ABSL will arrange all the paperwork in setting up your business as a sole trader, partnership or limited company as necessary.

The simplest way to startup is as a sole-trader. Essentially, your business income is counted alongside your existing personal income, so the accounting side of your business will be very straightforward. There are fewer administrative duties to be performed and the accounting side is simpler than under the limited company setup. As a sole trader, you can quickly adapt to changes in your business with minimal bureaucratic changes required and you have complete control over your business and accounting affairs. However, a sole trader is also ultimately responsible for any liabilities should anything go wrong. It is worth spending time considering which set-up company format is best for you.

ABSL prepare sole trader accounts and submit accounts and tax returns for the Inland Revenue

Aside from sole trader status, most small businesses operate as Limited Companies. The term ‘limited’ derives from the fact that the company's finances are distinct from the personal finances of their owners (unlike the sole trader arrangement). Many client-facing companies prefer this route, since a limited company setup can appear more professional in nature when dealing with customers and suppliers. Additionally, you business finances are completely separate from those of your business.
Shareholders in limited liability companies are not responsible for company debts, although if required, directors may be required to guarantee loans or credit granted to the company.

Since 1st April 2004, most limited companies do not need an audit unless they exceed two out of the three following criteria:
Employees 50
Turnover £5,600,000
Balance Sheet Total £2,800,000

If an audit is required ABSL can advise on this but generally, most small businesses will be exempt from audit.

ABSL will prepare unaudited abbreviated accounts for filing at Companies House and accounts and corporation tax returns for the Inland Revenue.

If two or more people wish to go into business together, but without going down the limited company route, a partnership offers a simple way to get started, similar in many ways to going the sole trader route for an individual. A partnership has no legal status, as a Limited Company would; it is merely a vehicle linking two or more self-employed people in a simple business structure.

ABSL prepare partnership accounts and submit partnership accounts and tax returns for the Inland Revenue.

ABSL can prepare and submit your VAT return from your books and accounting records.

ABSL can advise you about the various VAT schemes available:
Cash Accounting
Flat Rate Scheme
Annual Accounting
Special Schemes for Retailers

Every limited company must deliver an annual return to Companies House within 28 days of its made-up date. A company's director(s) and secretary are responsible for ensuring that the annual return:
a. is delivered to Companies House within 28 days after the anniversary of incorporation or the anniversary of the made-up date of the last annual return; and
b. gives a true picture of the management structure and capital (if applicable) of the company at the made-up date.

Remember: It is a criminal offence not to deliver the company's annual return within 28 days of the made-up date, for which company secretaries and directors may be prosecuted.

All annual returns must be delivered to Companies House within 28 days of the made-up date given on the form. There is an annual document-processing fee payable to Companies House of £30 or £15 for users of Software Filing or WebFiling services which is payable when the annual return is filed. ABSL can arrage for Web filing services for you and ensure that you complete this and any other statutory returns on a timely basis.

ABSL offer a complete payroll service.

All businesses are required to keep accurate records for both tax and VAT. ABSL provide a comprehensive bookkeeping service keeping track of all transactions

Just as you would plan your route for a journey you should also plan your route for your business, as without a clear plan of the route you will take, and of where you want that route to take you, how will you know when you have got there?

ABSL can prepare a formal business plan for your business.

ABSL will complete your tax return, calculate your final tax liability and file the returns on line.

ABSL will review your self assessment tax return to see if any tax savings can be made and, if we have information for prior years, then we can look to see if there are any anomalies that need to be addressed before the latest tax return is submitted.