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How do I set up a business?

There area few things you need to do to set up a business, including:
- Choose a business structure (such as a sole proprietorship, partnership, LLC, or corporation)
- Register your business with the government.
- Register for VAT if needed Open a business bank account.
- Get business insurance.
- Set up your accounting system such as Xero or Freeagent.
- Market your business. 

Assets Accounting advise you on the best business structure for your needs, help you register your business, and provide guidance on bookkeeping and accounting procedures and best software to use.

What kind of accounting software should I use?

There are many different accounting software programs available, so it's important to choose one that's right for your business. Some factors to consider when choosing an accounting software program include:
- The size of your business.
- The number and types of transactions you need to track.- Your budget.
- Your level of technical expertise.
- Some popular options include QuickBooks, Xero, Freeagent.

Assets Accounting helps many of our clients select and set up the accounting software that best meets their needs 

How do I file my taxes?

The process of filing taxes varies depending on your individual circumstances. However, there are a few general steps you needto follow, including:
- Gather all of your financial records.
- Choose a tax filing method.
- Complete your tax return by the deadline.
- File your tax return with HMRC 

Assets Accounting could help you prepare and file your taxes, advise you on tax planning strategies, and assist with any HMRC audits or inquiries

How do I write a business plan?

To write a business plan, you need to describe your business idea, target market, competition, marketing and sales strategies, management team, and financial projections. 

We also offer a free business planning tool which you can access here (Costs £200 set up fee plus £10pm thereafter -Decision by Andrew, Dave Goodyear, can we see one example on a website?) 

Assets Accounting will help you develop financial projections, analyze your business's financial feasibility, and provide feedback on your overall business plan

How do I protect my assets?

To protect your assets, you need to identify potential risks and implement strategies to mitigate them, such as purchasing insurance, writing a will, setting up a trust, creating a legal entity to shield your personal assets from business liabilities, or using estate planning strategies to minimize estate taxes. Assets Accounting wealth management team help you identify potential risks to your assets, develop risk management strategies, and coordinate with legal and insurance professionals as needed.

How do I plan for my estate?

Estate planning is the process of ensuring that your assets and wealth are distributed according to your goals and wishes after you die. There are a few things you can do to plan for your estate, including:
- Create a will.
- Set up a trust.
- Consider estate planning.

These are just a few of the many questions that we can answer. If you have any questions about your finances, consult with us now.
Assets Accounting help you understand your options and make the best decisions for your family and loved ones.

How can I minimize my tax liability?

There are a number of ways to minimize your tax liability, including:
- Taking full advantage of tax deductions and credits.
- Investing in tax-advantaged accounts.
- Structuring your business in a way that minimizes taxes.
- Working with a tax advisor to develop a tax-efficient financial plan.

At Assets Accounting, we would review your financial records and identify potential deductions and tax credits that could help reduce your tax liability. We would also advise you on tax planning strategies such as contributing to tax-advantaged retirement accounts, deferring income, or restructuring your business to take advantage of favourable tax laws.

How can I improve my cash flow?

There are a number of ways to improve your cash flow, including:
- Collect payments from customers promptly or incentivise early payments.
- Negotiate payment terms with vendors.- Stretch your payables.
- Increase your prices.- Cut costs.
- Obtain finance.

At Assets Accounting, we help clients on our "Advisory" service analyze their cash flow and identify any areas needing improvement.

How can I budget effectively?  

Effective budgeting requires a good understanding of your income and expenses and is the process of creating a plan for your spending and income. A budget can help you track your spending, save money, and reach your financial goals. There are a number of different budgeting methods, so you can choose the one that works best for you. 
At Assets Accounting, we help you create a realistic budget based on your historical financial data and future projections. We would also advise you on how to track your actual spending against your budget and adjust as needed.

 Can you explain a financial statement to me?  

At Assets Accounting, we could explain any financial statement to you in detail, including the balance sheet, income statement, cash flow statement, and statement of changes in equity.
We would help you understand the key components of each statement and how they relate to your business's financial health.

What are the tax implications of a business decision?

We analyze the potential tax implications of any business decision you are considering and advise you on the most tax-efficient approach. For example, if you are considering a new investment, we would analyze the tax consequences of different ownership structures and financing options. The tax implications of any business decision will, of course, depend on a number of factors, including the type of business, the structure of the business, and the specific decision being made. It's always a good idea to consult with a tax advisor to get specific advice on the tax implications of any business decision.

How can I track my expenses and revenues more efficiently?

Using accounting software is an effective way to track your expenses and revenues more efficiently. 

At Assets Accounting, we would recommend a software solution that best meets your business's needs and help you set it up and customize it as needed. We would also advise you on how to streamline your data entry processes and automate your bookkeeping tasks.

What kind of financial reports should I generate for my business?

The type of financial reports you should generate for your business will depend on the size of your business, the type of business, and your specific needs. However, some common financial reports include:
- Balance sheet
- Income statement
- Cash flow statement
- Profit and loss statement
- Statement of retained earnings
- Statement of changes in equity
- Statement of cash flows
- Budget

The financial reports you will need, of course, depend on your business's goals and needs. At Assets Accounting, we help you identify the key financial metrics for your business and create customized reports that provide meaningful insights into your financial performance.

Is it important to use a qualified accountant?

Yes, it is important to use a qualified accountant and is a member of a professional body such as ICAEW to ensure your affairs are correct and lawful. A qualified accountant can save you money in many areas by increasing tax efficiency and improving cash flow. They can provide invaluable general support by offering general business advice, discussing your ideas and future growth plans. Above all, a good accountant provides you with the reliable financial information you need to make key decisions.

There are risks in using unqualified and unregulated accountants for your business or personal affairs such as missed deadlines, mistakes, unprofessional behaviour, and increased monitoring by HMRC.

Are you able to take on the whole accounting function of my business?

Yes. We can cater for your whole company needs, including bookkeeping, payroll, VAT returns and year end compliance. We are also able to provide management accounts, business consultancy and personal tax consultancy if this is needed.

What is “Cloud Accounting”?

Cloud accounting refers to performing basic accounting tasks, like managing and balancing the books, using software that resides in the cloud and is often delivered in an as-a-service model. Accountants such as ourselves can then be given access to manage accounts payable, accounts receivable, the general ledger and much more within the cloud application. Popular cloud accounting applications are Xero, Freeagent and Dext. Assets accounting partner with all these providers and many more so that we can advise which is the best solution for you.

What if HMRC want to investigate my accounting records?

If HMRC want to investigate your accounting records, you have few options but to comply. HMRC can demand to see your records at any time. In recent years the number of investigations has increased dramatically. Business accounts and tax records need to be kept for at least 6 years.

Contact Assets Accounting to purchase specialised insurance to mitigate against this.

Can I add 'Use of Home as Office' in my business accounts?

Yes, you can add "use of home as Office" if you are self-employed and genuinely use your home as an office for business purposes. However, this can be a fairly sensitive area in regard to HMRC. Please get in touch with Assets Accounting to discuss this further.

What is the VAT registration threshold?

The VAT registration threshold tends to be set each year in the budget; visit our tax rates page for the current threshold. It is compulsory for you to register for VAT if your VAT taxable turnover is more than the threshold amount for the previous 12 months or if you expect it to reach or exceed that amount in the next 30 days

As you will be able to reclaim some or all of the VAT you pay on purchases, we recommend registering for VAT even if your turnover is below the threshold.

What is the current national minimum wage?

The current national minimum wage (NMW)rate per hour depends upon your age and whether you are an apprentice. The current rates can be found on our tax tables page.

How long do I have before I register with HMRC once I start trading?

You must notify HMRC within 3 months to avoid a penalty. If you are close to this deadline then contact us immediately and we will help you get the form in on time.

How easy is it to change accountants?

Moving to a new accountant is a very straight-forward process. You simply write to your current accountant, telling them the name of your new accountants and advising them that the new firm will be contacting them shortly to collect your records.

Relax, we take care of the rest!

Should I find an accountant before I start my new business?

Yes, it is a good idea to consult with an accountant before starting your new business. An accountant can provide valuable guidance and advice on various aspects of starting and running a business, such as selecting the appropriate business structure, obtaining necessary licenses and permits, setting up accounting and bookkeeping systems, creating financial projections and budgets, and complying with tax laws and regulations. By working with an accountant early on, you can ensure that your business is set up correctly and avoid costly mistakes and compliance issues in the future.

You also need to consider whether you will need to be registered for VAT. We explain all the options so that you get it right first time. Ask to see our "starting a business" guide.

What is MTD?

MTD means Making Tax Digital and is a HMRC initiative to automate reporting and paying tax to the government. Your tax information is kept in real time meaning no delays in reporting to HMRC.MTD for ITSA is the second stage of MTD, and will apply to self-employed individuals and property landlords. MTD for ITSA will come into effect for all self-employed individuals and property landlords with income over £50,000 from April 2026. Those with an income of between £30,000 and £50,000 will need to do this from April 2027. You can also elect to join voluntarily beforehand.

We can help you with this process, contact us for detailed information.

How much should I take income from my limited company?

As a business owner, the amount you should take as income from your limited company depends on several factors, including the profitability of your business, your personal financial needs, and your long-term financial goals.

One approach to determining an appropriate salary is to consider the market rate for someone in your position with similar qualifications and experience. Another approach is to take into account the company's financial performance and make sure the amount you take as a salary is reasonable and justifiable. It is also important to consider the tax implications of your salary, as taking a higher salary may result in a higher tax bill.

In addition to salary, as a director and shareholder of a limited company, you may also receive income in the form of dividends. The amount of dividends you can take is subject to various rules and regulations, including the availability of distributable profits and the amount of your shareholding.

Ultimately, it is important to seek the advice of a qualified accountant or financial advisor to help you determine an appropriate level of income and to ensure that you are in compliance with all relevant tax laws and regulations.

Contact Assets Accounting so that we can assist you early in the decision process.

How much, and how quickly, can I incorporate a company?

At Assets Accounting, we can complete your company incorporation in 24 hours and have all the paperwork ready for you.
(Message for Andrew: Tide do it free if you open a bank account with them, so can we do it free if they instruct us a their accountants as a loss leader?)

Can I change my company name after it has been incorporated?

Sometimes there is a conflict with company names and a name change may be required.
All the details can be changed, no problem at all. A small administration fee may be payable to Companies House.

Do I have to appoint a company secretary?

It is not currently a statutory requirement to appoint a company secretary.

Is it beneficial to include minors as shareholders so that I can distribute dividends to them?

No, for children under 18 years of age, there is no tax benefit as the earnings will be taxed as if you had earned the money.

Do I need a company bank account?

If you have a company that is a LTD, PLC or LLP then you will need a business bank account.

Even if you are a sole trader, you do not need a separate bank account but we strongly advise to having a separate bank account to simplify your finances.

Can you recommend a  payroll services company?

We can take care of all your payroll requirements in-house at Assets Accounting.

Does it matter if I’m not local to your firm?

Assets Accounting use virtual meeting software such as Zoom and Teams. Also, with cloud services such as Xero, Freeagent and Dext, distance is not a problem at all for us.

How we help your business

Financial Planning And Wealth Management

We will work with you to gain control of your financial future by helping you to identify your financial goals and then creating a solid plan to achieve them

Tax Investigation Insurance

If you are self-employed or run a business, you know that HMRC (Her Majesty's Revenue and Customs) has the power to investigate your financial affairs. This can be a very stressful process, even if you have done nothing wrong.


Expanding Your Business to the UK: A Guide for International Businesses

Expert witness services

Legal professionals rely on expert witnesses to provide specialized knowledge and insight into complex issues. This can be critical in building a successful case for their clients.

Corporate tax planning

What is Corporate Tax Planning and Why is it Important?


Removing the Book-keeping headache from your to-do list

Personal Tax

We want to share the main sources of tax headaches and how Assets Accounting can help.


Assets Accounting is a leading provider of VAT services, guidance, and advice.


Setting up and maintaining an in-house payroll service is becoming more complex and increasingly difficult to manage for many businesses.

Making Tax Digital

Making Tax Digital (MTD) is a government initiative that aims to make it easier and simpler for businesses to manage their tax affairs.


During the normal course of business, our clients face many obstacles and “points of pain”. This is where our vast experience comes into play to help our clients navigate those difficulties.

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