Getting the right advice when buying a business is paramount to making sure the move is successful. From verifying the financial position of the business to identifying any unknowns such as debts, assets or future liabilities. An accountant can properly guide this process from start to finish.
There are a number of tax obligations when selling a business – all some to do with wrapping up the variety of taxes by producing final reports, others to do with notifying HMRC on issues such as VAT, PAYE, etc. If the sale of a business results in a capital gain due to the sale proceeds themselves or through assets retained, then CGT needs to be declared.
An accountant can run through the entire process and also help minimise liabilities by utilising reliefs for the special scenario such as entrepreneur’s relief.
Ensuring a business stays on the right side of the companies act by complying with the administrative tasks required can be an arduous task for business owners busy with more hands-on issues.
Accountants can provide secretarial services to takeover the paperwork associated with share issues, incorporation, annual returns, memorandum and/or articles of association, minutes for meetings and more.
Shifting a payroll to an external service provider can free a business from regulatory obligations and the additional stress they can bring. A full audit of the existing payroll, if it exists, is first carried out before creating/moving the payroll seamlessly.
Factors such as automatic enrolment, payslips (including e-payslips), P45s, BACs payments, tax obligations, P60s, submission of tax paperwork to HMRC and more are offloaded.
Any business with even one employee must comply with the rules for automatic enrolment where employees are must be put into a pension scheme and have contributions made toward it.
An accountant can offer advice; check the business’ financial position, payroll matters and administrative tasks.
Whether a business idea is being developed or the business has already started trading – start-ups should consult an accountant for advice.
An accountant can help produce financial forecasts, help with raising finance, notify of any regulatory issues the startup may encounter and more. Alongside this the structure of the business for liability and taxation can be thoroughly explored. Once the business is trading services such as accounts, tax advice, paperwork, payroll, budgeting and more come into play.
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