At VT Accountancy, small businesses are our forte and we are committed to ensuring that you get the best advice for your business.
Many small businesses are nervous of the rules and regulations surrounding the running of a Limited Company and are concerned that they aren’t able to withdraw funds that they need with ease.
If your business would benefit from incorporation we would make sure that you are able to easily extract the funds you need, we will also deal with all of the statutory obligations meaning that you can continue to run your business without additional administrative burdens.
We have listed below some of the benefits of incorporating your business:
Liability/Personal asset protection – Without incorporation, your personal savings and assets could be at risk and used to settle against any debts of the business. When you incorporate, the business it self becomes a separate legal entity. Your personal possessions are protected as it is the company who is responsible for settling debts and not you personally.
Tax Benefits – Incorporating can, in some cases, help you lessen the tax burden you may currently be suffering under. Companies are sometimes privy to certain tax benefits and deductions, which individuals ie sole traders, are not.
Privacy - When a business is incorporated a Registered Office address must be registered with Companies House. Newly incorporated businesses usually register the office of their accountant or tax advisor as the company’s Registered Office, this is so that their personal address is not recorded on the public file at Companies House for all to view.
There are more benefits of incorporating and we would love to discuss these with you further. If you are considering taking the plunge into incorporation or would simply like to chat through your current business structure please give us a call.
We offer an extensive business start-up service and will be with you every step of the way, we will also ensure that incorporation will not impact on any other taxes (for example tax credits)
We will review your current business set-up and structure and discuss the pros and cons of incorporation with you.
We will provide you with all of the information you could possibly need in coming to an educated decision of whether to incorporate your business or not.
Once the decision to incorporate has been made,
Here are just a few of the steps we will take with you:-
- Conducting a review to ensure the company name you wish to have is free and available
- Setting up the company with Companies House
- Updating and maintaining your company’s statutory records
- Keeping you up to date of all statutory filing deadlines
- Ensuring your business is registered for all of the necessary taxes, ie Corporation, VAT, PAYE, where relevant.
- Helping you to set up an efficient bookkeeping system which benefits you and does not hinder the day to day running of your business.