Services

Starting Your Business

Choosing the right business structure can feel overwhelming, but we’re here to help.

At Adams & Co, we understand the challenges of starting a business. That’s why we offer a free initial consultation to discuss your plans, goals, and aspirations.

Once we understand your business, we’ll walk you through the different structures available—explaining the pros and cons of each to help you make the best decision.

Once your structure is in place, we’ll guide you through the necessary accounting and tax steps, whether it’s registering for self-assessment or incorporating a Limited Company. Whatever you need, we’ve got you covered.

Self-Employed & Partnership Accounts

Sole Traders

If you choose to operate as a sole trader, self-employed accounts can provide valuable insights into your business performance. While not a requirement for self-assessment, many sole traders find them useful for financial planning.

Partnerships

A partnership is a formal business agreement between two or more self-employed individuals aiming to make a profit. Partnership accounts track the business’s financial position, including each partner’s capital contributions, drawings, and profit allocations.

Limited Companies

Setting up a Limited Company can be a great choice, offering limited liability and a separate legal entity for your business.

At Adams & Co, we work with companies across various industries, helping them stay compliant with Companies House and HMRC.

Every Limited Company must complete three key filings:

• Statutory company accounts – submitted to Companies House and HMRC
• Corporation tax return – filed with HMRC
• Company secretarial services – including forms like CS01

Depending on your company’s activities, additional services like VAT registration, payroll, bookkeeping, and CIS may also be needed.

If you already run a Limited Company or are considering setting one up, contact us for a free, no-obligation consultation.

Self-Assessment Tax Returns

If you receive untaxed income, it’s your responsibility to notify HMRC and file a self-assessment tax return. Unsure of your obligations? We’re here to help.

At Adams & Co, we handle self-assessment tax returns for individuals across various industries. Most returns are submitted online, with key deadlines:

• 31st January (for online returns) – e.g., for the tax year ending 5th April 2025, the deadline is 31st January 2026
• 31st October (for paper returns)

Missing these deadlines can result in fines starting at £100 for late submissions.

Corporation Tax

Corporation tax applies to all UK-registered companies. The amount due depends on your company’s taxable profits within a 12-month period.

Given the complexity of corporation tax, working with a qualified accountant ensures compliance and maximises any available allowances.

VAT (Value Added Tax)

Any business, regardless of structure, must register for VAT if its turnover exceeds £90,000 in any 12-month period.

Once registered, VAT returns must be filed regularly—either by the business owner or an accountant.

All VAT-registered businesses must comply with Making Tax Digital (MTD), which requires VAT returns to be submitted through HMRC-approved software.

Capital Gains Tax (CGT)

Capital Gains Tax (CGT) applies when you sell or dispose of certain assets—unless the disposal is exempt. Assets subject to CGT include:

• Property
• Personal assets over £6,000 (excluding cars)
• Business assets
• Shares

CGT calculations involve various allowances. Professional advice can ensure compliance and help maximise your exemptions.

If you’re disposing of any assets, speak to an accountant to make sure everything is handled correctly.

Need help with any of the above? Get in touch with Adams & Co today for expert advice!