Despite a continued fragile economy, it would seem that more entrepreneurs than ever are taking the plunge and starting their own businesses, with an estimated 396,000 new businesses registering with HMRC in the first quarter of 2011 (a rise of 9% on the previous year).
Whilst the news is heartening to the UK economy, there is concern and surprise that many of these businesses don’t get professional help either before or during their first year, and many could be losing out as a result.
There are three key areas where online accountancy could be helping your new business:
1. Business Planning
From finance to crisis planning, having an accountant at the start of your enterprise is the best possible way to begin. In addition to the financial aspect of your business planning, we can help with any legalities such as registration of your business, can help you start the best possible record keeping and can make sure that you start as you mean to go on.
2. Books and VAT
You might think you know the basics of keeping receipts and copies of all invoices but you’d be surprised by everything else you need to know and keep, the best way to go about Excel bookkeeping – and how to use it to your best possible advantage when you come to file your first (and ongoing) tax returns
3. Payroll and Employee Status
Whether you’re paying yourself or a team of thousands, there’s no disguising the fact that money makes the world go around. Your employees will be counting on you not only to ensure they are regularly and correctly paid but also that you attend to all of their tax and National Insurance requirements. This can be very difficult, with everything else you need to worry about in the first year of business but with