How to access and use the New Computerised Transit System (NCTS)
Check when you should use the NCTS If you are a UK trader, you should use the
business start-ups
introduction
Helping you along the road to success
If you are not an Accountant, then starting a new venture is a very daunting task. Apart from having to implement a system to monitor business transactions, regulatory requirements have to be met.
The best way (based on feedback from clients) we can help you start your own business, if you are considering a Start-up venture, is to give you the confidence and freedom to go out and generate revenue without having to worry about administration issues. That’s what our Startup Consulting service is designed to do
02: Undecided
Still undecided and worried about the possible financial implications and need some expert advice and help?
03: Advice
Are you asking yourself; how do I select the best Accountant for my business? It is a big decision!
getting it right
Helping you avoid the pitfalls
Do you know that 20% of new Startup businesses fail in the first year and over 50% within the first three years? An alarming number but, fortunately, something we can help you avoid. Businesses fail because;
- There was no clear business plan and what needed to be in place as the business grew.
- Not carrying out enough due diligence when investigating the market.
- Running out of money, due to poor cash flow management.
- No experience running a business and/or the ability to delegate.
- No Marketing Plan or a badly executed one.
- Expanding too fast or remaining too rigid in your business approach.
We are here to
Help you all the way
we can offer you
A high level of business support
- A dedicated Account Manager
- Unlimited, free telephone advice
- Someone to bounce business ideas off
- An Accountant taking a genuine interest in your business
- Timely business advice
- Strong, friendly customer support
- Advice on the best business plan to use for your business.
- Advice on, typically, what works or doesn’t work in your industry
Request a
Fixed Price Quotation
Today
Only takes a few minutes!
we can offer you
Help with your finances and reducing costs
- Assessing the finance requirements, advise on the best sources of finance and draw up the necessary proposals
- Advice on reducing your tax bill
- Help building a profitable business
- Competitively priced service or custom Fee Plans
- Help with keeping Accountancy fees down
- Possible tax saving calculation by being Ltd
- Preparing a business plan, cash flow projections, budgets, and trading forecasts
- Establishing a good working relationship with your bank
- Business performance and reviews
we can offer you
Help with operational requirements
- Setting up a recording system for your internal use and for complying with statutory requirements
- Completing any registration procedures with Companies House and HMRC
- Helping with all aspects of business compliance and administration
- Deciding on what computer hardware to buy and help with the installation of accountancy software
- Help buying an existing company
- Help setting up UK Subsidiaries and Branches
- A fully outsourced accounting service
a few of our
Frequently Asked Questions
Will it be clear from the beginning how much I will be charged?
Yes, absolutely. You can either select from one of our popular Service Plans, or we can tailor a Plan to your exact requirements. This is one of the subjects we will cover at your free consultation. If during the year any top-up services are required e.g. ad-hoc Management Accounts, then we will always confirm in writing, the cost involved before commencing work.
Do I need to purchase bookkeeping software?
Yes, simply because HMRC is moving to Making Tax Digital. It will also: simplify the bookkeeping process; can help reduce your accountancy costs; and help you stay in control of your business finances.
Do I need to register for PAYE (Payroll)?
Yes, if you have employees to pay, in which case, we can handle it for you, if you wish, allowing you to concentrate on running the business business. Alternatively, all the leading Accounting Systems offer Payroll facilities, as part of their suite. Speak to us to find out which one is best for you.
Should I set up my business as a sole trader, partnership, LLP or Limited Company?
This important question is something we will discuss at your free consultation and can have a significant impact on how much tax you will pay and how you see your business developing in the future. We will discuss the pros and cons of each, during the initial consultation.
Do I need to be VAT registered?
No, not at the start. However, you must register for VAT if: you expect your VAT taxable turnover to be more than £85,000 in the next 30-day period, or your business had a VAT taxable turnover of more than £85,000 over the last 12 months. You might also need to register in some other cases, depending on the kinds of goods or services you sell and where you sell them.
Is this the best time to start a business?
The best timing will depend on your plans and the industry you will be involved in. It is an important topic, we often discuss at the free consultation. We have extensive experience over many industries, so we should be able to give you all the information and advice, to help you arrive at the correct decision.
What do I need as a minimum to start my own business?
Conduct market research, write your business plan, work out how you will fund your business, pick your business location, choose the most tax efficient business structure, choose your business name, register your business, register with the HMRC, apply for licenses and permits and open a business bank account. We will cover all this at your free consultation.
What could happen if I don’t employ an Accountant from the outset?
Please see the section, earlier on this page, covering the pitfalls of starting a new business.
I am thinking of going into partnership with a friend. What should I be aware of?
Trust, and you MUST also have a partnership agreement in place before starting. At our initial consultation, we can discuss the difference between a General Partnership and a Limiteed Liability Partnership, to decide which one will work best for you and your Partners and help reduce any risk involved.
Do I need a Business Plan or business strategy?
Yes you do, and with our extensive experience over a wide range of industries, it is something we can help you with. Many new businesses fail, due to the lack of a realistic Business Plan or strategy. Also, if looking to raise finance, many Lenders will expect to see a viable Business Plan and strategy, amongst a few other informational requirements.
Client Testimonials
Eduardo Angel Tandazo
SIMPLE THE BEST We have been with SMO and Co Chartered Certified Accountants since we founded our business 12 years. ago. SMO and Co Chartered Certified Accountants are very knowledgeable and always rise to the challenge. Their knowledge with regards to the current and upcoming changes in legislation is spot on.
Ecoserve Cleaning Ltd
Robin Burnhams
Capital Gains on sale of property. Very well done. We were very impressed with Silver He provided a friendly and helpful service keeping us informed of progress at every step of the way in a complex Capital Gains account. His dealings with HMRC were very frustrating but he dealt with them with great patience until he succeeded in completing the account.
Private Individual
Lynn Nobel
Managed all aspects of the taxation of the discretionary trust from the online registrations, dealing with the fund managers and filing the tax returns (SA900) with HMRC on time. Makes life easy for me!
The Wilkie Trust
Lance Omal
Services before anything else! Provides prompt support to the business. He has impressive knowledge of overseas tax issues including Double Taxation Agreements. An experienced Chartered Tax Adviser, Silver’s tax planning skills have generated savings.
Psyko Jackson LLP
Jackie Anena
Invaluable Accounting Expertise and Service. SMO and CO Chartered Certified Accountants and Tax Advisors have been an invaluable asset to my small business. Their support has been consistently excellent, from their timely and clear communication to their organised and efficient approach.
Three Little Birds Events Ltd
Ray Abak
An impeccable service, second to none! SMO and Co Chartered Certified Accountants and Tax Advisors is such a professional, efficient and responsive company. They are honest, transparent and strictly adhere to the regulations when dealing with the client.
Acwec Ber Ltd
Rachel Okello
Highly recommended and an excellent service.
Rogols Solicitors
Our blog
News & Insights
Off-payroll working for agencies
Find out about the off-payroll working rules (IR35) for agencies, when the changes to these rules apply
Record Keeping – How long must records be retained for: Corporation tax
When to retain records to Companies and unincorporated associations that may be required to make a company
contact us
it could be the best decision you make this year
Are you;
- A new Startup business looking for the best advice.
- Unhappy with your existing Accountant and looking to change.
- Looking for an advisory service to help your business grow.
- Or need someone to look after your personal tax affairs.