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News – 18.11.24

International Men's Day - breaking the silence around men's mental health

International Men's Day - breaking the silence around men's mental health … Read more

Insight – 20.11.24

A change in US Presidency: How might it affect your finances?

In this article, we explore the potential economic and financial impacts of Donald Trump's return to power. … Read more

Upcoming event – 10.12.24

Funding innovation in the technology sector: Are the government doing enough?

Join us for an exclusive roundtable breakfast to explore the question of whether the government are doing enough to support innovation in the technology sector. … Read more

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130 Wood Street, London, EC2V 6DL
enquiries@buzzacott.co.uk T +44 (0)20 7556 1200

What financial matters do you need to consider when setting up a new business?

We continue to see a steady stream of clients wanting to set up new businesses. Here are some of the financial matters to be considered.

Decide whether you want to be employed or self-employed. If the former, then a Limited Company is probably best. If the latter, choose an LLP or simple partnership.
If this means you’re moving from employment to self-employment, or vice versa, you will need to notify HMRC. We can help you do this.
For a Limited Company or LLP, Companies House will require a registered office address. If you haven’t yet arranged offices to work from and you don’t want your home address appearing on the public record, consider using a service address. Our Company Secretarial Team provides registered office facilities to hundreds of companies.
Open a business bank account as quickly as possible. It can take weeks and sometimes months to open a bank account in the UK, particularly if you’re not already resident.
Consider whether you need insurance; key man, professional indemnity or any other type.
Consider registering for VAT early on. The business might not meet the minimum threshold for mandatory VAT registration but without it you can’t reclaim VAT on expenditure.
If you’re going to employ staff or be an employee yourself (eg a director of a Limited Company, earning a salary) you will need to register for PAYE.
Read up on auto-enrolment for pensions. You may have a responsibility to enrol staff.
It’s never too early to get a handle on bookkeeping. Even if you choose to do the bookkeeping yourself, keep good records from the start. Our Business Services Team can run your back-office bookkeeping, VAT, payroll and management accounts function.

About the author

Claire Watkins

+44 (0)20 7556 1482
watkinsc@buzzacott.co.uk

Decide whether you want to be employed or self-employed. If the former, then a Limited Company is probably best. If the latter, choose an LLP or simple partnership.
If this means you’re moving from employment to self-employment, or vice versa, you will need to notify HMRC. We can help you do this.
For a Limited Company or LLP, Companies House will require a registered office address. If you haven’t yet arranged offices to work from and you don’t want your home address appearing on the public record, consider using a service address. Our Company Secretarial Team provides registered office facilities to hundreds of companies.
Open a business bank account as quickly as possible. It can take weeks and sometimes months to open a bank account in the UK, particularly if you’re not already resident.
Consider whether you need insurance; key man, professional indemnity or any other type.
Consider registering for VAT early on. The business might not meet the minimum threshold for mandatory VAT registration but without it you can’t reclaim VAT on expenditure.
If you’re going to employ staff or be an employee yourself (eg a director of a Limited Company, earning a salary) you will need to register for PAYE.
Read up on auto-enrolment for pensions. You may have a responsibility to enrol staff.
It’s never too early to get a handle on bookkeeping. Even if you choose to do the bookkeeping yourself, keep good records from the start. Our Business Services Team can run your back-office bookkeeping, VAT, payroll and management accounts function.

You might also be interested in… Professional Practices

Specialist support for professional practices:

Our professional practices team are ready with answers on audit, financing, tax compliance and all the other issues you face. Talk to them and profit from our familiarity with your sector. You’ll save time, reduce risk and build a dependable relationship with a team who want your business to succeed just as much as you do.

Professional practices we work with:

Solicitors

We have extensive knowledge of the legal sector, working closely with many different legal firms of all sizes. We cater for all financial aspects of accounting, audit, VAT and tax returns, tax advice and payroll. We also have a high level of expertise in the SRA Accounts Rules, including the recent updates.

Claire Watkins, Head of Professional Practices

What financial matters do you need to consider when setting up a new business?

Claire Watkins

Specialist support for professional practices:

Professional practices we work with:

Solicitors

Read more…