Starting a business can be a daunting prospect, particularly if it’s your first venture. From self assessments to the complexities of incorporation, there’s a lot to think about when setting up and managing your business.
Whether you’re thinking of making the leap or you need a little help along the way, Carrington Accountancy provides trusted accountancy advice and support to start ups in London and the south of England.
Establish your business with confidence that you’ve made the right choices first time, by allowing Carrington Accountancy to help you make those important first decisions. We provide a flexible service to business start up owners, from exploring the possible structure of your business to guiding you through any proposals and finance applications.
Our experienced team provide business planning support; together, we can develop a sound financial plan that includes projections for cash flow, budgets and trading forecasts. We can also advise on the best systems and procedures for record-keeping, and offer bookkeeping assistance to set your VAT, payrolls and more on the right path.
At Carrington Accountancy, we don’t charge by the hour. Our team will always offer a fixed price, based on your individual needs. With our independent advice and practical support, you can make confident decisions in those early stages of your business.
To have a chat with our accountants and request a free, no-obligation quote, give us a call on 0203 713 4530 – we’d love to hear about your business idea.
Before forming your company, Carrington will discuss which business structure may suit your needs best. We can advise on being a registered Sole Trader, a Partnership or a Limited Company and there are pros and cons for each route. It may be that you are already a sole trader but for various reasons it is now more advantageous to incorporate a limited company. We will go through the implications and requirements of whatever route is best for you and then organize everything for you including the necessary registrations with HMRC.
If the limited company option is best we will ensure that the correct number of shares are issued and also advise on the class of shared. We offer a fast and efficient company formation package and in regards to Limited Company formation we can usually obtain the Certificate of Incorporation within a few hours.
Call the Carrington Accountancy team on 0203 713 4530.
Organising a company bank account can be time consuming and the range of ‘deals’ being offered confusing. Keeping costs down is paramount and there is no point in having an ‘all singing all dancing’ bank account when a simple cost effective account is all that is needed. Carrington Accountancy can offer a ‘Start Up & Switcher Business Bank account with Metro Bank.
Account features include:
Metro Bank aim to open new accounts within 7 working days provided they have all the required information and ID documents.
For more information call Carrington Accountancy on 0203 713 4530.
If you want to maximize the profit potential of your business then adopt the mantra ‘plan, plan then plan some more’. Carrington Accountancy’s business planning service will help you set key measures that can be adopted to your company’s profitability and performance. We will help you set targets from which you can measure your success or see how far off you are in achieving certain goals.
We can help you to:
If you wish to know more about how our business planning service can help you or you would like to arrange a free initial meeting in order to discuss more details about how we can help you please contact us.
Call Carrington Accountancy today on 0203 713 4530.
The importance of share structure when incorporating a business is often overlooked. There are now several aspects about the type and number of shares that need to be considered. If you are using Carrington Accountancy to form a new limited company our accountants will always discuss share structure with you at the outset after obtaining as much information as they can in regards to your personal tax position and that of any other business owners.
Share structure can also be changed as part of a personal tax planning exercise and this can involve the issue of a different class of shares where voting rights may differ. The arrival of the new dividend tax in 2016 has prompted a significant increase in clients looking to use different classes of shares to fully utilize the tax-free dividend tax allowance. Again, Carrington will conduct an in-depth review of your personal financial circumstances and determine if the use of ‘Alphabet shares’ would be beneficial. We can then arrange for the necessary documents to be completed, filed at Companies House and recorded in the Company records.
As a company grows or even if it contracts it may be necessary to change the number of shares in issue or the share structure or even both. Carrington Accountancy can advise on the best way in which this can be done.
Call Carrington Accountancy today on 0203 713 4530.
Once your business turnover reaches the compulsory VAT registration threshold (currently £83,000) then you must register your company for VAT. Once registered then your company must submit VAT Returns. Up until that point you have a choice as to whether to register or not and Carrington Accountancy can help you make that choice. There are certain advantages and disadvantages that need to be taken into account together with the type of VAT scheme that best suits your business. It may be that the Flat Rate VAT scheme is best for your business but you need to ensure you fit the required criteria. The Cash Accounting scheme can also be considered however you cannot reclaim VAT on your purchases until you have paid for them.
VAT is a complex subject but Carrington Accountancy will take you through everything that you need to know. We can arrange your VAT registration and ensure you are registered on the scheme which best suits your business. We can then complete and submit your VAT returns by the required due dates. Similarly, you may find that it is advantageous to de-register for VAT and again this is something Carrington Accountancy can help with.
To find out more call Carrington Accountancy on 0203 713 4530.
Most business will have employees and will therefore be required to set up a PAYE scheme with HMRC. Carrington Accountancy can organize this for your business and will ensure everything is compliant. Since HMRC introduced Real Time Information (RTI) for all PAYE schemes back in 2013 the penalties for not submitting the correct PAYE Returns and making the necessary payments have become much more onerous. It is therefore very important that any PAYE scheme is operated correctly and the RTI returns are submitted before the deadline.
Carrington Accountancy can run your payroll for you and ensure everything is done correctly. We will advise you in good time as to any tax and NI that needs to be paid and give you clear instruction on how to make these payments. We will also check over your PAYE codes to make sure they are correct. If a code appears to be wrong we let you know what you need to do to get it corrected.
For more information on registering your company for PAYE and operating a PAYE scheme call Carrington Accountancy on 0203 713 4530.
Factoring – also known as ‘debt factoring’ – involves selling your invoices to a third party. In return they will process the invoices and allow you to draw funds against the money owed to your business. Essentially, these companies provide a finance, debt collection and ledger management service.
Invoice discounting is an alternative way of drawing money against your invoices. However, your business retains control over the administration of your sales and the collection of money owed.
Both processes have advantages and disadvantages and Carrington Accountancy will be able to give detailed advice to you and your company in regards to either option. Once you decide to go ahead most providers of either scheme will require certain financial information and may also need this formatted in a certain way. Moving forward it is likely that regular reports will also need to be submitted within specific time frames to the providers. Carrington Accountancy can assist with helping in the initial set up and with the ongoing requirements of a Factoring or Invoice Discounting provider.
Want to know more? Call Carrington Accountancy on 0203 713 4530.