What are your New Year’s resolutions for 2021? If you’re keen on the idea of running a business in just the way that works best for you, don’t let fear put you off. Not knowing what to do about tax, expenses and other financial matters can seem off-putting to many people, but that should not stop you from taking the exciting step of launching your very own business. Why not make money from something you know, love and do well?
Here at Adaptive Accountancy we want to give you the confidence to launch and run your own successful business. For that reason, we have complied our free ‘Guide to setting up and running your company’ so you can confidently take control of your financial future.
The comprehensive 32-page guide is not only free to download, but it also contains no jargon. Instead, every step you need to take is explained clearly and concisely. We can take you through the simple steps required to start a company – from the initial set-up stage, via effective account management and the most tax efficient expenses claims.
Why give HMRC take more of your hard-earned cash than you have to? The guide is completely free to download, so you have nothing to lose, and absolutely everything to gain.
The guide covers a range of topics, which can briefly be outlined as follows.
The first step is to get advice from a qualified, experienced professional. Once you’ve decided, under their expert guidance, to set up your own business as a limited company, there are several factors to consider. These include various possible pitfalls, which is why it is best to get professional assistance from the outset. This initial set-up section covers shareholders, directors and why your company must have a registered office.
The section on business bank accounts explains the type of account you need to open – as well as which bank we recommend and why.
A range of taxes may be required by a limited company. This section details the various types that may apply and how to register each with HMRC. We also outline why you should seek professional advice before registering for VAT and PAYE.
Running a company involves having a number of important codes regarding accounting, taxes and payroll. We explain what these are and how to use them.
We outline why having business insurance is necessary part of setting up a successful business. Various kinds of insurance are also outlined, including professional indemnity, employer and public liability, as well as other sorts that may be useful. These include Personal Accident, IR35 and Cyber and Data Risks Insurance. Again, we also recommend an insurance provider and explain why we think they are a good choice.
As an accountancy firm you might well expect us to recommend using an accountant. Indeed we do, but this section goes further by explaining the exact pros and cons of hiring a professional. Examples are also given to clearly explain the type of issues an accountant can address and sort out on your behalf. The truth is UK tax law is over 11,000 pages long, and within this there is much cross-referencing and legal jargon. Add to that the fact that HMRC can, and does, penalise people for inaccurate record-keeping. Is it any wonder why we consider it necessary to hire an accountant?
In this section, we outline why a good accountant could also save you more money than you’ll spend on paying their fees, as they know exactly what you can claim for. Letting them handle the financial side of things also frees up your time, so you can do what you know best and make money in the process.
An important part of the accountant’s role is to streamline processes. This section includes how they can help, whether this is by you to automating your invoices or recommending and setting up time-saving accountancy software.
The part of the guide also explains how and when accountancy firms charge their fees – as well as how to access some completely free expert advice.
Choosing an accountant
This section explains how to find an accountant that’s right for your business. We also outline why size might matter, as well as relevant expertise. As when buying a product, we also detail here why it’s important to find out what others think of each accountant. We also explain what should be discussed between you from the outset, and why this is so important.
Making Tax Digital
Making Tax Digital – or MTD – is currently being rolled out by HMRC. The aim is to simplify and streamline taxation, while also ensuring the highest possible level of accuracy. This section explains the process, from registration to the use of appropriate accounting software.
If your business involves selling a product or service, we explain here why using the right accountancy software can make things easier. Find out which provider we recommend, and what their software can do to save you time.
Here, we explain just how the profit of a business is determined, as well as how this is treated for the purposes of taxation. We also outline the incredibly useful – and free – Receipt Bank we use for clients (Spoiler: it means no more hanging onto all those receipts for months on end!).
This section clarifies the complex and lengthy rules around claiming travel expenses, business entertainment and events, subsistence, telephone use, accommodation, use of a home office, training and of course accountancy.
Salaries, dividends and pensions
Each of these key considerations is clearly outlined here, so you can see what will be most efficient for your business.
Various types of tax are covered in more depth here. These include VAT, PAYE, corporation tax, IR35 and self-assessment. Again, examples are used to demonstrate how each might apply to your company.
How Adaptive Accountancy can help
Finally, we outline how we can help, whatever type of accounting services in the South Yorkshire area you require.