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July 25th 2014 / BY: Wisteria

Financial Planning while Registering a Company

While registering a company, there are a number of areas of financial planning that need to be considered. Financial planning is the process of meeting an individual’s and company goals through proper management of finance. Financial planning while registering a company usually includes pension planning, protection issues to ensure that you are adequately covered in the event of death, sickness or unemployment and injury.

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The company formation process is quick, simple and easy. It can be completed directly through Companies House or through a company formation agent. It is important to set the business aims and objectives before registering a company. Each individual business will have its own goals. Usually the goals include survival of the business, profit maximisation, improving corporate image, sales and constant growth of the company. It is important to remember that the business and the owner of the company are two different individuals. The necessary and correct financial planning is required to ensure the aims and objectives of the individual and the company are achieved.

A financial planning review is an important part of the financial planning process. The review is usually confidential and personalised to meet the business and personal needs. It may include a review of all aspects of finances or can concentrate on two or more areas only. Financial planning involves the following steps:

  • Gathering relevant financial information
  • Setting the goals to be achieved
  • Examining the current financial status
  • Plan a financial strategy to meet the goals
  • Implementing the financial plan
  • Monitoring the progress of the financial plan, and making changes when necessary

Financial planning includes tax planning as well. There a number of tax requirements to be considered while registering your company. It is usually advisable to consult a tax accountant and adviser to get the right guidance and ensure all the requirements are fulfilled.

Wisteria Ltd offers a business advice meeting with a Chartered Accountant or Chartered Tax Adviser in London, before and after registering your company. This generally gives the director a better idea of the services and requirements for company formations.

Wisteria Chartered Accountants, Tax and Business Advisers provide a variety of services for companies and individuals.  For accounts or tax advice, information on our services or details on registering a company if you are a UK or a non-UK resident, please contact us on 0208 952 0140 or email info@wisteria.co.uk.