Speaking to an accountant when setting up your business is key to going forward
You should speak to an accountant when setting up your business to make sure you choose the best structure.
In any event you should at least meet one as soon as you’ve decided on your business. It could be the most valuable meeting you ever have with your accountant! The cost of missing out on professional advice at this early stage can turn out to be very expensive. (Most accountants offer free initial meetings so you’ve nothing to lose).
See an accountant to:
Understand which structure is best for your business: Sole Trader, Limited Company or a Partnership. (Don’t underestimate the importance of this decision.) Get advice on expenses, VAT schemes, salaries and dividends to create long-term savings. Learn about efficient record keeping practices for your business type (saving you both time and money). Find out what you need to get ready in time for the launch such as registration for Income Tax, VAT and PAYE etc.