Specialist Startup Support For New Businesses in Suffolk

Our specialist startup and small business support services aim to remove the complex administrative issues associated with managing the finances of a new business or startup.

Helping your business improve financial and business processes

Our business startup support services help you to understand what structures and processes you need to put in place in order to be successful. From creating cash flow projections to budgets we can help you identify key areas to help you progress positively and without financial penalties.

Handling of legal paperwork and other administrative burdens

decimal+ will handle all of the necessary legal paperwork in order to reduce the administrative burdens you may be facing. In addition to this, we can help you create data-driven decision-making processes to ensure you’re working smarter while remaining compliant with regulatory requirements.

Ongoing support with services that scale as your business grows

As your business grows we will provide ongoing support and advice with scalable services that grow to meet the needs of your expanding business.

Business Startup Support FAQs

Read our payroll FAQs to understand how we can help your business with new employees, statuatory sick pay and help to ensure you make the right contributions to national insurance.

If you want to start working as self-employed, you must register with HM Revenue & Customs, but first make sure you have a National Insurance Number. After the registration, you will receive your Unique Taxpayer Reference (UTR) and HMRC will set up the right tax and National Insurance contributions records. You should keep your UTR safe because you will need it when completing your Self Assessment tax return.

You may need to register for VAT if you are doing business in the UK as an individual, a partnership, a company, an association, a charity, a local authority or any other organisation or group of people acting together under a specific name. Registration for VAT is compulsory if your annual turnover exceeds £85,000 or you expect the turnover to be higher than that amount in the next 30 days. It is also possible to voluntarily register for VAT if your turnover falls below this threshold.

In some cases where your customers are generally VAT registered themselves it can often be a benefit to register for VAT even if your turnover is below £85,000. This is because the VAT on your goods/services is not considered a cost to them but you have the opportunity to reclaim VAT on your purchases.

If you wish to trade and do not use a limited company you will be personally liable for the debt of your business. If you have assets or savings they are vulnerable to a claim made against you. By trading through a limited company you are literally placing a limit on your liability. That limit is the value of the company, including any money you may have invested in, loaned to or are owing to the company. The company has a separate legal identity from its owners and directors and unless they sign a personal guarantee for its debts they are not liable for these. There are a number of advantages in becoming a limited company, such as:

  • You can give a share of the business to others e.g. family
  • It may be easier to attract people to invest money in your business
  • Obtaining bank loans may be easier
  • There is no higher rate tax bands
  • In the event of a partner leaving or somebody dying it is easier to continue the business
  • It is easier to sell the business
  • You have better standing in the public eye
  • It can assist in the protection of a name
  • People have more confidence in your business as they can check up on your company on the public records at Companies House
  • You can control the amount of personal tax you pay since income tax is only due on money you withdraw from the business

The main disadvantages of becoming a limited company are the extra costs of preparing of annual accounts and some loss of financial privacy.

Specialist support for startups and new businesses

Decimal+ can help new businesses and startups become established with our comprehensive accountancy, bookkeeping and payroll management services.