Starting a New Business

Simon & Co provides personalised financial services for new businesses. From strategic planning to compliance management, we’re your partner in navigating the financial landscape, offering expert support to help your business thrive from the outset.

new business
new business
new business

Start on the right foot with Simon & Co

Your new business journey.

Stepping into the world of entrepreneurship? Congratulations! At Simon & Co, we know that starting a new business is a thrilling yet challenging adventure. It’s like setting sail into uncharted waters, and while the journey is rich with opportunities, there are complexities too. That’s where we come in. Think of us as your financial compass, guiding you through the monetary waves with ease and expertise.

We’re not just about the numbers; we’re about ensuring your dream is anchored in financial security and prosperity. So, while you paint the big picture, we’re here making sure the financial details are taken care of, turning your vision into a viable venture.

Kickstarting your new business with Simon & Co

  • Choosing Your Business StructureWe’ll walk you through selecting the right setup, whether you’re thinking of starting as a sole trader, partnership, limited liability partnership, or a limited company. We make the process clear and simple.
  • Crafting Your Business Plan – We’re here to help shape your ideas into a solid business plan, complete with cash flow projections, budgets, and trading forecasts that make sense to you.
  • Navigating Finance – We’ll explore your financial needs together, identify the best sources of finance, and create proposals that speak your vision and needs.
  • Registration Made Easy – We handle all the paperwork and processes with Companies House and HMRC, so you don’t have to worry about the red tape.
  • Company Secretarial Support – We’ve got your back on company secretarial tasks, ensuring everything runs like clockwork.

  • Setting Up Systems – We’ll set up recording systems tailored to your needs, ensuring you’re organised and compliant without the hassle.
  • Tech and Software Guidance – Need tech advice? We’ll recommend the right computer hardware and help set up your accountancy software.
  • Managing the Books – Leave the bookkeeping, VAT, payroll, and accounting to us. We ensure everything is spot on, so you can focus on growing your business.
  • Compliance and Admin Support – We’re your extra pair of hands, offering ongoing support to ensure your business ticks all the boxes for compliance and administration.
  • Opening Your New Business Bank Account – We make setting up a new business bank account a breeze, ensuring your finances are ready to roll from day one.

Let’s take this leap together

We know that every new business is the result of passion and hard work, and at Simon & Co, we’re committed to supporting that. We offer a range of financial services tailored to the specific needs of new businesses. Our approach is hands-on and personalised, whether it’s setting up efficient accounting systems, managing compliance, or strategic financial planning. We’ll always be there to offer the expertise and tools you need to make informed decisions and drive your business forward.

Frequently Asked Questions

Explore our frequently asked questions to find valuable information on various business topics. Get the answers you need to make informed decisions about your business.

When do I need to set up a business bank account?

In the UK, there’s no rush to set up a business bank account the moment you start your company. It’s not a mandatory step like in some countries, so you have the flexibility to decide when it’s the right time for your business.

We know that diving into the banking world can be a bit daunting, especially if your business is still putting down its roots or if you’re new to the UK. And if you’ve got a growing team, having a UK bank account can make things like handling UK Pension contributions a whole lot easier.

Whenever you’re ready to take the step, Simon & Co is right by your side. We’re not just about giving advice; we’re about making connections and making the process as smooth as possible for you.

Will I have to pay Corporation Tax?

If you’re running a limited company, yes. You’ll need to get yourself registered for Corporation Tax. And it’s not something to put on the back burner – you’ve got three months from the moment you start trading, hire your first employee, or rent a business property. We know, it’s another thing on the to-do list, but it’s a crucial one, and we’re here to help make the process as smooth as possible!

Will I have to register for VAT?

If your business is pulling in more than £85,000 (based on the 2023/24 threshold) over a year, then yes, it’s time to register for VAT. This applies whether you’re a sole trader or running a limited company. You can also register for VAT even if you’re not hitting that threshold yet, if it makes sense for your business.

Once you’re registered, you’ll need to add VAT to your prices (the rate depends on what you’re selling).

Do I need to hire an accountant before I start my business?

It’s a common concern. Hiring an accountant in the early stages might seem like an expense you want to delay. But, consider this: an accountant does more than just handle your taxes and books.

An accountant can be a valuable partner in the initial phase of your business. They can help set up your financial systems, ensure you’re compliant with legal requirements, and provide insights based on your financial data to inform your business decisions. They also ensure you’re aware of and can claim all eligible deductions, including costs incurred before setting up your business.

So, while it’s an investment, having professional financial advice and support from the outset can set a strong foundation for your business’s financial health.

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