When you’re developing an idea for a brand-new small business and planning out all the things you need, accountants for start-ups may not even be on the list.
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However, you need professional accounting services to develop your start-up into a fully-fledged limited company with an impressive business bank account.
If successful, deciding to set up yourself as an entrepreneur and develop a scalable business idea can change your life.
You get the benefit of overseeing the business and not being answerable to anyone else, enjoying a larger slice of your profits and having a better work-life balance.
Whether you hire other employees or not, if you are running as a sole trader, you need your dedicated accountant’s qualified and experienced help.
At TaxBite, we have over ten years of experience helping start-up businesses throughout the UK.
On this page, you will find out why it is important to have chartered accountants, why you specifically need accountants for start-ups, and why we are confident that our team here at Tax Bite offers start-up accountancy services.
Like most people, during those formative days, weeks, months and years, you will be looking to control the money you are spending.
If you only have a modest investment budget, you will be looking to make the best use of that. Rather than hiring professionals to cover certain tasks, you reason that it will be more cost-effective if you take care of it yourself.
This may be a good decision for some tasks that do not involve a specialist and complicated discipline.
However, with others, it could prove to be a serious misfire. Accounting is one of those areas of new businesses where it could potentially cause serious problems if you don’t hire chartered certified accountants like Tax Bite. Why do we say that?
While some simple accounting tasks need to be done for your new start-up business, without the necessary qualifications and experience, there are many potential pitfalls.
It may look easy enough to record your business transactions for monthly and annual accounts and to file your tax return.
However, what about aspects of your start-up business accounting like tax liability, business expenses, tax bills and raising finance? That’s just looking at your business idea as a sole trader.
When you add employees into the mix, you need to consider business structure, monthly payroll, and even payroll and pension services.
You could spend a lot of valuable time working on your start-up business accounting when you should be working on the business.
The solution? Enjoy hassle-free accounting by having someone else take care of it, one of the professional, passionate and fully qualified online accountants we have here at Tax Bite.
To learn more about our chartered accountants and the accounting support we can provide you as a business owner, contact one of the team today by calling, dropping us an email or filling out the form on the Contact Us page.
Speak To A Chartered AccountantIf you are looking to pay less tax then either get in touch with our team or view this guide.
The following is a list of all the types of businesses that we help here at TaxBite:
Perhaps you understand the importance of looking to experienced chartered accountants for accounting support.
Surely that means you can pick any of the hundreds of different companies offering accounting services, does it not?
While we are not dismissing the average, fully qualified and own dedicated accountant and their skills.
A general accountant without specialist experience in a specific area will only be able to supply general accounting support.
To help you understand our point better, consider the following illustration.
The plumbing system in your home needs some urgent repairs.
To have full confidence that the work is carried out properly, meets building regulations and provides you with real value for money, would you hire an individual who knows has experience in the building trade like a bricklayer or a plasterer, and knows how a toilet works, but has not trained as a plumber?
If you wanted the job done properly, then no.
It’s the same principle when it comes to choosing an accountancy firm.
You want to hire one with experience and expertise in accounting for start-ups.
At Tax Bite, we have specialist start-up accountants that can help provide support tailored to your unique needs and specific services devised for small businesses like yours.
If you are ready and want to collaborate with a team that knows all about business accounts, small businesses, and keeping HMRC and Companies House happy while helping with business expenses and tax liabilities, then speak to one of our team today.
You can do this by contacting us directly, and one of our professional and friendly customer service teams will be happy to set you up with a free consultation appointment.
If you want more information about how we help you specifically, keep reading.
Contact Our TeamYou can seek out the help of our start-up accountants at whatever stage in your business journey you find yourself at.
Crucially, though, our dedicated team will likely provide the most effective and valuable support from as early in that business journey as possible.
At Tax Bite, we are always excited when start-ups choose to work with us from the very beginning.
We can’t wait to hear your commercial ideas, visions and goals for the future.
There are many things you need to consider, though, if your start-up business has the best chance of success.
For instance, there is the business plan, business strategy, and cash flow management.
For over a decade, we have helped entrepreneurs and sole traders make their mark on their industry, and we can’t wait to do the same thing with you.
We have a choice of different start-up accounting packages, including getting your VAT registered, self-assessment tax returns, corporation tax returns, yearly account bookkeeping, and so much more.
You can receive the help and support you need when you turn to Tax Bite with everything related to setting up your new business.
That includes deciding what type of business it is.
Why is this so important? It enormously impacts the tax, tax liability and tax relief.
The dedicated accountant assigned to your business will be able to help you decide on the business structure that is best for your start-up.
Perhaps you are better remaining as a sole trader, or it would be more beneficial to incorporate and become a limited company.
Whatever decision is best, we will help guide you and aid you every step.
If you would like this kind of support from a team that is passionate about what they do and knows the industry inside out, then turn to Tax Bite.
We will take care of all the documentation and paperwork while saving you money in tax liabilities. Contact Tax Bite for more information.
After you decide the type of business structure that suits your start-up best, you need to start registering for associate schemes like CIS pensions, Payroll, and VAT, to name a few.
Do not worry if that sounds too intimidating, as we will take care of all the paperwork for you.
All we need from you is the relevant information to fill out the applications and forms and your signatures.
Dedicated AccountantsEven with the best business idea and concept in the world, a product that will only succeed – none of that is possible if you don’t have the money to fully set up your business.
It is not uncommon for new businesses to need additional funding to get moving. Perhaps you had some savings set aside, but you need more, or it could be that you have just decided to run with your idea with little to no budget to play around with.
At Tax Bite, as a team of chartered certified accountants, we have established strong partnerships with various reputable funding providers and banks.
Through these institutions, we can secure you the financial aid your business needs to get off the ground.
We will do more than that. It may be that you are at the very start of your business journey as a start-up. Before you can secure financial support, you need a business plan and business strategy.
Fortunately, the dedicated accountant assigned to you will work closely with you, learning as much about you and your business idea as possible, to help you develop both.
Although we’ve highlighted some of the most crucial ways we can support you as you set up your start-up, there is an endless list of other ways we can help. This list includes the following:
Above, we drew attention to many of the specific services and support we offer start-ups during their formative weeks.
You may wonder, though, what we will do and why you should choose our accountancy business over others on the market.
With more than ten years of experience, we have devised and developed a wide selection of effective, high-end accounting services and other features.
We will discuss these things in the next section to show what you can benefit from by choosing to work with us.
Many accounting firms are working these days, claiming that they offer the best service on the market.
On closer inspection, however, they offer a service akin to an account management team with no one specifically assigned to any client.
While this may not initially seem like such a big problem, let’s think about things a bit deeper. Imagine you have a question, query, or would like to amend your package.
So, you contact your accountancy firm like the ones outlined above.
Each time you speak to them, your queries are dealt with by one of the team.
An individual who has little to no previous knowledge, let alone an in-depth understanding of your business, the industry you operate in and the condition of your company finally.
Unsurprisingly, the call to an accountancy firm like this would begin with a lengthy discussion where you need to bring them up to speed, or they need to go and look over your records.
This means what you thought may be just a query that could be dealt with quickly and easily is turned into a more complicated and stressful one.
At TaxBite, we do not believe in accounting for start-ups that way.
Just like our approach to all forms of accounting we do for clients, regardless of industry, size and type, we will assign you your very own accountant.
Having your own accountant will mean they can build a strong working relationship with you based on trust and reliability.
Rather than having to explain everything again each time you phone, they will have a rapport with you, will know your business inside and out.
If they need to refresh themselves about anything connected to your business, they will just need to have a quick look at the notes on file.
It means they can cut to the chase and provide you with the advice, guidance or support you need when you need it.
As you will feel your business is essential to our team, we hope you feel more greatly valued too.
To find out more about our chartered accountants, please don’t hesitate to contact Tax Bite today.
One of our team will be happy to answer any questions or queries you have that have not been answered around our site and can also book an initial consultation appointment for you.
No Obligation QuoteMany things in our lives nowadays either have been completely converted to the digital sphere or have a digital equivalent.
This is the case when it comes to accounting software.
Many of the biggest names have suites that are either partially or entirely in the cloud in digital form.
The idea is to make the accounting software easier and quicker to use, and it means you can save space in a relatively small office or if you have no office at all because you don’t need to keep comprehensive physical records.
Now the accounting software suites are so popular because they have been developed so virtually anyone can use them.
That is, they can be used by virtually anyone who just wants to carry out basic bookkeeping tasks.
If you want to do something more involved and complex, you may struggle using your chosen accounting software.
You should consider turning to a team of experts like Tax Bite.
Our accountants have experience and skills using all the most popular accounting software suites and are also fully certified in using them.
So, regardless of how intensive or complex your needs are for software platforms, one of our team will be able to look after it for you and make it possible.
What position are you in now with regards to software? Do you currently use a particular suite?
Are you wanting to continue using that but want a professional to make more efficient use of it than you have tried?
Perhaps you are looking to switch to a different, more appropriate program which suits your needs better.
In any situation, even when you are starting completely from scratch, we can help you.
We can offer fully experienced and skilled help and support using the following programs:
To learn more about our online accounting software services and support, please don’t hesitate to contact one of the team at Tax Bite today!
You can do this by either phoning us directly, dropping us an email or completing an online contact form on the Contact Us page.
Speak To A Chartered AccountantWhen choosing a suitable accountancy firm, even if you are not interested in being guided primarily by that aspect, considering the cost of their services is still vitally important.
After all, you will likely be looking to keep the outgoing costs as low as possible to increase your profit margin.
You may think, “surely all companies are honest about how much they charge for their accounting services?” If only that were true! Unfortunately, like any other sector and industry, many unscrupulous individuals and organisations just want to rip you off.
They will say that their prices are one amount at the time of agreeing to collaborate with them, but when you receive the bill for their services, they have added charges.
This practice of adding fees after the fact is not used here at Tax Bite.
We are not interested in taking more money than necessary from you. When we quote you a price for our services, that is the price we will expect you to pay, nothing more.
We will not add surcharges and fees after you’ve signed a contract.
You will only ever pay for the services you use, and when you want to upgrade your package or benefit from more services, we will add that to your invoice.
For more information about our transparent, competitive and very affordable prices, speak to one of the Tax Bite team today. You can do this by giving us a call, sending an email or using the online form on the Contact Us page.
Closely monitoring the costs of things and your business outgoings is something we’ve already touched upon elsewhere on this page.
It should also be a concern regarding the subject of tax. While it’s true that you can’t avoid paying taxes, if you are not careful, you could be paying way too much on your tax bills.
That is why it is best to seek the qualified help of tax experts like our accountants here at Tax bite.
Our tax services are popular with many of our clients. In addition to offering help with filling out and submitting your self-assessment and corporate tax returns, we can help you with other tax aspects, such as your business expenses.
This is an area of tax that trips so many business owners up. We can run through your business finances with a fine tooth comb and identify the areas where you could save money by making claims on business expenses. We also know the type of expenses you can’t claim back.
Therefore, we won’t help you stay compliant with HMRC and Companies House, depending on your business structure, but can help you increase your profits and make your money go further, too.
To find out more about our tax planning, tax efficiency and general tax services, please contact Tax Bite by calling or emailing us or using the online contact form.
There is no denying how freeing it is when you decide to bite the bullet, become an entrepreneur, and set up your small business start-up.
No more bosses telling you what you can and can’t do, a greater piece of the profits and the chance to completely change your daily, weekly and monthly schedule.
As we have noted throughout this page, there are also drawbacks. One of the biggest drawbacks to becoming self-employed is dealing with tax.
When you’re on a scheme like PAYE, you rarely need to worry about tax, as it is all handled automatically before you even receive your earnings in your bank account.
However, when you’re self-employed, you must deal with tax yourself. As noted above, we can provide you with all the help you need when filing self-assessment tax returns, calculating business expenses, and claiming them back.
We will also help you by liaising with the taxman on your behalf. That’s not the only help we provide, as there are certain deadlines you need to be aware of when you become self-employed or even start a limited company.
Those deadlines relate to when you must file your self-assessment tax return and/or your corporate tax return to HMRC and Companies House, respectively.
We would encourage you to get familiar with these dates, but as we know how easy it is to forget them.
Particularly when you are running a business, and so many difficulties and different things can happen to distract you.
That is why at Tax Bite, we offer an automated reminder service.
In line with what you need, we will provide you with automatic deadline reminders to let you know when you can start submitting your tax return and corporate tax return and when you need to have them sent in; we will also let you know when you need to clear tax bills by.
To find out more about our Tax Bite deadline reminder service, please contact one of the team here by either dropping us an email or calling or using the online form.
The support and assistance you get at the beginning of your new start-up will not involve traditional accounting services.
When you don’t have business finances or business records, there is no need for bookkeeping and other services like that.
Just as when you don’t have any employees, there is no need for payroll services.
However, your business needs will change as your start-up develops and you start to build up a customer or client base.
As part of our dedication to providing support and establishing strong working partnerships with our clients, we can provide you with the help and assistance you need when you need it.
This means we will start looking after your bookkeeping when the time is right and you are fully up and running.
If you start hiring employees, we can help set up a payroll system and help you take care of other responsibilities like providing incentives and allowances like holiday time etc.
As your start-up will undergo many changes in the first couple of years you are in business, so will how we help and support you.
For more information about our accounting services overall and how we can adapt to what you need at any point during your business journey, please speak to TaxBite today.
Contact Our TeamDuring the first few days, weeks, months and even years of your new start-up, it can be helpful to have someone experienced with expertise in running a business on your side.
Someone who is not going to tickle your ear and always straight talk with you, but without shooting down your ideas and wrecking your confidence.
At Tax Bite, we think it is essential to have someone like that, on your team, even after the formative years.
As business owners, we know how hard it can be to have a start-up and build it up into a successful small business.
That is why we believe we are best qualified and experienced to provide advice and unlimited support when you need it.
I established my startup business a few months before I contacted Tax Bite to use their tax service. I felt I had a good handle on all things tax about my business but realised early on that I may be missing out on tax relief. That is why I started looking at startup accountants like Tax Bite. When I took advantage of their tax service, I immediately noticed a difference. They helped to show me how to make my startup business more tax efficient.
When I started working for myself in the position of a sole trader, I was very naive. I thought I had all I needed to make my small business startup a success. How wrong I was. Although various accounting software platforms are available, there is no such thing as hassle-free accounting unless you look to a professional team. I was convinced that Tax Bite and their startup accountancy services were the right things for me because of how many previous clients they had worked with in a similar position to mine. They helped develop my business plan and raise finance, choose a business bank account and even provided me with my business startup accountant that would deal with my account directly. This was reassuring to me as I did not like the idea of having to explain my situation each time I contacted them. If you are looking for accounting for startups you can trust, I would highly recommend Tax Bite
If you have started searching for accountants for your start-up, you will already know how saturated the industry is with individuals and agencies claiming to be the best.
How then can you pick out the best ones from the pile?
To help you, we have put together a brief guide to what you should be thinking about and looking for when choosing an accountancy firm.
Do you need to have regular face-to-face meetings with your accountant, or will you be okay always dealing with them online?
Only you can answer this, and before you go ahead with using any accountant’s services, you should ensure they can provide you with the style of service that suits you. Avoid making compromises.
If you want peace of mind when choosing an accountant, you should be sure to choose one recognised by the government or regulated by a professional organisation.
When hiring any professional, it is not enough to know that they are qualified in a general field or industry.
You want to know if they are fully qualified and certified in the specific field or industry you are working in.
As various accounting aspects are unique to start-ups, it is best to choose an accountant with the relevant experience and training working with start-ups, as they will be best able to support you most effectively.
This is one question that you will see debated over time and time again on the web. So many people have so many different opinions about what makes these seemingly very similar entities different.
The best way we can explain it is by this –
All businesses, in the beginning, are small.
So that includes startups.
However, many remain small businesses for the entirety of their existence.
Small businesses tend to open after securing funding and have a product or service to sell and market.
Startups, however, for the most part, begin very differently.
Generally, startups do not have any funding, or very little, in the beginning and start more or less with a concept.
They then look for funding to develop the concept.
Often, unlike small businesses, startups are developed to become bigger businesses with time and success.
We hope you have found this page useful, whether you are setting up your start-up business, have already established it or are still in the very basic planning stages.
Whatever stage you are in, we feel it is important that you hit the ground running with an accountant in tow to help you make the best decisions possible.
Many people see accountants as glorified number crunchers.
While we enjoy crunching numbers, there is more to the services we provide at Tax Bite than simple calculations.
For start-ups, we can help with everything from company formation to incorporation and VAT registration.
We can provide support and advice for tax planning, helping you to see where you can save money on your tax bill by claiming the right business expenses.
We can also take care of internal accounting matters like payroll and handling the creation of payslips. So, rather than taking care of everything by yourself in a vain effort to try and save you some money, enjoy the freedom that comes from running a start-up with our help.
Dedicated AccountantsAt Tax Bite, we will provide the qualified and certified accountancy support you need to help your business stay afloat and flourish, grow, and expand.
Speak to one of our team today for more information about our start-up accountancy services. You can contact us by giving us a call, emailing us or by using the handy online contact form.
We can’t wait to help your start-up succeed.
