The business owners are three individuals who have worked together before and who now want to jump from employment into a joint venture.
We have set up all their accounting and taxation compliance requirements.
Firstly we formed a limited company for them, using different classes of shares to accommodate the anticipated disproportionate distribution of profits.
Then we introduced them to HSBC - just one of the high street banks we have connections with - to fast track the set up of their business bank account.
Then we created a bespoke bookkeeping system for them, using the cloud accounting software Xero - this allows all three of the directors plus ourselves to see, in real time, their up-to-date accounting data.
We've set up and operate their monthly payroll, ensuring they each take a sensible monthly salary and benefit for the Government's £2,000 NIC payback scheme.
We have registered them for VAT, assessing that the use of the Flat Rate Scheme will provide an annual benefit of approx £2,540.
We look forward to preparing their first annual financial statements and company and personal tax returns demonstrating their success in their first year of trade.