Founding an organisation

Every organisation starts with an idea. The idea grows and develops into a business. To ensure the growth is natural and the business blossoms, you need experts by your side. You need an accountancy firm with experience in the initial set up of a business from forming the legal entity with registration at Companies House and registering for taxes, to establishing financial systems, processes and controls.

Purple Lime has a wealth of experience in business start-ups. The knowledge and insights on offer will mean you have a bespoke service ready for your specific business idea.

How we can help

If you want some advice about forming a new organisation please get in touch today to arrange a free consultation.

Business formation

The first step in forming a business is to establish which type of legal entity you will be setting up. If you aren’t sure on the best route to go down, you will need to seek professional advice on the advantages and disadvantages on the various types of legal entity (from sole traders to limited companies to limited liability partnerships and more) and work out the best fit for your vision and goals. A good business accountant will fill out any documentation required, leaving you to focus on the operations of your business. The main benefit to you is time and peace of mind that it is being done correctly from the get-go.

HMRC registration

A limited company or limited liability partnership will automatically be registered for corporation tax upon incorporation. There are also two main optional schemes that you may choose to register for. One of those schemes is VAT registration – you may be uncertain as to whether it is worthwhile registering for VAT and if your projected first year’s turnover is under the registration threshold. An expert business accountant can advise you as to whether this would advantageous or not to your business and also advise when to do this, i.e. when you are or projected to produce a turnover of £85,000.

Are you thinking of taking on an employee or two? The second main government tax scheme that requires registration with HMRC is as an employer, meaning you are registered to pay taxes relating to your employees’ pay.

You will also need to consider whether the owners/directors of the business need to register for a Self-Assessment Tax Return.

Accounting systems setup

The benefit of being a 100% Xero accountancy practice is the walk through and assistance you would receive with your set up in Xero!

Xero in the most highly recognised accounting platform in the world. There is an abundance of apps and accounting software that integrate with Xero allowing you to streamline your accounting processes and ensure your time is not wasted on manual data entry.

You need someone to work with you to find the best suited apps and recommend the optimal solution for you. Once the perfect concoction has been designed, a Gold Champion Partner of Xero would be best suited to assist in setting these systems up, training you and your team and ensuring they are working smoothly.

If you are going to manage your accounting systems yourself you can to head to Purple Lime’s training page to ensure you get the right training to enable you to manage your new system effectively.

Banking facilities

Purple Lime have long-established connections with many established high street banks and more modern challenger banks. We have vast experience with setting up new business bank accounts. A professional accountancy firm can complete the admin surrounding the setup of this, as well as assisting with any other products you may require form a banking perspective.

Get in touch today by calling 01249 691360 or send us an email