George, a 29 year old who lives in Altrincham, decided to fulfil his dream and set up his own business buying and selling a product in an industry that he has worked in for many years. A business contact strongly suggested that he talked to Pickard & Co as we are accountants who actively get involved with our clients.
At the free introductory meeting at our office in Sale, Manchester, all the options as to how George could trade were explained, namely Limited Company, Sole Trader, Limited Liability Partnership and Partnership. Due to the perceived risk in George’s industry it was decided he should trade through a Limited Company.
George decided to appoint Pickard & Co as his accountants and at a subsequent meeting the formalities of forming the Limited Company, the appointment of Directors, shareholders, opening a business bank account and appointing Pickard & Co were quickly completed. For tax planning and marketing it was decided to register the business for VAT and to form a payroll. George’s wife was also to work in the business and would draw a commercial salary to assist in reducing the couple’s joint tax liabilities.
A week after the appointment of Pickard & Co, George and his wife visited our office for the bookkeeping meeting. Given the choice of Accounts software, Computerised Spreadsheets and manual records, George chose an Accounts software package. George’s wife was already familiar with this and found it easy to adapt to their new business. During this meeting the whole process of record keeping was explained and demonstrated. Time was spent discussing the interaction of Employees’ PAYE/NI, Dividends and Corporation Tax.
After the bookkeeping meeting George was pleased to know that over the next six months Pickard & Co were readily available to help with any queries, a period that we call “hand holding”.