Congratulations on starting your new business!
Starting your own business is incredibly exciting. There are so many things to arrange such as websites, logos, stationery, connecting with new customers etc and your ACCOUNTS!
We appreciate that your accounts and business finances are not the most exciting thing to sort, but as soon as you start trading, it really is a good idea to start thinking about it.
Why you shouldn't wait.
Traditionally businesses met their accountant at the year end, handed over their books and several weeks later received back their accounts. Thankfully this is now a dying trend.
Dealing with your accounts solely after the year end has passed can leave you with an unnecessary tax bill. As a company you may have incurred costs that turn out to benefit in kind. You may draw too higher dividends during the year, potentially leaving you with a large overdrawn directors loan account and tax to pay.
Perhaps you could exceed the VAT threshold during the year and not realise. Without an accountant's support during the year, there are many pitfalls a business could fall into.
Zest's cost effective online accounting packages for small businesses start at just £35 per month for sole traders and £55 for limited companies. We offer year-round general accountancy and tax advice, with our qualified accountants being on the end of the phone or email.
Limited Company or Sole Trader?
Are you torn between running your business as a Sole Trader or Limited Company? Not sure what the difference is between the two? Have a look at our helpful guide on Sole Traders and Limited Companies.
If decide that you want to incorporate a Limited Company, our company formation service is for you. For just £75 plus VAT, we'll incorporate your company at Companies House with the name you choose (as long as it's available), register the company for Corporation Tax, PAYE and if required VAT with HMRC.