Business Start-ups

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Business Start-ups

When you start a new business there is so much to consider. We can help you get going. From business plans, advice on business structure, cash flow management, or just acting as a sounding board to talk through that great idea.

Our specialists will guide you through our services to starting up your own business. Our ultimate aim is to listen and understand your business start-up ideas to help you strategically achieve them. 

Your success is important to us and we bring in creativity, excellence, and innovation in our accountancy services to deliver exceptional results.

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Your Essential Guide to Business Tax


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Starting a business is an exciting and challenging experience and one which also carries a fair degree of risk.

You will need to make decisions that could be critical to the long-term success of the enterprise, such things as the type of business and its attributes; your target market and competition; profit potential and how you will extract those profits; the rate of business growth; and the impact of running the business on your personal life. At some point, you’ll also need to consider how you will exit the business when the time comes.

  • Claiming expenses
  • Capital allowances
  • Research & Development
  • Involving your family
  • Unincorporated businesses
  • Employment or self-employment
  • Unpaid bills and unbilled work
  • Forming a limited company
  • National insurance contributions
  • Planning for the year end

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Start-Up Considerations

In addition to your business-specific considerations, taxes for startups are a labyrinth that even highly trained professionals can sometimes lose their way navigating. The experts at Lawrence Grant, however, make sure that the little details are paid attention to so you are paying exactly what you owe. Not any less and certainly not more.

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Corporation Tax

Thinking of registering a company? Corporation tax is applicable on your net profits at the competitive rate of 19%. This rate is applicable to the money you are left with after deducting business expenses: salaries, wages, allowances and the likes.

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Income Tax

Do you want to be your own boss instead and become the sole trader of your start-up? The tax you are liable to pay now takes the form of Income tax via Self-Assessment. You will have to pay the base rate of 20% for profits above £12,500, a higher rate of 40% for profits up to £150,000, and an additional rate of 45% for anything exceeding that. Seems like enough numbers and calculations for an impending migraine. Leave the maths - and headaches - to us.

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Registering for Value-Added Tax can be an essential and rather important consideration for start-ups. But you may not know that not all of your ventures are liable to register for VAT. Only if your business’ turnover is in excess of £85,000 are you liable to register for and eligible to charge the 20% VAT on your products. Then come the quarterly VAT returns to be filed with HMRC. Working with an accountancy firm like Lawrence Grant can simplify this process enormously, freeing up your time to focus on what matters; your business.

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R&D Tax Credits

A reward from the government for investing in innovation, Research & Development Tax credits can offer you awards amounting to over £50,000. This is true even if your company is making a loss. The award can then be used to fund business expenses and reinvest in innovation to grow your business, improve and enhance your products, and make you eligible for even higher awards. Once you have played your part, we will play ours and get you the R&D Tax Credits your venture deserves.

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  1. How will Lawrence Grant assist during the start-up process? 
  2. Our job is to provide you with the help and assistance you require to breeze through the setup and accounting process for your business, recognising opportunities along the way. We embrace a very holistic mantra, that will get you moving in the right direction from the beginning but also allow you to grow as your business should.

  3. When is the Corporation Tax due for start-ups?
  4. 9 months and 1 day after the 365-day accounting period ends. This is usually on March 31st, so the filing and paying of Corporation Tax becomes due January 1st of the next year.

  5. When do I need to register for VAT?
  6. If you start up as a sole trader or register a limited company, you should register for VAT either when your turnover has gone over the amount of £85,000 or if you believe that your turnover will cross this ‘VAT threshold’ in the next 30 days. 

  7. What is the eligibility criteria for claiming R&D tax credits?
    • Be a limited company in the UK that is subject to Corporation Tax.
    • Have carried out qualifying research and development activities.
    • Have spent money on these projects.

  8. Is there any way to reduce the tax liability on start-ups?
  9. Yes! If your business is registered as a limited company and is liable for Corporation Tax, you might be eligible for tax relief through Corporation Tax Allowances. Get in touch to learn more.

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