After incorporation, there are several important steps to follow for an entrepreneur to successfully start up a business. Companies999 value all clients providing support before, during and after incorporation, the following information is therefore need to know.
Company Bank Account
It is essential for any company to have a company bank account after incorporation. There are several reasons for this:
- Legal Requirement. Limited Companies, both private and public, are considered a legal separate entity from their owners. Therefore, having a company bank account is a legal obligation. Although it is not a legal requirement for other types of businesses, having a company bank account makes keeping track of company finances a lot easier.
- Easier to Review Finances. The HMRC may need to inspect company documents in the case of a tax investigation or VAT inspection. Having a separate bank account makes it easier to review company finances and resolve inquires quickly.
- Professional Image. Customers may be hesitant to pay into a personal bank account, as it can make the company look unprofessional and untrustworthy. Having a company bank account will make your business look far more professional and credible.
At Companies999, our customers can choose between a Barclays and Lloyds account. We can also arrange for the bank to contact you at a preferred time, if you provide us with your personal details. For more details on how to claim a FREE business bank account with us read our post here.
It is vital that a new company has accountancy support after incorporation. The reasons for this are:
- Professional Expertise. A qualified accountant has the education and experience to help you save money or take advantages of opportunities to grow your business.
- Business Funding. A business plan is needed to obtain business funding, and this needs to be prepared by a professional.
- Need for Accurate Financial Records. It is essential that your financial records are accurate and up-to-date, as they are needed for regulations. These regulations include tax planning for directors and company, accounts, PAYE, VAT and pensions.
Companies 999 understand the challenges of starting a new business. We would like to help you get the right advice on accountancy and tax compliance, so your business can get off to the right start. We have partnered with Base 52 Ltd, who are Charted Management Accountants (www.base52.co.uk) to provide a free one-hour telephone consultation.
Your consultation will include:
- Your obligations for filing accounts and corporation tax returns with Companies House and HMRC
- The annual Confirmation Statement
- Drawing income from the company as a director and a shareholder in a tax effective manner
- How to set up and administer a payroll and pensions auto enrolment
- The obligations of the directors to file self-assessment tax returns
- How to set up and maintain your accounting records
If you have specific questions about your business Base52 will be pleased to discuss these at the meeting. Base52 will be happy to provide a quotation for their services after the consultation. There is no requirement to take up their services.