A lot of new company start-ups ask me about the basic accounting requirements that need to be taken care of when setting up in business. Below is my quick 5 point check-list, all of which Barron Accountants is more than happy to provide advice on.
Decide on your business structure; being self-employed or incorporating as a limited company will depend on your circumstances
If you've decided to incorporate you'll need to register your company with Companies House
Once you start trading you'll need to notify HMRC
Start as you mean to go on and get yourself organised to record your purchases, expenses and income. To start with this could be using a simple spreadsheet in Excel, but as your business grows you'll need to think about an accounting solution - I always recommend Sage.
After your first year of trading you need prepare the annual accounts and tax calculation for your business. There are hefty penalties if you miss the deadlines imposed by HMRC and Companies House!
