Following your company formation there are many legal responsibilities that you will have to fulfil.  By appointing a Chartered Accountant early on in your company’s life you can ensure that you meet all filing requirements and make sure that you will not miss due dates.  In addition, you will be sure that you have the appropriate accounting procedures in place right from the start of trading.

If you aren’t sure that a limited company is the best business structure for you to trade through, you may want to consult an accountant even before the company is formed. They will advise you on whether it is viable for your business to operate as a limited company or whether it would be more beneficial for you to use a different business structure.

Following the Company Formation there are many things that you may need to do which require the help of an accountant.  To begin you may need to register for VAT or PAYE.  Your accountant will be able to offer advice about whether you need to register for these and will also be able to complete the application process for you.  They can also help with your CT14G form and will be able to guide you through the requirements of your first year of business.

Most importantly they will prepare your annual accounts and file them with Companies House for you. The annual accounts of companies are usually much more complex than that of a sole trader so every company will usually need help preparing them.   In addition, there may be tax planning opportunities to exploit before the annual accounts are produced and therefore engaging an accountant shortly after incorporation may help here also.

Wisteria Formations offer a free one hour tax, accountancy and business planning meeting as part of the basic incorporation package. To take advantage of this offer form your company with Wisteria Formations here: www.wisteriaformations.co.uk