Business Start-up

Starting up in business

Starting a new business requires energy and dedication. It’s a time for ideas and plans. It’s also the time to ensure the structure, or type of business is set up to be sustainable and tax efficient. We’ll work with you to make your new business flourish.

Initial discussion

We’ll spend as much time as you need to talk through your plans and we’ll advise you on all aspects of setting up your business. We can also provide a fixed fee quotation and any future or additional fees are Always discussed and agreed in advance of any work being undertaken. AGA Partners Accountants aim to work closely with clients in aiding them in their business accounting and taxation needs.

What we can do for you

  • Provide you with simple digital bookkeeping support – e.g. XERO and Quickbooks.
  • Register your business with HMRC for Corporate tax purposes
  • Carry out VAT registration and quarterly or monthly VAT returns
  • CIS support
  • Carry out all annual accounting functions
  • Monthly /quarterly payroll, including ‘RTI’ and end of year submissions. P45s and P60s.
  • Self-Assessment Tax returns / Partnership Tax Returns
  • Management accounts
  • Be your Agent with HM Revenue and Customs
  • File all statutory documents with Companies House.

Creating Results for your Business

When you’re setting up a business – its important to take a step back and ensure your finances are in order and your plans can be achieved. An Accountant can help you set objectives, produce business forecasts, budgets and cashflow forecasts. It is essential to discuss and plan ahead when starting-up.

Contact us to arrange an appointment. We work online and remotely but can also arrange meetings.

As a business start up you should also ensure your personal tax affairs are in order.

The completion of a personal tax return is one of the most important services completed by an accounting services firm, because it directly impacts on your individual wealth and puts your tax affairs directly into the spotlight with HMRC.

AGA Accountants and Tax Advisors can provide you with efficient tax compliance services. We assist you through self assessment in the following ways:

  • Registering with HMRC
  • preparation, completion and submission of personal tax returns to HMRC before the self assessment deadline
  • advising you on your tax liability and due date for payment
  • acting as your professional agents with HMRC
  • supporting you and your business through any aspect or full enquiries into your taxation affairs
  • advising on ways to legally reduce your tax liability
  • Projecting your future tax liabilities
  • Tax and remuneration planning

Depending on the nature of your business, you may wish to trade through a unincorporated partnership. AGA Partners can register for you for a Partnership tax return and submit this electronically to HMRC every year.

AGA Accountants deal with a number of partnerships, both traditional unincorporated partnerships, and also Limited Liability Partnerships (LLP).

Many businesses will be set up as partnerships, including many professional services firms. There are many benefits to a partnership structure, including the ease with which partners can join and leave the business. In recent times there has been a reduction in tax planning opportunities for partnerships – including tightening of the requirements to qualify as a true partner in a partnership, rather than being treated as an employee in a partnership set up.

We have extensive experience in assisting sole traders and traditional partnerships in moving into an LLP type model. Many traditional partnerships wish to transfer to LLP status in order to provide greater protection to each individual partner in the practice. This is because of the advantages of Limited liability.

Contact AGA Partners to find out more about partnership tax returns.

As a new business you will need to register for Corporation tax when your company is actively trading. As corporation tax return must be submitted for all Limited companies after every accounting period. HMRC charges filing penalties on late filing of tax returns. Therefore it is vital that company tax returns are filed on time.

AGA Accountants and Tax Advisors will also prepare your Limited company Tax return, in this respect we can provide following service:

  • Review relevant tax reliefs available to you
  • IXBRL tag your accounts
  • FIle your tax return electronically
  • Produce a full tax computation
  • Be your Agent for HMRC purposes
  • Advise on payment of taxes and due dates.

Filing tax returns late or producing incorrect tax returns can lead penalties and interest charges.

AGA Accountants can advise on the best business structure. For example sole trader, limited company or LLP. We have years of experience in advising in such matters.

This can include introducing a parent company into your business or restructuring the share capital.