We take the sting out of Annual Statutory Accounts

After registering your company with Companies House, file Annual Statutory Accounts, choosing between full or abridged versions. New business owners must submit their first set of Statutory Accounts 21 months after starting their limited company. Missing either deadline can result in fines of up to £1,500.

To help make sure you’re covering all the bases; these are some of the questions you’ll need to ask yourself with indicators of how we can help:

In any endeavor, it’s essential to approach it with a comprehensive and systematic mindset to ensure success. To help guide your efforts and make certain you’re addressing all necessary aspects, it’s crucial to ask yourself a series of critical questions. These questions serve as indicators, helping you identify areas where assistance or guidance may be required.

Should I be a limited company, partnership, or a sole trader?

We’re happy to help you answer that question with some clear, practical advice, and we love to be part of the start of your journey.

Many of our clients start as sole traders, using us to look after their Self-assessment Tax Returns. And when the time comes, we’ve helped many sole traders transition to limited companies or partnership.

Whichever you decide, you’ll need to tell HMRC, we are happy to help you with this and if you become a limited company you need to also inform Companies House, again we can support you through this process too.

All newly limited companies need to file Statutory Accounts within your first 21 months of business.

If you’re starting a limited company, our Incorporation services ensure you complete all the Companies House forms, check that the share structure is correctly set up if you’re in business with other parties, and file everything with Companies House on your behalf.

Am I planning and paying different taxes now I’m a small business owner?

A successful business is going to turn a profit and when it does, you’ll be paying taxes. Setting up your business and having a proactive strategy to plan for Income Tax, National Insurance, and VAT is our core business. Our Tax Planning Services keep you ahead of the game, so that hopefully you don’t suddenly face an unexpected tax bill.

What about VAT registration?

Sometimes it can make sense to VAT register from the outset, rather than register at the point where your turnover is taking off. Our VAT services are tailored for start-ups as well as established small businesses, and we’ll help you forward-plan all aspects of your VAT journey including when would be the right time to register for VAT and which VAT scheme is the most suitable for your business.

What about my business paperwork/ records?

To keep the tax man happy, and your business compliant and efficient, you need to know how you’re going to keep records, and the best way to look after your bookkeeping. Our Bookkeeping Services can advise and train you on the best online platforms such as QuickBooks or Xero – offering practical support in language that’s clear and easy to understand.

Can I be a sole trader and employ staff?

Yes, you can indeed. Once you’ve got more than 2 or 3 people working for you, it often pays to hand over the running of your payroll, so you can get on with running and growing the business. Our Payroll Services handle every aspect of the payroll; all the legally required documentation, making the submissions to HMRC, issuing payslips to you and the staff.

How will I know how my new business is doing?

Production of a really thorough profit and loss statement is key to this understanding. We’re very experienced at preparing financial statements, and in interpreting that data to add real value to your business. As you grow, you can commission management accounts from us to allow us both a much more detailed look into your business operations.

Should I join the Federation of Small Businesses?

Joining the Federation of Small Businesses can be a great resource for new business owners. We were members ourselves once – so we’re happy to talk about whether it’s going to be right for you. The FSB will give you access to such business basics – such as HR advice and support, for an affordable fee. Ask any of us about the FSB services.

Do I need a separate bank account?

They have to be done byIn Short, Yes. You should consider this from the outset as it makes life so much easier to maintain the separation between personal finance and business finances – and we’re happy to help you set that up. If you run a limited company the bank must be in the companies name. the book, and they have to be right. They must include a balance sheet, a profit and loss account, a cashflow statement and notes, a director’s report and all the key company information. Accurate to the last decimal point, in the correct format, and with all the correct notes.

Why Pi?

We’ll make your new business feel bigger already

All new business owners lie awake at night asking themselves those fundamental questions. How’s my business really doing? Can I increase my prices? How can I reduce costs?

As we prepare your accounts and tax returns, we’re asking those same questions as you are. And using the insights and information behind your numbers, we begin to answer those questions and plan the future. We specialise in getting at the back story of your business, through your numbers.

We want your business to succeed and grow as much as you do.

Planning to start a business?

Get in touch with us by using our contact us pages if you’d like to find out about if you’d like to find out about any of our services. We understand that every situation is distinct, and by initiating this contact, you take the first step towards a more informed, effective, and successful journey.

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