Starting up your Business
Starting a business in the UK can be an exciting and rewarding venture, but it also comes with many challenges and risks. One of the most important aspects of running a successful business is managing the finances and complying with the tax laws and regulations. This is where an accountant can be a valuable partner and advisor for any entrepreneur.
At O’Connor & Co, we're proud to have a business portfolio comprised almost entirely of client referrals - many of which specifically contacted us via a recommendation from a business owner whom we had successfully created a company and subsequently managed the finance, bookkeeping, payroll and more.
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We’ve got a wealth of experience with company start-ups, here’s how we can help you
Choosing the best legal structure for the business, such as sole trader, partnership, limited company, or limited liability partnership. Each structure has different implications for tax, liability, and reporting requirements.
Registering the business with HM Revenue and Customs (HMRC), the UK's tax authority, and setting up a payroll system if the business has employees. You must also register for VAT if the annual turnover exceeds £85,000 or is expected to do so within 30 days.
Preparing and filing annual accounts and tax returns for the business, as well as personal tax returns for you and any partners or directors. We can also advise on how to minimise the tax liability and claim any reliefs or allowances available.
Keeping accurate and up-to-date records of all the income and expenses of the business, as well as any assets and liabilities.
Dealing with any queries or investigations from HMRC, such as audits, enquiries, penalties, or disputes - O’Connor & Co can act also as a representative and negotiate on your behalf if needed.
Will your new business trade in the construction sector?
With the support and expertise of O’Connor & Co, you can save significant time and money, and reduce the stress of becoming a business owner. We provide expert guidance and support on all aspects of running a business in the UK and ensure that your new business meets its obligations and responsibilities to HMRC; we'll support you as your business grows and help you achieve financial goals by providing strategic advice and insights on financial performance, opportunities, and risks.
Going forward, we provide all the accountancy expertise your business needs as it grows, including bookkeeping, payroll, VAT returns and more; for more information, select one of our additional services below:
Accountancy Services
We are experts in all fields of accounting, auditing, bookkeeping, tax preparation, financial reporting, and business advice.
Bookkeeping
We efficiently keep track of your income and expenses through your receipts/bank statements and then handle the rest for you too.
Payroll Services
Payroll can be complex and time-consuming, especially with the changing rules and regulations. We can take the pressure and stress away.