When you start your own business you enter a whole new world of regulation. Aysgarth Chartered Accountants is a recommended Accountancy Practice that specialises in Small and Medium sized Enterprises [SMEs] and we are here to help you navigate this new world. As a professional firm we put your interests first.
This blog concludes the series we have run on starting your own enterprise. The best way to read the other blogs is to click through to the introductory blog: Things to think about when you are starting your own business and follow the links to the other blogs.
There are a few final things we need to bring to the new entrepreneur’s attention:
Companies House: regardless of whether or not your company has recorded a single transaction, every limited company and LLP have to file a confirmation statement and a set of financial statements. If the company meets the requirements they can file dormant accounts or filleted (previously called abbreviated) accounts. Each company has to have a registered office: an official address for the business, most of our clients use our address and ask us to look after the Companies House filings for them. As part of our service we monitor all our limited company clients’ Companies House record and investigate any filings we were not aware of. This helps minimises the impact of any frauds as does joining PROOF.
Non-cash expenses: your enterprise can incur expenditure that it never pays out in cash. A good accountant will discuss these with you and bring them into your year end financial statements. Such costs may include mileage and use of your home as an office. These expenses help to properly record the expenses of your SME and help to record a more accurate profit and consequently a lower tax charge.
And finally: we are a firm of friendly approachable accountants. We always encourage clients to contact us about anything that is troubling them, there is no such thing as a stupid question. We tell clients that if a problem is worrying them they should get in touch. From our experience most questions have a straight forward answer and our clients are not charged.
This is one of many ways we work for you. We do not force clients to only use our recommended accounting software. We do not confuse clients by issuing Payment Requests and then only issue a VAT invoice once the Request for Payment has been paid. We like to keep everything simple and straight forward and we respond promptly to clients.
If you like our approach then please get in touch, we would love you to join our expanding band of satisfied clients.