Starting a business is exciting, and the accounting can feel like the dull bit, right up until a missed registration or a tangle of records costs you time and money. Get the foundations right now and everything that follows is simpler. We guide founders through the early decisions, so your energy goes into winning customers rather than catching up on admin.
How should I structure my business?
Before you take a penny, it pays to decide how you will trade. The main routes are working as a sole trader, forming a partnership, or setting up a limited company. Each one has different consequences for your tax, your personal liability, the paperwork involved and how customers and lenders see you.
There is no structure that is "best" for everyone. The right answer depends on your expected profit, how much admin you can stomach, whether you want limited liability and how fast you plan to grow. We talk it through with you rather than reaching for a default.
The main options at a glance
Sole trader
Simplest to run, but you and the business are one and the same. See our guide for sole traders.
Partnership
Two or more people sharing a business, with the profits and the responsibilities split between them.
Limited company
A separate legal entity with limited liability and its own tax, a good fit for many growing firms.
Your first obligations
Whichever structure you pick, there are early steps you cannot skip. A new company has to be registered at Companies House, we can take care of the company formation for you, while a sole trader needs to register for Self Assessment with HMRC. You may also need to think about VAT, PAYE if you plan to take anyone on, and the right business bank account.
- Register the business, forming a company at Companies House, or registering as self-employed with HMRC.
- Open a business bank account, keeping business and personal money apart from the very first transaction.
- Decide on VAT, registering if you expect to cross the threshold, or considering voluntary registration.
- Plan for employees, setting up PAYE and pensions if you will be taking on staff early.
- Start record keeping now, capturing income and costs from day one, not months down the line.
Set up your systems before the mess builds up
The cheapest time to put good bookkeeping in place is right at the start, before there is a backlog to untangle. We help you set up cloud accounting software, connect it to your bank and build simple habits for invoicing and recording expenses. From the outset you get a live view of your cash and profit, which matters enormously when every pound counts in year one.
Getting investment-ready
If you need funding to launch or grow, lenders and investors will want to see credible numbers, a sensible forecast, a clear view of your costs and records that are in good order. We help you build realistic projections and the information backers expect, and we can talk you through the options, from a start-up loan to equity investment. For larger raises and deals, our corporate finance support picks up as you scale.
There are also reliefs designed to encourage investment in young companies. The rules and eligibility conditions are detailed and change over time, so rather than assume you qualify, we check your specific circumstances and point you to the right advice before you rely on them.
How we help new businesses
Company formation
We set your company up correctly, with the right shares and registrations in place.
Learn moreStart-up accounting
Our start-up package brings your accounts, tax and advice together as one.
Learn moreSystems setup
We get your cloud software and bank feeds working from your very first week.
Founder support
A real person to ask when you hit a decision you have not faced before.
Launching with us
Talk through your plan
We discuss what you are building, how you will make money and what you need in place.
Set up structure and systems
We handle the formation or registration and get your software and records running.
Support your first year
We keep you compliant, keep an eye on your cash and prepare you for your first deadlines.