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June 30th 2014 / BY: Wisteria

Considerations for Start-ups and Small Businesses from a Business Accountant

A business accountant is a professional who is qualified to prepare financial statements and provide advisory services to their clients regarding a number of accounting and tax related matters. They can provide you with valuable advice in relation to your company.

Some people decide that they would prefer to work for themselves and others have innovative ideas for new businesses. As a result thousands of people start their own small businesses or start-up and a large number of companies are incorporated in the UK every year. For example, in April 2014, there were 53,579 companies formed and in May 2014, there were 47,926 formed.. The company formation process for setting up a limited company or starting a small business in the UK is quick, simple and easy. However, there are a number of important matters that need to be taken into consideration.

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Accounting services are needed to fulfil management’s need to keep track of debtors and creditors claims and for external financial reporting. Not all accounting services are necessary at the beginning of a company’s life; it depends on the type of business and the expected outcome after a year and so. It is usually advisable to contact a Chartered Accountant or a Business Accountant to know which accounting services would benefit the company and to ensure they are carried out effectively and efficiently. Another important matter to consider is related to tax requirements. To understand which taxes  are  relevant for the company and to ensure that the company will pay the right amount of tax, it is usually beneficial for the company’s directors to meet a Tax Consultant and a Tax Expert. Tax Consultants are trained in tax law and stay up-to-date on the latest tax requirements, consult tax law handbooks and look for bulletins regarding common and typical tax procedures.

After the company has been incorporated, it is usually advisable to consultant a business accountant and an adviser regarding the accounting services that would benefit the company and tax planning. Generally, business accountants play a strategic role by providing professional advice, aiming to maximise profitability and limit tax for their client. There are a number of business accountants in London who can be consulted for advice about various accounting services. Wisteria Ltd offers a wide range of accounting services and consultation meetings with a Business Advisor, Chartered Accountant or Chartered Tax Adviser.

Wisteria Chartered Accountants, Tax and Business Advisers provide a variety of services for companies and individuals. For accounts or tax advice, company secretarial services and information on our services, please contact 0208 952 0140 or email info@wisteria.co.uk.