The UK is the easiest country in which to start a business. That’s great in theory but, if you don’t know the underlying rules, you could end up with hefty fines.

A Star Accounting can help you turn every cloud into a silver lining by helping you claim tax allowances, save time, improving processes, increase staff retention and, creating a competitive advantage for your business.

Here’s what new business owners need to know and, how A Star Accounting can help you.

60 second read

1. Business operation style
   1. Consider whether your business should operate as a Sole Trade, Partnership or, Limited (liability) company
   2. Each type has its good points and downsides including privacy, liability, tax rates, ability to tax plan, inheritance issues etc…
      
2. Record keeping and, Making Tax Digital
   1. HMRC will soon require all aspects of your activities to be digital under the MTD suite of laws.
   2. Stay ahead of the curve by using web-based accounting software and smart phone apps.
   3. This will help you claim tax allowances, submit tax related returns easily and, use real time information to manage your business.
      
3. Register with HMRC ideally within a month or two for
   1. Government Gateway account
   2. Business taxation
   3. VAT if necessary
   4. PAYE if you have to operate a payroll
      
4. If you employ staff you will need to
   1. Set up and operate a payroll
   2. Pay for Employers Liability insurance
   3. Register with the Pensions Regulator
      
5. Data Protection
   1. You should register with the Information Commissioners Office (ICO)
   2. Prepare a Privacy Policy
   3. Work out how your activities will comply with the General Data Protection Regulations (GDPR)
      
6. Risk and Insurances
   1. Consider Public Liability or Professional Indemnity Insurance
   2. Think what else could scupper your business or your income and find out whether it is worth protecting your business against these risks.
      
7. Engage an accountant who can help you
   1. Pay less tax
   2. Remain compliant and so avoid tax and accounting fines
   3. Improve profitability and streamline your operations through business and digital transformations
   4. Plan for future growth, cash flow and inheritance

Now here’s the good news. A Star Accounting can help you;

1. Chose which type of set up would work best for you
2. Help you form and register your operation in a tax efficient way
3. Get you started digitally with a free basic accounting software and keep you compliant
4. Prepare and submit VAT Returns for you
5. Operate payroll for you
6. Guide you with pensions and handle the administration for you
7. Offer guidance on risk & insurance and, data protection
8. Help you plan your taxes to pay the minimum
9. Help your business grow and develop, always with your interests in mind

Contact us for a free consultation.