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Member guest blog: 2 Sisters Accounting

At 2 Sisters Accounting we try really hard to make accounting and tax a bit less scary and a lot less dull than business owners expect it to be. We love working with small businesses to help them get understanding and control of their finances, and then use this control to help them grow their business.

If you’re scared of HMRC, fed up of condescending old men, or want to work with an accountant you can have a friendly chat with alongside your numbers talk, we’re probably the people for you.

We can’t get you new clients sadly, but we can make sure you’re doing exactly what you need to be doing when you do get those clients.

Beth is the younger of the 2 Sisters, and can be found usually annoying Jo and Becky within CoWomen. Within the Whatsapp group I’ll be found saying inappriopriate things or very occasionally giving some semi help advice to other members.

On the subject of semi helpful advice, I thought I’d cover off a topic which comes up all the time for new businesses.

One of the first hurdles to cross when starting your own business is getting everything set up and ready to go. You've finally settled on a limited company over being a sole trader and want to get started, but aren't sure of what you need to do or if you've covered everything.

1 - Pick your name! You can search on companies house here to check your chosen name is available.

2 - Register the company. You can do this directly with companies house or using a number of websites that will do it for you. Companies house charge £13 and other services usually charge about £50. Make sure you keep any letters you're sent out as your companies house registration code is essential to file your accounts.

3 - Part of registering your limited company will be letting HMRC know you are a company and getting set up for corporation tax. Make sure you keep any letters sent by HMRC as you will need your corporation tax reference.

4 - Set up a business bank account. As a limited company you need an account specifically for limited companies, not just an account in your personal name!

5 - Ensure you have any insurances etc you need in the company name.

6 - Pick your bookkeeping method. Are you using software or spreadsheets? Get them set up now.

7 - Register with the ICO if you are handling client data.

8 - If your only income is from the company and your company is making a profit you may benefit from taking a salary from the company. To do this you need to register for PAYE with HMRC. If you're not already registered for self assessment you also need to do this with HMRC.

9 - Make a note of your company year end and make sure you remember when your year end comes around that you need to file accounts with companies house and corporation tax return with HMRC!

10 - Pick an accountant you like working with right at the beginning so you have support throughout your first year. Naturally we'd suggest ourselves but you have hundreds of options out there to pick from.

If you want more advice on setting up your company or just want to chat things through with an accountant I (Beth) will be happy to help. I don’t charge for the first 30 minutes to chat through what you need and what you’re up to. And usually if you’re in Cowomen I am fairly fair game to ask questions to and will always help where I can.

If you want to book in a time to chat you can do it directly via my calendly or check us out via our website.

That or a loud scream within the Whatsapp group will usually catch my attention.

Cat pictures also work to get my attention. Just saying.

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