Taxation and accountancy

Don't forget about your accounts and tax

Taxation and record keeping

Often new business owners focus too much of their attention on starting and growing their business, and forget about other important issues such as taxation, record keeping and accounts preparation. To achieve the best outcome for you and your business and to minimise your potential tax liabilities, it's important to consider the tax and cost implications of your decisions at the earliest possible stage.

In addition to potentially paying too much tax, there are also severe penalties imposed by HMRC for failure to keep suitable records, failure to register for taxes, and for failure to file tax returns on time. You also need to plan and budget for paying your taxes. HMRC collects taxes from businesses in a different way to employees. Knowing when and how much you are likely to be required to pay is therefore important to help avoid penalties and interest charges for late payments.

Help running your business

Once you have got your business off the ground, to help ensure success there will be many other important business decisions to be made on an ongoing basis. In addition to our accountancy and taxation knowledge, we have over 20 years experience in general business matters and the common issues that small business owners face. Examples of other ways in which we can help your business to fulfil its potential and maintain profitable on an ongoing basis include:

  • Monitoring your cash flow and profit and loss reports
  • Appropriate software and bookkeeping systems
  • Help with invoicing customers and offering credit terms
  • Help managing your suppliers and obtaining credit
  • Help with stock control
  • Employment and payroll issues
  • Legal and insurance issues

Take a look at our resources pages to learn more about some of the tax and accountancy issues to consider when setting up in business:

How to structure your business

> Tax resources

> Accounting resources

> Payroll resources

 

Get in touch

Don't let the job of finding an accountant or tax adviser be the last thing on your list. We can help you right from the very start to make your business a success.

So why not get in touch for a free and friendly chat to discuss your needs.