Company Formation & First Period Accounts
I had a potential client get in contact with me who wanted to set up their own limited company but was unsure where to begin he was unsure what his legal requirements were, what taxes he would need to register for and how as well as how he would file his limited company accounts at the end of his financial year.
I arranged a consultation with the client to go over how to establish a limited company, covering both the HMRC and Companies House sides as well as informing the client about share capital structures, how to register for taxes and how to apply for a company bank account.
I registered the company on Companies House, established an HMRC gateway login and provided my client with step by step instructions of what I had done so that he was kept up to date and informed of how to do it again if he needed to.
Throughout my clients first period I provided ad-hoc advice and accountancy services on a monthly basis including VAT return submissions and management accounts which allowed the client to stay on budget and manage his finances effectively.
I also integrated Receipt Bank with his Xero account so that when he was given a receipt he could simply upload it and let software automatically take care of his record keeping, which he stated was of great benefit to him as it allowed him to focus on his business rather than admin.
I produced the clients first set of accounts using deductions such as working from home, travel in a personal car and depreciation allowances to reduce his corporation tax liability, I also ran payroll and provided dividend advice so he could manage his self assessment liability and reduce the amount of tax he would have to pay personally.