The most effective way to keep your accounting records would be to use online bookkeeping software such as Quickbooks, Xero or Freeagent. These can link to your bank account and bring in your transactions securely.
Read MoreYou will need to be vat registered if the sales that you make are more than £85,000 in a twelve-month period. At this point you will need to register for vat, charge vat on sales that you make and submit vat returns to HM Revenue and Customs
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If you are going to be paying yourself and other employees from your Limited Company, you will need to register with HMRC as an employer to report the tax and national insurance that you deduct from the payroll.
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Your company is entitled to claim tax relief on the expenses that it pays whilst providing its services or selling its goods. The expenses will reduce the profits that it pays tax on and ultimately reduce the amount of tax payable.
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The money that is in the company bank account belongs to the company, it does not belong to the directors or shareholders until it is paid out into a personal bank account.
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As a company director you will pay yourself the basic salary above the national insurance threshold and the remaining will be taken in the form of dividends.
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Starting a company is a straight forward process, it takes on average about 2-3 hours to process and costs £12 when formed using the Companies House website.
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One of the first decisions that you will face when you want to start a business is: are you going to be a sole trader, partnership or limited company?
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