I’ve just started a company, what next?

As the director of a newly incorporated company, you will have a number of new responsibilities, including, but not limited to:

Keeping records of everyday transactions that will collate into a set of accounts at the end of the financial year. There are a number of ways in which records can be kept. Some clients prefer to keep manual records and write down all their transactions. However, we would highly recommend the use of an accounting software package.

There are numerous accounting software packages available to choose from. At Shaw Gibbs, we have experience using several packages, including Xero, Sage, QuickBooks and Kashflow. We have found that many of our clients prefer the Xero offering, as this can link with their bank account, automating much of their bookkeeping. As an online package, we can easily log-in to deal with any queries remotely. We can offer a free one hour Xero demo to our clients to show how the package works and can make their life easier. If a client chooses to use Xero as their software package, Shaw Gibbs have a Xero certified team on hand, happy to help with any queries regarding use of the software.

Another decision that directors will face is how to extract income from the company. Income can be extracted in a number of ways, including, the payment of dividends, salary, interest and pension contribution. We pride ourselves in giving expert advice on the most tax efficient way to extract income from your company, given your specific circumstances.

Shaw Gibbs aim to provide stress free, expert guidance suited to each individual client as they look to grow their new company. For more information on what must be done after incorporating a company and how Shaw Gibbs can help, please refer to the following links:

• When are my annual accounts due?
• Do I have to pay corporation tax?
• What is a confirmation statement?
• What is a dormant company?
• How do I pay dividends?
• What are the penalties if I file late?
• How do I pay myself and others a salary?
• What is a PSC?

For more information on how we can help please contact Leigh Smith, Accounts Director at leigh.smith@shawgibbs.com or call 01865 292200 if you would like further advice.