- Assisting with correspondence from HMRC and Companies House
- Unlimited face to face advice and email support
- 1 Director
- 1 Shareholder
- Annual turnover should be less than 80K
Recommended Plan
Limited Company
£
100
/ Month (+VAT)
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
Company Pro
£
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
- 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.
- Tax Investigation
- Business Legal Support
- Company Formation
- Business Mentoring
- ARA accounting services for ATOL & ABTA travel companies
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