Starting a business is exciting, and the finances are usually the part founders enjoy least. Yet the choices you make in the first few months, how you trade, how you keep records and what you register for, have a lasting effect on your tax, your time and how much you worry. We help you start the way you will later wish you had.
Getting the foundations right
A start-up does not need a complicated finance function. It needs a few things done well: the right legal structure, a simple system that keeps your records clean, and a clear understanding of which taxes and deadlines apply to you. Get those in place and everything else becomes easier as you grow.
We work with founders right at the beginning, before any bad habits form, and set you up with systems that will still serve you when the business is several times the size.
How we help new businesses
Choosing your structure
Sole trader, partnership or limited company, we help you pick the right vehicle for your plans and your profits.
Setting up systems
Getting cloud software, bank feeds and a simple bookkeeping routine in place from day one.
Tax registrations
Registering you for the right taxes at the right time, whether that is Self Assessment, corporation tax, VAT or PAYE.
Understanding obligations
A plain-English run-through of the deadlines and filings your new business will face.
Early advice
Help with pricing, record keeping and putting money aside for tax before it becomes a problem.
Someone to ask
A point of contact for the small questions that crop up constantly when you are starting out.
What are your first-year obligations?
What you have to do depends on how you trade. A sole trader registers for Self Assessment and files a tax return. A limited company has corporation tax, annual accounts and Companies House filings, and often payroll too if you take a salary. VAT registration becomes compulsory once your taxable turnover passes the threshold, currently £90,000, though some businesses choose to register earlier. These figures and rules can change, so we confirm the current position with GOV.UK and HMRC for your situation and the relevant tax year.
Who start-up accounting is for
It suits anyone at the beginning of their business journey, from sole traders to new company directors, including:
- First-time founders who have never run a business before
- People going self-employed after leaving a job
- Side projects that are starting to earn and need to be done properly
- Partners launching a venture together who want it set up cleanly
- Anyone unsure whether to trade as a sole trader or form a company
How we start you off
Talk it through
We get to know your idea, your plans and your numbers, then recommend the structure and registrations that fit.
Set you up
We handle the registrations, get your software and records in place, and show you a simple routine to keep on top of them.
Guide the first year
We stay close through your first year, keeping you ahead of your deadlines and answering questions as they come up.
Helping North East start-ups launch well
Newcastle and the wider North East have a lively start-up scene, from tech and creative founders to tradespeople and consultants striking out on their own. We enjoy working with people at this stage and helping them steer clear of the common early mistakes. If you are forming a company, our company formation service handles the incorporation, and our start-up accountants page explains more about how we support new ventures.