Step 3 - Organising Your Finances
Any successful business owner will tell you that organising your finances is imperative to the smooth-running of your company. Getting your head around tax, payroll, annual returns and bank accounts may seem like a daunting task but our professional accounting team is here to help.
You should be keeping track of everything you are spending on your business (and everything you are earning). Keeping accurate financial records is a legal requirement and any costs you have can be deducted from you tax bills.
HMRC recommend that you have a separate bank account for your business (and your bank will also prefer this) but getting a business bank account opened can take several weeks so it is worth starting the process as early as you can.
Whether or not your business is VAT registered will make a big difference to your pricing and to your accountancy needs. You don't need to register until you hit the VAT threshold but it can be a good option for some businesses to voluntarily register.