Starting a new business means there’s plenty to think about. An early and important decision to make is what type of trading vehicle will be right for you. For some, the simplicity of being a Sole Trader or even a partner in a Partnership will be ideal. For others, a Limited Company or Limited Liability Partnership will best suit their needs. Your choice will impact your tax liability, so we’ll talk you through the pros and cons of each route to help you decide.
Should you want to set up a company, we provide a fast and efficient company formation service. We can set up your new company or Limited Liability Partnership within 24 hours, with all the associated legal documents completed for you.
Once you’ve decided on your business structure, you’ll need a business bank account. We have strong relationships with many banks that we can introduce you to. It may be possible to open an account that’s fee-free for the first year.
By discussing your goals and how you want to operate, we’ll help you formulate a practical business plan. Whether now or later, it’s also highly likely your business will need to raise funds – to hire staff, develop new products or services or for larger premises. We can advise on your best options for financing and, through our many connections, put you in touch with potential funders.
By providing our bookkeeping and accounting services, we can help you maintain essential cash flow and maximise profits, not least by freeing up more time for running your business.
Although you may feel you’ll have more control by keeping your accounting in-house, that may not be true or cost-effective. Our cloud accounting services will give you greater visibility and timely information that helps you address issues before they become problems.
Going a step further, our Office of the CFO takes care of all your accounting needs and gives you access, through a single point of contact, to the combined expertise of all our experts whenever you need it
Unless you’re setting up an accountancy business, you don’t need to be a tax expert, especially since our specialists are on hand to give you the answers. Along your business journey, we’ll advise on aspects such as VAT registration and whether it would benefit you to register before you reach the threshold.
We’ll help you with all the tax issues involved with employees, including whether aspects such as IR35 off-payroll working and the Construction Industry Scheme (CIS) apply to your business and how to deal with them. Failing to comply with HMRC’s complex employment tax regulations can result in substantial penalties, so our advice can save you money and headaches.
It might seem strange to be talking about business exit when you’re only just setting up, but the sooner you have a clear picture in mind of how you would like to exit the business (sell outright or pass it on to the next generation) and what you want to want to do on retirement, the better.
Some people will want a comfortable, well-funded retirement; others find it hard to lose the business habit and will want to reinvest their wealth in other people’s new ventures. It’s only right that you should have those options, as your reward for all the many hours you’ve invested in building your business. By helping you with planning for your personal wealth, your pension, and inheritance and succession planning, we’ll help you realise the future you envisage.
I instructed AAB to investigate a fraud which had occurred at a remote subsidiary of my institution. They acted promptly and with persistence in researching the financial background, providing me with excellent oral and written reports.
Director, Charitable Institution
I cannot recommend AAB highly enough from my extensive experiences of their services which has included dissolving a partnership, becoming a sole trader and then subsequently incorporating the business, tax and general accountancy service and advice.
Stephen Bonsor, The Dental Practice
People do business with people and AAB’s people are friendly, helpful and professional. The charities team have been tremendously supportive and has continued to give us guidance and advice that far surpasses any contractual requirement.
Thane Lawrie, SCARF
Routine monthly processing has been faultless and my dealings with the payroll team over the year end have been excellent. A breath of fresh air to be dealing with such an excellent service.
James Thom, Scotia Instrumentation
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We help businesses at every stage of their lifecycle manage their people and finances, using technical innovation to maximise efficiency and value. We serve a global portfolio of SME and large corporate clients across twelve key sectors.
Specialist support is also available for family businesses and individuals. Our passionate team is our greatest strength, operating with a culture driven by a genuine commitment to client success. AAB operates from offices in the UK, Ireland, and Internationally.
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