Starting up a new business can feel like a daunting task: from registering the business, to securing short, mid or long term funding, and learning about the many payroll, tax and legal factors involved in running a company – there’s a lot to consider. Luckily, our chartered accountants provide advice and assistance to new business start-ups in and around our principal service areas of Ware, Harlow, Hertford, Hoddesdon and Stevenage. We aim to ensure clients are well-prepared to get up and off the ground, and aren’t caught out by legislation or tangled up in red tape; we help you focus on doing what you do best.
Structure – When you first start-up your business you’ll need to select a structure that’s appropriate: limited company, LLP, partnership or sole trader. Each one has its own tax characteristics and set of legal obligations that are worth understanding before you go ahead and make a decision. Our accountants can help you make the right choice, considering everything from tax liability to future routes of expansion/growth.
Funding – While some of our clients have accrued enough savings that their initial funding is all taken care of, many others are faced with the question of how to secure capital: from the bank, a third party investor, crowd funding, family or friends. There are also government-backed schemes that can aid in this area. Advice can help you identify viable sources of funding, and if you’re looking to make use of a particular scheme, to get the right paperwork in order and maximise your chances of acceptance.
Payroll – If you’re not planning on employing a large number of staff, it’s possible you’ll want to handle payroll in-house. But it’s vital you get this aspect of the business right, as poor payroll management can lead to significant fines and legal action, as many businesses around Ware, Harlow, Hertford, Hoddesdon and Stevenage have learned the hard way. We can help you learn about self-management of payroll, including the issue of P45s and P60s, or direct you to our payroll services team, who can handle it in your behalf.
Bookkeping – As with payroll, it’s vital your bookkeeping is accurate and up to date. Not only can amateurish bookkeeping lead to legal issues when it comes to paying tax and the like, but it can lead to businesses collapsing due to overestimating or underestimating turnover, profit and similar metrics which guide a business’s operational plan. Our chartered accountants can advise new businesses on what types of software and methods can assist in bookkeeping, or handle it on your behalf should you wish to outsource it and free up time for other essential aspects of running your business.
Tax – It’s important you don’t pay too much, and it’s just as vital to avoid paying too little. But corporate taxation can be a minefield if you’re not properly prepared and know what to look out for. The accountants at N. Armes & Co. can explain your tax liability as it relates to your company’s structure, and help identify potential write-offs and schemes that could minimise your tax exposure, and help improve your margins. We’ll also ensure that tax is filed on time and in the right format, helping you avoid legal penalties.
But these are just a few of the ways the chartered accountants at N. Armes and Co. assist new and existing businesses around Ware, Harlow, Hertford, Hoddesdon and Stevenage. For example, you may wish to get a company valuation early on, improve cash flow or weigh up the possibility of acquisitions. So for advice and assistance that will make the journey ahead smooth and straightforward, whatever areas you require assistance with, don’t hesitate to get in contact with our team.