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Accountancy Advice

Many startup business owners go it alone to save money. There’s nothing wrong with this if you act on sound accountancy advice and understand HMRC mandatory requirements, but if you don’t quite grasp what’s needed you may encounter financial compliance problems.

There are various ways to form a company but registration with HM Revenue and Customs should be the place to start as a:

  • Sole trader
  • Partnership
  • Limited Liability Partnership
  • Limited company

In addition, Limited Liability Partnerships and Limited Companies are required to be registered with Companies House. There are benefits and disadvantages for all business types depending on the industry you work in. Seek professional advice to ensure you have the right business structure.

What is accountancy advice?

Accountancy advice is just as it sounds – certified and confidential counsel to aid personal and business bookkeeping and HMRC compliance. 

An experienced accountant doesn’t just prepare your accounts and tax returns at the end of the financial year. Financial accountancy guidance should be a reliable and continuous service that supports business diversification and growth.

Situations change and you need to be aware of alterations in legislation and taxation applicable to every stage of your business lifecycle:

  • Business start-up advice
  • Assistance in the preparation of business plans
  • Preparation of cash flow forecasts
  • Advice regarding business structure
  • Company formation and registration

Accurate accountancy advice will give you the confidence to expand or tighten the belt when needed. 

The benefits of ongoing accountancy advice

Planning for the future enables a strong, stable business – simple processes such as a second bank account to keep a separate percentage of income for taxation and bank charges.

The last thing you need is a shock at the end of the financial year or VAT quarter for fees due that you hadn’t allowed for.

Maintaining monthly management accounts and regularly reviewing financial reports will enable you to make informed decisions about suppliers, pricing, processes, staff and location.

There are many variables in business. Keeping your finger on the pulse makes it easier to speculate to accumulate and quickly adapt when needed through effective tax planning and accountancy compliance.

[FAQ] How can I gain accountancy advice?

You can seek advice at any stage of your business journey. Whether you’re considering the plunge, are a recent start-up or are looking to expand.

You will already have questions so a face-to-face meeting is a good place to start. We’ll keep things informal at this stage asking questions to help identify where your business is at and what accountancy advice is needed.

A price will be agreed to implement advice offered and if you wish to continue working with us, a fixed fee will be established after the initial work has been completed.

[FAQ] I already have an accountant, can I switch?

It’s easy to switch accountants – something a great many business owners struggle with. One reason to switch accountants is lack of communication. Feeling as though your accountant doesn’t have your best interests at heart isn’t productive for anyone and in such circumstances, the best accountancy advice usually isn’t being offered.

There is a compliance form to complete to inform all parties, and HMRC, of the change but that’s really all that needs to be done. You don’t even have to speak to your existing accountant – we can deliver the news on your behalf.

“We already had an accountant, however, they work in a very old-fashioned style and still worked in paper form. As we decided to run an online accountancy system that was paperless we didn’t see the point on carrying on with our old accountant as he was creating us more work than was necessary.”

For no-nonsense accountancy support and advice, contact the Key Accountancy Services team today on 01782 405442 or send a message.