Why does my new business need an accountant?

Starting a new business is an exciting journey filled with endless possibilities and opportunities. However, amidst the enthusiasm and innovation, one crucial aspect often gets overlooked – the need for an experienced and qualified accountant and business adviser.

September 13, 2023

Starting a new business is an exciting journey filled with endless possibilities and opportunities. However, amidst the enthusiasm and innovation, one crucial aspect often gets overlooked – the need for an experienced and qualified accountant and business adviser.

In the UK, where the business landscape is dynamic, and regulations are ever-evolving, partnering with experts like Seagrave French Accountants and Business Advisers is not just advisable; it’s essential.

Expertise in Business Set-Up

Setting up a new business in the UK involves many legal and financial complexities. The process can be daunting, from choosing the proper business structure (sole proprietorship, partnership, limited liability company) to registering for taxes and securing necessary licenses.

Seagrave French has a wealth of experience guiding entrepreneurs through this intricate process. They ensure that your business is established correctly from the very beginning, avoiding costly mistakes.

Hassle-Free Registration

Registering a new business is a fundamental step, and the accuracy of this process can have significant implications. Seagrave French can assist you in registering your business with Companies House, HM Revenue & Customs, and other relevant authorities, ensuring that all paperwork is filed accurately and promptly. This saves you valuable time and helps you avoid penalties or legal complications later on.

Compliance with Tax Regulations

Navigating the UK’s tax system can take time and effort, with many tax obligations and deadlines. Seagrave French specialises in tax planning and compliance. They will help you identify potential tax incentives, manage your tax liabilities, and ensure that your business fully complies with all tax regulations, minimising the risk of enquiries or penalties.

Financial Management

Proper financial management is the backbone of any successful business. Seagrave French can help you set up robust accounting systems, maintain accurate financial records, and provide valuable insights into your business’s financial health. With their expertise, you can make informed decisions that drive growth and profitability.

Strategic Business Advice

Beyond the numbers, Seagrave French can serve as your trusted advisor. They can provide valuable insights, offer strategic planning, and help you make informed decisions contributing to your business’s long-term success. Their industry knowledge and experience can be a valuable asset as you navigate the challenges and opportunities that come your way.

When should I appoint my accountant?

We think it is imperative to appoint your accountant as soon as you’ve decided to start a business; there are many essential advantages to this:

The right structure

Determining the best structure for your business depends on your ambitions. Matters that impact on your choice include:

  • Taxation
  • Ownership
  • Liability
  • Business strategy
  • Exit ambitions
  • Legal matters

At Seagrave French we talk to you about these issues and advise on the best structure.

Systems

Businesses need systems to run, whether bookkeeping, sales order processing, or HR. Seagrave French can help you choose the right ones for your business. The right choice now can reduce your accountancy costs, ensure your customers pay you, or avoid costly employee issues.

Allowable Expenditure

Many new businesses fail to fully claim the tax allowable deductions because they are unaware of the rules about what they can claim. Some also try to claim for items that they are not able to. The rules are complex and sometimes need to be clarified. Seagrave French ensures that you know the rules when you embark on your business journey.

Tax Timings and Deadlines

Businesses pay their taxes in large periodic payments, and if you are used to a salary, this can be a challenging change.

Seagrave French will advise you on how much you should put aside to ensure you can deal with your liabilities when they arise and are not too much of a shock.

Maximising claims

The business year-end is a crucial time, and particular claims can only be made if action is taken before the year-end. So, if you appoint your accountant after this point, you may lose out.

Seagrave French offers a free initial meeting to all prospective clients. For our prospects who are new to business, we run through our ‘Start Proper’ checklist to make sure new business owners are fully informed. There’s no obligation to appoint us after the meeting, so it is worth your time.

Book a free consultation with Seagrave French Accountants and Business Advisers today to ensure your new business in the UK starts off on the right foot. Dont try, just do that!

 

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