How we set up a Bounds Green Myddleton Road startup correctly from day one
Client R opened an independent business on Myddleton Road, Bounds Green's growing independent quarter, and came to us before trading rather than after. They wanted to get the structure right from day one rather than discovering problems at the first year-end, but didn't know whether to be a sole trader or company, when to register for VAT, or how to set up their bookkeeping.
We set everything up properly. We modelled sole trader versus Ltd company for their projected profit and recommended a company given the growth plans, incorporated it at Companies House, registered for Corporation Tax, set up cloud accounting (Xero) with the bank feed connected, created a chart of accounts suited to their business, and put a simple receipts-capture system in place. We set a calendar of all their filing deadlines and advised on the VAT registration trigger so they'd register at the right moment.