Starting your own business is exciting — but it can also be daunting. From deciding on your business structure to understanding your tax obligations, there’s a lot to consider before you even make your first sale.
At Greystone Accountants, your trusted business accountants in Birmingham and Walsall, we specialise in helping start-up businesses build a strong financial foundation so you can focus on growing your idea into a success story.
In this guide, we’ll take you through the key steps to starting your business — with practical insights on the accounting and tax essentials you shouldn’t overlook.
1. Choose the Right Business Structure
The first decision is how your business will operate legally. The most common options in the UK are:
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Sole Trader – Simple to set up and manage, but you’re personally responsible for all debts and taxes.
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Limited Company – Offers limited liability protection, more tax-efficient options, and a more professional image.
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Partnership – Suitable if you’re going into business with others and want to share profits and responsibilities.
Each structure has different tax implications and reporting responsibilities.
At Greystone Accountants, experienced start-up accountants in Walsall and Birmingham, we can help you compare the pros and cons based on your expected income and long-term goals.
2. Register with HMRC or Companies House
If you’re going self-employed, you must register with HMRC for Self-Assessment.
If you’re setting up a limited company, you’ll need to register with Companies House and file your company accounts annually.
We can handle all your registrations — from setting up your company to registering for Corporation Tax, PAYE, and VAT (if applicable).
3. Open a Business Bank Account
A separate business bank account helps keep your finances clean and organised. It also makes bookkeeping easier and ensures you can clearly track income, expenses, and dividends.
For limited companies, it’s a legal requirement.
As local new business accountants in Birmingham, we can connect you with partner banks that specialise in startup business accounts to help you get started quickly.
4. Set Up an Efficient Accounting System
Good record-keeping is vital. You’ll need to track your sales, expenses, payroll, and VAT accurately to stay compliant and avoid costly mistakes.
Modern cloud accounting software such as Xero, QuickBooks, or FreeAgent makes this process seamless — and we can help set it up for you with customised templates for your business.
At Greystone Accountants, as part of our bookkeeping services, we can automate your accounting so you have real-time financial insights and can focus on running your business, not crunching numbers.
5. Understand Your Tax Responsibilities
Taxes can be confusing for new business owners, but knowing what applies to you early on can prevent unexpected bills later. Key areas include:
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Income Tax (for sole traders)
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Corporation Tax (for limited companies)
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VAT (if turnover exceeds £90,000 or you register voluntarily)
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PAYE & National Insurance (if you have employees)
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Dividend Tax (for company shareholders)
Our team of accountants for new business will help you plan ahead, calculate your tax liabilities, and ensure you take advantage of all available tax reliefs and allowances — such as business mileage, use of home, and start-up costs.
6. Create a Realistic Business Plan
A strong business plan is essential — not only for securing funding but for setting clear goals and milestones.
Your plan should include:
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A clear business idea and market overview
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Revenue projections and cost breakdowns
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Cash flow forecasts
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Key performance indicators (KPIs)
Our team at Greystone can assist you in preparing professional financial forecasts that lenders and investors trust.
7. Budget for Start-Up Costs
Common start-up costs include:
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Equipment, software, and website setup
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Marketing and branding
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Insurance and legal fees
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Accounting and compliance costs
We’ll help you build a start-up budget that ensures you stay cash-positive in the crucial early months.
8. Plan for Growth
Once you’re up and running, keep reviewing your numbers.
Greystone offers ongoing management accounting, tax planning, and advisory services to help you scale confidently — whether you’re hiring staff, expanding locations, or investing in new technology.
As leading business accountants in Birmingham and Walsall, we’ll ensure your growth is supported by sound financial strategy.
9. Seek Professional Guidance Early
Many new businesses fail not because the idea wasn’t good, but because they didn’t manage their finances properly. Having a proactive accountant on your side means you’ll always know where your business stands — financially and strategically.
At Greystone Accountants, we don’t just file your accounts; we help you plan, grow, and succeed. From company formation to tax efficiency and business growth advice, we’re with you every step of the way.
Start Your Business Journey with Confidence
If you’re planning to start a business or recently launched one, get in touch with Greystone Accountants today.
We offer free initial consultations and fixed-fee start-up packages to help you set up, stay compliant, and thrive.
Based in Birmingham and Walsall, we support start-ups across the West Midlands and the UK.
Book your free discussion or call Greystone Accountants to discuss how we can help you turn your business idea into a success story.
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