Accountant and HMRC help please

[dougie212]

Hi there..

My wife and I are setting up a partnership business, and have begun hunting for accountants. Alongside this we obviously now need to register with HMRC as we are preparing to "go live". My wife is currently part time employed already so she will be the nominated partner, I am full time employed already so will be named as a partner.

My question/dilema is... do people recommend having an accountant in place before we register with HMRC or is the process of registering with HMRC simple enough and an accountant can be gained after we are registered.

Hope this makes sense... I am a newbie so go easy...

Regards

Duncan

 

[StevensOnln1]

Registering your partnership/self-employment is as simple as filling out a form. Before doing that, it's worth taking advice from an accountant as to whether a partnership is the best entity for your business or if you would be better off forming a limited company.

http://www.hmrc.gov.uk/selfemployed/index.shtml

 

[astutiumRob]

My wife and I are setting up a partnership business

My advice = the only partnership you should be involved in with your wife is the one you signed up for at the exchange of rings.

 

[MyAccountantOnline]

Hi there..

My wife and I are setting up a partnership business, and have begun hunting for accountants. Alongside this we obviously now need to register with HMRC as we are preparing to "go live". My wife is currently part time employed already so she will be the nominated partner, I am full time employed already so will be named as a partner.

My question/dilema is... do people recommend having an accountant in place before we register with HMRC or is the process of registering with HMRC simple enough and an accountant can be gained after we are registered.

Hope this makes sense... I am a newbie so go easy...

Regards

Duncan

Hi Duncan

If you've not yet commenced trading my advice is to contact an accountant first to make sure a partnership is the best option for you.

 

[Ola1]

If you're committed to making a success of the business, and this is not a hobby, plus you can afford a couple of hours with an accountant accessible to you,(get a quote),

Then your accountant could, provide guidance on business planning, tax , business structure, statutory deadlines, in short good stuff

 

[MyAccountantOnline]

Do bear in mind most good accountants will give you a free initial consultation and you needn't physically visit an accountant any more unless you want to, many accountancy practices like my firm look after clients just like you online.

Good luck with the new venture

 

[Paul_Rosser]

As others have said speaking to an accountant prior to setting up is a very good idea as they will be able to give you some options as to the best way to structure things.

Also as most accountants charge a monthly fee which also covers your end of year accounts prep/filing you won't save any money by waiting to get an accountant after you setup as you will still end up paying the same over the year just more per month if you wait.