Cloud accounting services for new businesses
As a new business, it’s vital to build solid foundations from the outset. Our first step will be to work with you to decide the best structure for your business and to file any relevant paperwork with HMRC and Companies House. We will also set you up on Xero and equip you with any apps that will make running your new business easier. As you get going, we’ll always be available with practical advice and to answer any questions.
Services for New Businesses
Business Accounts
Business Advice
Business Tax Returns
Company Formation
Company Secretarial
Construction Industry Scheme (CIS)
Digital Accounting Software
Making Tax Digital (MTD)
Payroll
Registered Office Hosting
VAT
These are our standard services for new businesses. We can add more services as you need. Also included as standard is unlimited advice via phone or email whenever you need it.
How it works
What our new business clients think
Qualifications
The Digital Difference
What sets Digital Cloud Accounting with Vertis apart from the crowd?
Get Paid Faster
With Xero, you can email invoices and your customers can pay you straight from the online invoice. Easier for your customers, quicker for you.
Work Anywhere
Because Xero is cloud-based, you can access your accounts from any internet-connected phone, tablet or computer. Stay up-to-date on the road or in the office.
Gain Visibility
Xero shows the real time numbers and has sophisticated and bespoke reports for tracking and analysing your figures. Keep up-to-date and make more informed decisions.
Save Time and Money
Xero automates everyday accounting tasks so you spend less time on accounts admin and more time on your business. Give yourself more hours in the day.
Reduce Paper
Xero stores all your paperwork digitally and automates accounting admin. It means no more filing cabinets for the accounts or boxes of receipts to store.
Have Peace of Mind
Because Xero is one of the world’s leading cloud accounting tools, you can be confident your data is robustly protected with multiple layers of security.
New Business FAQs
What’s the difference between a sole trader, a partnership and a limited company?
A sole trader business is where an individual trades as themselves and registers as self-employed with HMRC. Profits are subject to income tax in the individual’s name.
A partnership is where two or more individuals form a business together and register as a partnership with HMRC. Profits are divided between the partners according to the agreement that they have made and then taxed on the individuals in the same way as for a sole trader.
A limited company is a separate legal entity from its owner(s). The owner(s) become shareholder(s) in the business. Profits are subject to corporation tax on the company itself and not its owners. When money is paid to the owners it is income in their hands and is subject to income tax.
How much money do I have to invest in my new business?
This very much depends on the nature of the business that you intend to form. If the business is of a consultancy nature where you are using your expertise to advise others, then the investment may be very small indeed – perhaps just enough to purchase your IT equipment. If you were to establish a manufacturing business with premises, machinery and employees the required investment would be much greater.
As a director shareholder in a limited company it is normal to purchase a low value of shares – say £100 – and then to make a cash loan to the company in addition to this to finance the purchase of equipment. The reason for this is that you can repay the loan to yourself when the company generates funds. If all the money was invested in shares then it is much more difficult to withdraw this from the company.
Do I need to appoint a company secretary?
For a small business the owner normally appoints themselves as the secretary. There are few responsibilities at this level of business except to be the person that receives official correspondence from HMRC and Companies House. The role of Company Secretary is more onerous in a large public limited company.
Do I need an accountant?
An accountant will be a trusted adviser who will ensure that you comply with the myriad of rules and regulations as well as paying the right amount of tax by claiming all of the allowances that you are eligible for. They will be a very good source of independent business advice.
That said, if you are a sole trader you could run your business without the advice and assistance of an accountant if you wished to. You would need to prepare your own business accounts and self-assessment tax return which can be submitted on the government’s website. The same is true for a partnership but you will have to use a commercial online provider to submit your partnership tax return as this is not available on the government website.
If you trade as a limited company you will need to appoint an accountant as the requirements for reporting to HMRC and Companies House are more detailed and the information has to be reported in a specific way in a digital format called iXBRL. Accountants invest in the software to report in this manner and it isn’t likely to be economically viable for an individual small company to buy this for itself.
Get in Touch
If you’d like to have a conversation about how Vertis Accounting and digital accountancy could work for your business, Get in Touch. We’ll look forward to hearing from you!