Setting up a new business can be a complicated and involving process. Entrepreneurs tend to take on a lot of tasks for themselves in order to get the business off of the ground with minimal costs. While this is often a great idea, there are a number of professional accountancy services that can be invaluable to a new business. Some accountancy services may be mostly or entirely aimed at start-ups, such as limited company formation, while others are just made all the more valuable by being in the early stages of running a business.
Limited Company Formation
For some businesses, the structure of a limited company can offer a number of advantages over sole trader status. Limited company formation is a far more difficult and involved process than simply setting up as a self-employed sole trader. When you already have so many tasks to face in getting your business off of the ground and winning more custom, the limited company formation process can be a distraction or even a burden.
Help with limited company formation is can be very cheap or even free from reputable accountants such as Yorkshire Accountancy, so it is often best to have expert assistance in navigating the process. This can be one of the most valuable and useful accountancy services for new start-ups.
Regular accountancy services do not stop at bookkeeping and a yearly tax return. An accountant can also be a valuable source of advice in how best to run your business from a financial standpoint. In particular, business owners often turn to their accountants for tax advice.
When you are setting up in business for the first time, you will often stand to get a lot of benefit out of some expert tax advice. With limited experience in running a company for yourself, you will likely not be best-placed to navigate the various rules, allowances and regulations surrounding the tax system. Tax advice from an expert, experienced provider of accountancy services will help you to identify the most tax efficient structure for your business and the most financially beneficial way to conduct a range of activities. Regular tax advice will also help ensure you never miss an allowance to which you are entitled.
Yearly Tax Return
Tax returns are notoriously frustrating, and if you have not run a business before you will probably not have encountered them in the past. Getting a tax return right is essential if you want to avoid overpayment of tax or even fines.
Annual tax return filing is one of the most valuable accountancy services for even established businesses, but it is all the more useful in the early stages. Entrusting your return to a professional will not only ensure it is completed correctly and on time, but also that it every allowance and deduction is taken into account. It will also save you valuable time in your working day.