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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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As members of GGI, one of the top ten international accounting, consulting and law firm alliances, we are able to deliver the best possible advice on a global scale. Through GGI we have access to experts around the world who are able to give advice on local regulations, compliance and go-to-market strategies.
GGI’s broad international presence opens up a gateway to the global marketplace for both us and our clients. Through our GGI membership we have access to high quality firms in nearly every major financial and commercial centre worldwide. This remarkable facility applies whether you are looking for business opportunities beyond national boundaries, or need international support in addition to services in your home market.
We are here to help and support your success wherever your business takes you.
For more information, visit GGI (www.ggi.com) online.
About GGI -Disclaimer
GGI Geneva Group International (GGI) is a global Alliance of independent professional firms. GGI Geneva Group International AG, a company incorporated in accordance with the laws of Switzerland, operates solely as an administrative resource of the Alliance and therefore provides no legal, audit or other professional services of any type to third parties. Such services are provided solely by GGI member firms in their respective geographic areas. GGI and its member firms are legally distinct and separate entities. These entities are not and shall not be construed to be in the relationship of a parent firm, subsidiary, partner, joint venture, agent or a network. No member firm of GGI has any authority (actual, apparent, implied or otherwise) to obligate or bind GGI or any other GGI member firm in any manner whatsoever, equally, nor does GGI have any such authority to obligate or bind any member firm. All GGI members are independent firms, as such they all render their services entirely on their own account (including benefit and risk), without any involvement of GGI and/or other GGI member firms.