Getting the right advice and support when starting a new company is essential for the good running and growth of a business. If you would like to create a new business but don’t have experience in the legal or financial aspects, 3M Accountants can help you through the process, assisting you step by step.
Business startups & company formation
Our specialized Small Business Accountants team in East West Midlands have many clients whose businesses have grown to become significantly successful, of which in the early years of starting up, 3M Accountants have supported and guided them, providing the advice and assistance when required.
You might be starting a business, ignoring some fundamental financial aspects that need to be considered. Our Small Business Accountant team can help you face the real world of business and make sure everything is under control. Below are just a few examples of the many questions you should be able to answer about your starting business.
- How will you structure your business?
- Is your business plan feasible?
- How much money will you need?
- What are your profit margins?
- What are the financial implications?
Structure is one of the key issues and we are able to advise you on the best way forward for your business. There are many issues relating to accounting and taxation to consider.
There are four main options available to most new businesses: the simplest of which is a sole trader, while other options include formation of a partnership, limited liability company or limited liability partnership (LLP). Each structure has different tax consequences and different implications, for the extent of your personal liability for business debts. The date of your accounting year-end can also impact the level of taxable profits and how long you have before you have to pay any tax due.
At 3M Accountants, we can take the complexity out of the decisions you need to make in regards to the right structure for you. We will take you through the pros, cons, ongoing filing and tax implications to help you decide which is the ideal format for you. We can help you get your business set up on the right way from the outset, ensuring that all the correct procedures are followed. We will guarantee that your early business planning decisions are based on reliable, timely and accurate information, making sure you obtain the overall optimum tax position.
Furthermore, once we have found which structure is best suited for your small business, 3M Accountants will develop a business plan specially tailored for your needs.