The Main Forms of Doing Business in the UK

Before selecting an accountant, it’s crucial to determine the most suitable business structure for your needs. In the UK, you can register under the following legal forms:

1.     Sole Trader - Ideal for freelancers and small businesses. The owner is personally liable for all business debts.

2.     Limited Company (Ltd) - The most popular form for small and medium-sized businesses. The company’s owners are not personally liable for its debts.

3.     Partnership - Suitable for multiple co-owners running a business together.

4.     LLP (Limited Liability Partnership) - Combines features of a Limited Company and a Partnership, offering limited liability to its members.

The chosen business structure will impact the accounting requirements.

What Accounting Services Are in Demand in the UK?

Accounting in the UK extends beyond bookkeeping, encompassing a variety of essential services. The main areas of accountants’ work include:

·        Business Registration - Guidance on selecting the optimal business form and registering with HM Revenue & Customs (HMRC).

·        Bookkeeping - Tracking income and expenses, preparing accounts, and creating financial forecasts.

·        Tax Planning - Crafting strategies to minimise tax liabilities within legal boundaries.

·        Reporting and Filing - Preparing and submitting mandatory tax returns for companies and sole traders.

·        Payroll Services - Managing employee payroll and submitting reports to HMRC.

·        Tax Advice - Assisting with understanding tax obligations and available reliefs.

And in all of the above points, Foundry Accounting experts are assisting you in all of them!