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Accounting for Startups

Your very own expert Start Up Accountant

It does not matter if you are operating as a limited company, sole trader, partnership, small business, limited liability partnership, contractor, freelancer, property or investment business we have the startup accountant and startup accounting package you need from as little as £10 per month.

Life moves fast for startups. We can help you from day one, with unlimited advice from our startup accountants.

We can support your startup from company formation right through to adding payroll and pension services.

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Your own dedicated start up accountant
All returns and filing included
Unlimited help and advice
Leading cloud accounting software
Real-Time Bookkeeping
Reminders – never miss a deadline

Unlimited help and advice
Leading cloud accounting software

Dedicated Start Up Accountant
All returns and filing included

Real-Time Bookkeeping
Reminders – never miss a deadline

We provide the complete start up accountancy for individuals and small businesses nationwide

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Why use Accounting Wise for your Startup Accounting?

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Your Own Dedicated Startup Accountant

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Build Your Own Package

When you join us, you will receive your very own dedicated startup accountant. Our fully qualified and friendly team will be on hand to help you throughout the year for all your financial queries.

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Leading Accounting Software

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You are provided with leading accounting software which will help reduce the time it takes to – provide quotes and invoices to customers, chase payments, and monitor outstanding balances.

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Tailored Startup Company Accounting Services

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Tax & Accounting packages tailored to suit your business. We are always straightforward in our services & pricing. We take care of your accounting and let you get on with making your business a success.

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Unlimited
Expert Advice

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Your dedicated startup accountant will always be on hand to answer any questions about your small business. You can contact them via email, phone, live chat, Microsoft Teams or meet them in person.

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Regular Deadline
Reminders

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We send regular automated reminders to inform you of when your accounts and returns are due to be submitted, helping to ensure you never miss a deadline for your small business again.

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We currently support over 2,000 individuals and businesses in the UK

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Get started with the right Start Up accounting solution for your business

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Included in our Start Up Accounting Packages

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  • Representation in the event of an HMRC investigation

  • Unlimited help and advice

  • Reminders for all of your important deadlines

  • Access to business guides and resources

Get started with the right Accounting for Startups solution for you

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Our Accredited Accountants

You can feel safe in the knowledge that we are experts in our field.

Our accredited accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.

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Accounting for Startups: Tax Traps to Avoid!

Tax Penalties

As soon as you have set a start date, ensure that you notify HMRC of your intention to commence trading. Self-employed individuals, partnership businesses and limited companies face penalties for failure to notify HMRC that they are liable to tax. Our accounting for startups service will help you to avoid these.

VAT Penalties

Do not represent yourself as registered for VAT if you are not, as this is considered to be fraud. If you do register for VAT submit your returns and pay your dues on time to avoid late filing penalties, interest and surcharges.

Missing Invoices

Always obtain a proper invoice for any business purchase and a VAT invoice if you are registered for VAT. If you fail to do so, you may find that your claim for tax relief will be denied, as will your VAT reclaim.

Company Car

Whether you are self-employed, a member of a partnership or operating as a limited company, planning for the use of a car in your business needs to be thought through carefully. Self-employed individuals and partners will need to keep a log of business mileage to backup any claim for tax relief.

Limited company owners will need to compare whether the cost of using a car owned by the company will be more cost effective than using a privately owned vehicle for business purposes. The tax implications vary considerably depending on many factors, which is why a careful review should always be undertaken in order to minimise any tax charges and maximise any reliefs.

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Specialist Accounting for Startups

Our expert startup accountants are always on hand to provide support tailored for startups, from answering questions on business expenses to proactive advice on getting the most out of your accounts.

Make us your business startup accountant and we’ll keep on top of all your finances, so you can concentrate on your new business. We’ll do everything for you, from all your bookkeeping to setting up your payroll – we’ve got your back.

We’ll also deal with HM Revenue & Customs (HMRC) and Companies House, so you don’t have to.

Get started with the right online accounting solution for your startup business

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Essential FAQs for Accounting for Startups Services

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As a start-up, it’s essential to track income and expenses, keep accurate financial records, manage cash flow, and comply with tax obligations. Understanding basic accounting principles, like profit and loss, balance sheets, and cash flow statements, will help you make informed decisions as your business grows.

While not a legal requirement, having an accountant can be invaluable in setting up your financial systems, ensuring tax compliance, and advising on financial planning. Accountants can also help with funding applications, business plans, and scaling your start-up efficiently.

Popular accounting software for start-ups includes QuickBooks, Xero, and FreshBooks. These tools allow you to manage invoices, expenses, and financial reports in real-time. They are cost-effective, easy to use, and scalable as your business grows.

Start-ups need to pay income tax on profits and may also need to register for VAT if turnover exceeds the VAT threshold. If you’re operating as a limited company, you’ll also need to pay Corporation Tax. Sole traders and partnerships will file tax returns through Self Assessment.

You must register your start-up with HMRC within three months of starting to trade or earn income. If you’re setting up a limited company, you’ll also need to register with Companies House.

Effective cash flow management is crucial for start-ups. Keep track of incoming and outgoing cash, invoice promptly, negotiate favourable payment terms, and monitor expenses. Consider using cloud-based accounting software to stay on top of your cash flow.

Use accounting software to log expenses as they occur and categorise them appropriately. Keep receipts and documentation for all business-related purchases, including equipment, office supplies, marketing, and travel. This will make tax filing and expense claims easier.

The most common business structures in the UK are sole trader, partnership, and limited company. Each has different tax, liability, and administrative implications. A limited company offers limited liability but comes with more compliance requirements, while a sole trader is simpler but doesn’t provide personal liability protection.

To stay tax compliant, register your business with HMRC, file your tax returns on time, and pay any tax owed. Keep accurate records of all transactions and consult an accountant if needed to ensure you’re meeting all your legal obligations.

If you have employees, you need to register as an employer with HMRC and run payroll through PAYE. You must deduct income tax and National Insurance from employees’ wages and submit regular payroll reports to HMRC.

If you set up a limited company, you’ll need to file annual accounts with Companies House. This includes a balance sheet and profit and loss account, summarising your business’s financial position. Filing deadlines are typically nine months after the company’s financial year-end.

An accountant can help your start-up with business formation, tax compliance, setting up financial systems, managing cash flow, and offering strategic financial advice. They can also help with funding applications and ensure you’re making tax-efficient decisions from the beginning.

Switching to us for Accounting for Startups is simple.

1 Choose Your Package

Pick the start up accounting services that you would like from either our pre-built packages or build your own to find out exactly how much you will be paying each month.

2 Sign up with Us

Once you have picked your level of service you’ll simply need to send over a few extra details to register with us via our sign up form or over the phone

3 You’re ready to go

That is it, we will begin to set your limited company services up for you, contact your previous accountant if required, and begin the authorisation process with the HMRC

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Online Company Formation Services

Free company formation with our Pre-Built or Bespoke Accounting packages!

All official documents provided

Online Hub to manage your company

London Registered office Address

Your own incorporated limited company

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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.

Content is for general information only. Always take advice.