Throughout this series will consider the tax requirements relevant to the lifecycle of a first-year company, and the important decisions you will need to make prior to setting-up and registering a business. We will look at practical considerations around registering for tax, and pre-trade expenses, as well as the important tax deadlines any new business owner will need to be aware of, and how to implement a clear year end tax strategy.
Preparing and setting up
Setting up a business is an exciting time for many budding business owners. The business offering, name and branding are often top of the agenda but one of the frequently forgotten considerations is tax.
In the first in our Lifecycle of a Business series, we consider some of the initial decisions you will need to make prior to setting up your business, and the varying tax implications of these options.
Incorporation and choosing a year end
Coming soon: Once you have made the initial decisions around what type of business structure best suits your business, considering whether to incorporate your business, and choosing a suitable year end is the next step in the business lifecycle.
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Pre-trading expenses
Coming soon: Setting up a new business can be an expensive time for many business owners. It is likely that before trading begins, a considerable amount of money will need to be spent in order to get the business into a position where it is ready to trade.
These vital set-up costs may qualify as pre-trading expenses, which can be claimed back against tax when filing for the first accounting period.
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Registering for tax
Coming soon: After you have registered your company with Companies House, registering your business for tax is the next step in setting up your business
Here we set out the key information, such as dates and requirements you need to be aware of when registering for Corporation Tax, VAT and PAYE.
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Important tax deadlines
Coming soon: Managing a company year end can be a daunting task for new business owners. There are important tax deadlines, that you will need to be aware of and to prepare for.
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Year end planning
Coming soon: By implementing a clear year end tax strategy, you can be sure your finances are organised as tax-efficiently as possible and that you are making full use of the reliefs and exemptions available to you.
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