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Got a business idea? Want to know how to start a business in your chosen industry? For business guides covering every aspect of starting a business in your sector, this is the place to start. Whatever your new or proposed business venture, here you’ll find the small business advice and information you need to realise your small business idea and open your own company.
Having your own limited company is the most tax-efficient way to work as a contractor. As a shareholder and director, you can draw some of your funds as a dividend rather than being paid a full salary, so your overall tax burden is reduced. You exercise more control over your finances, too. Although the limited company route is the most tax-efficient way of operating, the admin involved can often be complex and very time-consuming – even if you’re usually confident about paperwork. Without the right software and experience, your company’s statutory documents can’t be submitted easily, which may lead to unwanted penalties if left unchecked.
When setting up and registering a business there are several different legal structures available, of which the pros and cons are explained here. If you’re looking to register as self-employed, we’ve got all the information you need to help you make an informed decision about whether to form a limited company, set up a business partnership or register as a sole trader. If you’re ready to search for your business name and find out if your company name’s available, check out with SGServices.
From navigating tax hurdles to hiring and managing staff, the path to business growth is riddled with challenges and can be a daunting prospect for those growing their business for the first time. This channel contains Growing Business’ expert guides on recruiting, managing and firing staff, marketing, dealing with red tape, leadership skills, and how to deal with an increasing technology burden.
Business growth strategies for business owners and entrepreneurs, including tips on how to develop a business growth strategy and how to grow a business by organic growth or acquisition. Preparing for business growth requires a sound business growth strategy that plans for good and bad times. Get tips on sustainable growth strategies for a business like yours with the articles below: from scenario planning and judging your business progress to identifying business opportunities, Growing Business will help you plan and implement a successful corporate growth strategy. A good business plan is the key to commercial success and even more important if you are seeking external investment or borrowing for your small business Writing a business plan is a crucial step in starting your own business.. SGServices team can help.
Raising finance and business funding from an external source can provide a crucial launch pad when growing a business – but you’ll need to know where to get funding from, how to apply for investment, and whether you meet all the funding criteria. This introduction to funding a business is designed to answer all your raising finance questions – from how to pitch for investment to how to improve your business.
Accounting & Tax
Many taxpayers think the completion of the annual self assessment tax return as straight forward and routine. Unfortunately, it may not be as straight forward and routine as you think. For example, there are over a 1,000 individual tax reliefs designed to help reduce the amount of tax due. To take full advantage of the tax reliefs available to you requires a detailed knowledge of the ever changing UK tax legislation.
We have a team of personal taxation specialists who can prepare your UK self assessment tax return. Guiding you from the tax legislation to maximise your tax reliefs and allowances whilst completing your tax return with reassuring accuracy.
Income tax, Capital Gains Tax, Inheritance Tax, National Insurance Contributions are taxes that will impact you in one way or another during your life. You may have overseas issues to consider in your tax affairs. Whatever your circumstances, SGServices role is to ensure that your tax liability is minimised but without chaining you to products or agreements that carry unacceptable risk and fail to match your own personal goals.
SGServices can help you prepare your accounts quarterly and annually. This includes calculation of Corporation Tax, VAT and PAYE liabilities. You can then elect whether you require our additional Compliance Services for ensuring you meet all your statutory responsibilities to HMRC and Companies House.
What we require to Complete Your Accounts
In order to prepare your company financial statements and corporation tax return (CT600), we will require the following information:
• Your bank statements for the period.
• Details of all your income during the period above.
• Details of all business expenses incurred during the period above.
• Details of any loans or dividends paid (if available)
• Details of any taxes, returns, and NI, VAT or filing fees paid.
• A listing of assets including details of date purchased, and the amount paid.
• Your PAYE reference number
• Your Corporation Tax Reference number
• Your VAT number (If VAT registered)
Your staff must be paid on time, every time; in the UK this is typically every month. Regular changes to payroll legislation can impose a drain on your resources so it may make sense to make use of SGServices outsourced payroll service to deal with all of these on your behalf:
• Employee payslips
• Payroll summaries and departmental reports
• Payments to employees and HMRC
• Leavers & starters
• Year end returns to HMRC
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Contact us for a no obligation quote and find out how we can help your business today.