HWS has a wealth of experience of dealing with the varied requirements of small businesses.
Many of the services covered in the corporate services page apply equally to small businesses and please therefore also refer to that page for more details.
A list of the broad range of current clients we act for is listed on the client sectors page.
When starting a new business there are several options for the formal structure.
We will talk you through the differences and help you decide which one suits you and then guide you through all the necessary tax and business registrations, ongoing responsibilities, and needs to comply with the regulations and legislation.
As a minimum you will need a basic bookkeeping function and will need to make returns to the Inland Revenue if you have employees, and Customs and Excise if your sales are over the VAT threshold. You can of course do this internally or HWS can do it for you with our monthly accounting and payroll service allowing you to concentrate on getting the business off the ground. The additional cost can largely be offset by reduced fees in the preparation of annual accounts.
Limited Companies
Far fewer companies now require an audit following the introduction of the new £6.5 million turnover* and £3.26 million gross asset limits*, either of which triggers the need for an audit. Companies below these thresholds are therefore exempt from an audit, but are still required by statute to maintain proper accounting records and prepare “true and fair” financial statements. We can prepare the financial statements for you in accordance with the Companies Acts and the relevant financial reporting standards.
* FOR PERIODS COMMENCING AFTER 6 APRIL 2008
Partnerships
Partnerships have their own very specific attributes which need careful consideration and managing. The primary condition of 'joint and several liability' - meaning that each partner is directly responsible for the other partners' business liabilities - is often overlooked in importance until there is a problem, so having a formal partnership agreement is a must in our opinion. This usually defines the basis on which partners not only work but also how they can leave the relationship and avoids potential disagreements in the future.
limited liability Partnerships
A Limited Liability Partnership (LLP) shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts.
It is a body corporate, i.e. a
separate legal entity distinct from
its members. The LLP can own
and hold property, employ people
and enter into contractual obligations. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.
As the members have limited
liability, the protection of those
dealing with an LLP requires that
the LLP maintains accounting
records, prepares and delivers
audited annual accounts to the
registrar of companies, and
submits an annual return in a
similar manner to companies. However, the exemptions
available to companies, for
example with respect to the
delivery of abbreviated accounts
and exemption from audit also
apply to LLPs.
Sole Traders
If you do not have a business partner then sole trader status might be the right way for you to start in business. We will help you work through this and other options in order that you have the very best start in your new business.
If you are looking for more detailed information please refer to the FAQs, corporate services and links pages.
