Starting a business can be a complex and challenging process, especially in the early stages. As a new entrepreneur, you have to juggle multiple tasks and responsibilities, from managing finances to marketing your products and services. One critical area where an accountant can provide valuable support and guidance is in the realm of taxation.
Here are some ways in which McKenzie Philips can help your new business start-ups:
Choosing the right business structure
The type of business structure you choose will impact your tax obligations and liabilities. We can help you understand the tax implications of each business structure, including sole trader, limited company, and partnership, and recommend the best option for your specific circumstances.
Tax planning and strategy
McKenzie Philips can help you create a tax plan that takes into account your business goals, expenses, and revenue. We can advise you on ways to minimize your tax liability and maximize your profits, such as taking advantage of tax allowances and deductions.
Bookkeeping and record-keeping
Accurate and up-to-date bookkeeping and record-keeping are essential for tax purposes. We can help you set up a bookkeeping system, train you or your employees in using it, and provide ongoing support to ensure that your records are accurate and compliant.
Preparation and filing of tax returns
McKenzie Philips can help you prepare and file your tax returns, ensuring that all relevant information is included and all deadlines are met. We can also help you with any HM Revenue and Customs (HMRC) inquiries or audits. And it’s important to know that we have experience that counts when it comes to working with government agencies.
Payroll management
If you have employees, you need to manage payroll and taxes. McKenzie Philips can help you set up a payroll system, calculate employee pay and taxes, and file required tax returns.
McKenzie Philips can provide valuable support to your new business start-ups, helping you navigate the complex world of taxes and regulations. By partnering with us, you can focus on growing your business and achieving your goals, secure in the knowledge that your tax obligations are being handled professionally and efficiently.