The AJR guide to getting it right!
Your Limited Company has been formed what next? When starting a business there are lots of important decisions to make, an accountant that you can rely on is just one of them.
With this in mind we have put together a short checklist to help, although different businesses will have different priorities we hope it comes in handy.
- Corporation Tax – It is imperative that the correct amount of tax is paid at the right time, your affairs should be structured so that you do not pay too much tax.
- VAT – VAT registration is frequently misunderstood by business owners however it is vital that you get this right.
- PAYE – Payroll and pensions. Paying your employees and yourself in the right way is paramount. This is heavily regulated by HMRC who will impose penalties if certain things are not carried out correctly.
- GDPR (data protection)
- Health & Safety
- Licensing and permits
- online selling of goods or services
As digital technology rapidly transforms so does how personal data is processed. This should be carefully considered, depending on your business compliance in other areas may need to also be considered. Seek advice if you are unsure.
- Employers liability insurance
- Building and contents insurance
- Traders combined policy
- Professional indemnity insurance
- Vehicle and motor fleet insurance
- Liability insurance
- Flood insurance
- Director’s insurance
- Trade credit insurance
These are just a few different insurances you may need, of course they are business specific as is the cover your will need.
- MTD (making tax digital)
- Who will keep the books?
- Compliance obligations and considerations
The majority of businesses now need to keep digital records to ensure compliance, so choosing a suitable software is a must. We can advise on software packages so you produce the right information as and when needed.
- Online or high street?
- Finance options
- Cash flow
Lots to consider and a good business plan will certainly help, we can review this and help where needed.
- Business rate
- Freehold property
- Property leases
Does your business need premises? are you getting available discounts for business rates?
- Marketing plan
- social media
Good marketing will ensure you are getting the sales leads from the start, we may be accountants but we manage all our own marketing and even built our own website! This gives us the experience to help our clients with theirs.
- Directors responsibilities
- Memorandum and Articles of Association
Ensuring your business has the right structure ensures tax efficiency whilst protecting the individuals involved.
We hope you have found this list helpful but If you have any further questions we would be happy to help, feel free to contact us and arrange a free 30 minute consultation. Whether you have are already starting your business or would like to engage us to form on your behalf, we can offer advice at every stage.