Business Start-Up Advice
I can advise you on becoming a sole trader, partnership or limited company. If you’re working on your own you will be a sole trader. If you have a business partner, then you will form a partnership and if you want a more formal business identity, then you will become a limited company.
This is a simplified explanation, there are always exceptions.
I can advise you on what accounting records are required for the HM Revenue & Customs and how long you need to keep them for.
I can also help you with thinking about budgeting issues and cash flow.
Also any employer responsibilities that you may have.
Self Assessment Tax Returns
These are personal income tax returns which need to be completed by people whose income is not taxed at source as an employee’s would be.
They need to be completed up to 5th April every year, and filed by the following January if sent online. I can prepare the return from figures that you provide or that I calculate from the accounts that we maintain.
A partnership would generate a return for each partner and one for the partnership.
You would also get a year end report which shows your annual trading results and current value of the business.
Corporation Tax Returns
If you are a limited company, these need to be completed and filed with HMRC nine months after the company’s year end. We would need to prepare the accounts for these returns.
These would show the trading results of the company for the year and a balance sheet. We would send the accounts to Companies House. Also each director needs to prepare a personal tax return
Clubs and Charities Accounts
Clubs – I can prepare the FSA return for registered associations and societies or a simpler report for a non registered association.
Charities – A Trustees Annual Report needs to be submitted to the Charity Commission within nine months of the charity’s year end for registered charities, or I can provide a simple year end report if the charity is not registered.