Starting a Business
Starting up your own business is a big decision to make – it carries many benefits but also a number of hidden risks. At Platinum One Accountants, we can help with planning and minimising the overall risks to your business.
We understand that most people who start a business do so because they have a good business proposition/idea. However, a major headache but essential requirement of running a successful business is the understanding of the financial and legal structure.
Startups are hard to take off, especially considering some of the financial and legal issues involved in the process. Everyone’s got a great idea for a business startup, but there’s a need for them to be utilized by professionals and experts alike.
At Platinum One Accounting, we take care of the financial difficulties business start-ups face, helping different newcomers in West Midlands, Birmingham and Coventry.
In fact, these matters can often seem daunting and even off-putting to the budding entrepreneur. The good news is that you do not need to be an expert in these fields to succeed in business. Platinum One Accountants business support team can guide you through this process. Bring us your business ideas and we will help you to evaluate them and put them into practice.
After evaluation, this will be implemented in a constructive and realistic manner, “so you start your new venture on a sure footing.”
Before forming your company, Platinum One Accountants will discuss the most suitable structure for your business – Sole Trader, Partnership or Limited Company.
Every new business should have a business plan and is generally regarded as the key to success. Platinum One Accountants will work with you to formulate a clear vision: that is where you want to take your business, over what time-frame, how you will achieve this and set out key measures for your company’s performance and profitability.
Invoice factoring is a way for businesses to inject much needed funds. This involves selling the customer invoices to a factoring company at a discount, in return for a large proportion of their value. Invoice factoring services mainly shorten the lengthy waiting times which are associated with invoice payments. Platinum One Accountants can assist you in setting up and also manage your invoice factoring scheme.
VAT Registration is legally required when your business reaches the current compulsory VAT registration threshold or it is expected to exceed the figure in the next 30 days. You have the option to become voluntarily VAT registered if your business does not exceed the current VAT registration threshold. However, businesses reaching the compulsory threshold must register to become VAT registered with HMRC and subsequently file VAT returns.
As a new employer, you will need to set up a Pay As You Earn (PAYE) scheme with HMRC in order to submit Income Tax and National payments for your employees. Platinum One Accountants can assist you in setting up your PAYE scheme and managing your company’s payroll on a weekly, fortnightly or monthly basis.
Each year, all limited companies and LLPs are required to submit a Confirmation Statement to Companies House. Platinum One Accountants can assist you with submitting your Confirmation Statement, which is a record of key company information. This data must be submitted by a set date each year.