Heighten Accountants

020 3900 2424

Effortlessly manage your Start-up’s accounting needs with your dedicated accountant

Great, you have made a firm decision of setting up your own business. We understand that it takes a lot of passion, determination, and courage to take such a big leap. We love working with start-ups and ambitions people like you.

Launching a business also comes with odds. Research shows that 4 out of 5 businesses fail within the first 5 years. Even worse, 57% of business start-ups fail in the first 12 months!

Unnerved by these statistics, a professor of entrepreneurship at Harvard Business School set out to discover why start-ups fail. based on interviews and surveys with hundreds of founders and investors, the author found six patterns that doom start-up ventures. Two were particularly common among all start-ups namely ‘bad bedfellows’ and ‘false start’.

On the other hand, research proves that the wise start-up business owners surround themselves with positive people, plan ahead, and seek professional advice from the outset to get a significantly greater chance of being very successful. For these reasons, at Heighten Accountants, we have developed our Startup business support programme called ‘WiseStart’.

WiseStart is designed to help your start up business overcome the hurdles that trip up 80% of new businesses. WiseStart helps you become highly successful and our expert start-up accountants are always on hand to provide support tailored for your new venture. We help from answering questions on choosing the right business structure for tax minimisation to proactive advice on getting the most out of your business.

Creating a financially sustainable and cash rich business should be one of your start up’s goals and the Heighten team is trained and fully committed to help you achieve them and make you a happily successful business

Why choose our ‘WiseStart’ business accounting services?

WiseStart accounting service package provides support to all sorts of business structures and trades such as limited company, sole trader, and partnership, contractor, freelancer, fashion designer, architect, florist, letting agency, or any other small business trade. Becoming part of Heighten’s WiseStart programme, you get access to: 

  • Your Own Dedicated Startup Accountant – to give you unlimited advice throughout the year for all your accounting and business queries.
  • Cloud Accounting Software – to provide you estimates, invoices to customers, instant payment collection, chasing, and monitoring outstanding balances.
  • Personalised Services – tailored to your business and trade needs
  • Fixed Fee – competitive packages with monthly payment plans
  • WiseStart Pack – a pack full of useful resources to help make your business a huge success

We have got your back. Our team of start-up accountants currently helps over 2,000 individuals and businesses around the UK and can help you from day one. Our services range from company formation, Accounts, VAT, payroll, and bookkeeping to unlimited business advice.

Our startup business specialist accountants will keep you on top of your accounting responsibilities, so you can concentrate on your new business. We send regular deadline reminders to ensure you never miss a deadline. We’ll also deal with HMRC and Companies House, so you don’t have to.

We are flexible, adaptable, and able to step up when you need. We are resourceful to support all your accounting and tax needs as you grow.

The Best Start-up Accountants

I have pleasure meeting Heighten Team at their London office when I started my travel and cargo business. Their advice on company formation, payroll, VAT and tax was spot on. Their introduction to a local solicitor for company contracts was helpfull too. I found them the best in the town and recommend them without hesitation.

Khurram Farid

Our Accounting solutions for Start-ups (What is included)

What is included in the WiseStart package?

  1. Advice from our Business Advisers – Discuss tax, legal, insurance, financial planning, and accountancy matters, from setting up your business to right through to your exit strategy. 
  2. Business Tax Registrations – We will deal with all the paperwork, we will take away the worry of getting on the wrong side of the taxman! 
  3. Bookkeeping training – A comprehensive bookkeeping and software training to provide you with reliable information regarding the performance of your business. 
  4. Free computer, legal and financial advice – An hour-long meeting with an I.T. consultant, a local solicitor, and a local independent financial adviser, who all understand the world of business.  
  5. Free 12-month membership of Business Builder Forum – discover business-building ideas; surround yourself with successful business owners and network with local businesses. 
  6. BoardView Meetings – hold regular board meetings to discuss strategy and start thinking like, acting like, and achieving like your bigger and more successful counterparts.  
  7. Computerised accounting systems installation – installation of an appropriate accounts system, opening balances, and digital KPI dashboard.  
  8. Raising finance – including preparation of detailed cash flow and profit and loss forecasts for your first year in business and arranging a meeting with a bank manager. 
  9. Building an Even Better Business– a training programme for forward-thinking business owners inclusive of monthly group discussions. 
  10. Discounts on other services – a 20% discount on the additional services for the first twelve months such as Registered Office, Secretarial services, HMRC Registrations, etc
  11. The WiseStart pack – a pack full of useful resources to help make your business a huge success. such as ‘Accounts Made Easy – Practical advice to help you make sense of your accounts and your business, and other useful reference material.
  12. Unlimited free ad hoc advice – as a valued client you will have unlimited access to our entire team for advice on ad-hoc matters.

How our accounting for startups work

We help business start-ups both survive and thrive. We understand that as a start-up business owner you often wear multiple hats. While that flexibility is essential, without dedicated accountant support it can be easy for tax accounting responsibilities to fall through the gaps. 

Our WiseStart accounting package is designed specifically for your start-up business needs and it works in very simple 3 steps: 

1 – Book a free consultation with us to discuss your Start-up business needs

2 – Get a custom-tailored and personalised Startup Fixed Fee Plan 

3 – Achieve your desired entrepreneurial happiness and financial freedom

If you are looking to move from your existing accountants, our ‘Switching Made Easy’ service allows you to move your accounting with us hassle-free. 

During our initial ‘Getting to know you’ meeting, we’ll discuss your specific start-up tax and accounting needs, and let you know how we can help you best. We will spend time with you to fully understand your needs and tailor a bespoke solution and fixed fee plan for you. 

The overall journey with us will look as follow: 

  • You’ll accept the tailor-made personalised proposal
  • You’ll be assigned with a dedicated business start-up accountant
  • We discuss your company formation, payroll, VAT, and other accounting needs
  • We advise you on opening a bank account, fundraising, and insurance
  • We set up Cloud Bookkeeping, compliance & statutory reporting (tax returns)
  • We conduct regular board-view meetings and 
  • We provide you unlimited advice on tax minimisation and business growth

By trusting the Heighten team your start-up accounting will become seamlessly effortless and hassle-free. We keep your company admin to a minimum and assist you to make your business a happily successful and self-managing venture.

I am so glad that I chose Heighten as my accountant

I am so glad that I chose Heighten as my accountant when setting up my business and cannot recommend them highly enough. As a new business owner, I needed a lot of guidance and I have been fortunate to have the very knowledgeable team of accountants support me over the last few years. Without their advice, I would be truly lost! No question was ever too small or silly, they would respond quickly and with a high quality of advice. The prices are very competitive and the quality of service is excellent.

James L

MD & Entrepreneur
Do It With Love

Accounting tips for Startups

  1. Choose the right structure for your start-up – you can start as a sole trader, partnership, or a limited company. Your choice can impact your tax bill, admin work, profit distributions, and tax planning. 
  2. Register on time to avoid penalties – Notify HMRC as soon as you start trading to avoid failure to notify penalties. 
  3. Consult a VAT expert – VAT is a complex subject and you must consult professional accountants before deciding when to register or manage VAT liabilities.  
  4. Get record keeping right – A well-kept set of books and records will provide you with reliable information regarding the performance of your business, keep accountancy fees to a minimum, and your claim for tax relief intact. 
  5. Open a business account – keep your personal and business financial matters separate for better monitoring of business performance and to keep tax investigations smooth. 
  6. Plan for a company car – The tax implications vary considerably when you buy a car in a private or business name. A careful review should always be undertaken to minimise any tax charges and maximise the reliefs.

Professionalism, Quality, Responsiveness, Value

I have been working with them for last 20 years for my personal, business, tax and accounting work. I have found them very professional and resourceful. Initially, I found them a bit pricey but they justified their fee by bringing a lot of value to my business. I appreciate the support from their passionate team and have already recommended them to most of my business friends.

Paul Forsythe

CEO
Innovative Constructions & Build

Accounting for Startups FAQs

Your start-up business accountancy fee will depend on a multitude of factors. For example, a sole trader business requires less reporting, therefore it costs you less. On the other hand, a limited company requires more reporting to HMRC and Companies House and the fee is usually higher but you get more tax planning opportunities under a limited company structure.

Your accountancy fee also varies where you require additional accounting services such as Payroll and VAT return. If you do not have any employees in your business then you are not required to run a payroll scheme and auto-enrolment pension, however, you may only need director payroll.

Similarly, if you are under the VAT threshold and do not register for VAT voluntarily then your fee would be lower. You can also decide to keep bookkeeping in-house to reduce the cost.

It’s crucial to figure out what works for your budget, as well as what kinds of services you need the most from a professional accounting solution. You should seek tailored made personalised solutions and accountancy quotes for your business to make sure you pay the right fee only for the services you need at the start.

Your start-up business requires accountants who:

  • Know how smaller businesses work: It is beneficial to choose an accounting firm that has experience in working with smaller and start-up companies. A knowledgeable start-up expert will understand your specific challenges and accounting requirements and will make your tax, bookkeeping, and other financial services experience stress-free.
  • Can do a bit of everything:  As a start-up business, you need to understand your accounting obligations. You’ll likely need dedicated and professional accountants with complete knowledge across a range of accounting services such as company tax, payroll, VAT, Tax Investigation, Tax minimisation, and advisory services. The ideal accountants should provide high-quality services across the board.
  • Are flexible, adaptable, and able to step up when needed:  As a start-up, you are not going to stay the same therefore your accountants should have the ability to grow and adapt to your business needs as you grow. An accountancy practice needs to be able to adapt to these changes and areas of growth.
  • Connect you to other professionals: Your start-up requires access to many other services. Finding other service providers and professionals can be hard. Working with an accounting firm that already has access to top industry suppliers such as accounting software providers, payment collections, will writers, legal and other professionals can make your job easier.

WiseStart is a brand-new small business support programme introduced by Heighten accountants to prevent 80% of new business start-ups from failing.

The WiseStart business package gives start-up businesses everything they need to become successful. As well as the obvious areas of business planning, tax, accounts, and finance, it also includes a comprehensive business growth programme that we have developed in conjunction with AVN (a community of like-minded accountants).

It is called the ‘Business Builder’, and we can now use it to help local businesses to find breakthrough strategies that will guarantee their success.

We also offer free copies of our two insider reports to start-up businesses “Accounts made easy” so that by having accounts that give them the information they need to keep their businesses on the road to success.”

And “How to get your bank to say yes” since getting the best from your bank is a vital ingredient in small business success.

Business start-ups can also join our building an Even Better Business programme which includes the keys to building an even better business and creating a difference through the ‘Added Value Mindset” and much more.

Having an appropriate business structure is an important decision for start-ups. Here are some common business structures you may consider:

Sole trader: This is the simplest structure you can choose for your start-up. It requires little reporting with lower administration costs. However, the burden of liabilities is on you as there is no segregation between you and business and you may pay more in taxes.

Limited Company: This is the most popular start-up structure. This structure helps you limit your liabilities, defer your taxes, earn your trust and come with more tax planning opportunities. However, there is more admin work and cost to maintain the structure

Partnership: Less popular and used mostly for a specific type of business. Under this structure, two or more individuals or limited companies come together to form a partnership. Partnership and individual accounts and tax returns are prepared. All partners share liabilities and profits equally.

It is important to have the right structure from the beginning but it is not always possible to decide on a single business structure for the entire life of the business. As a business flows towards its maturity stage, you should adopt the right structure.

The specialist services that a qualified accountancy company can provide to small businesses may include:

  • Bookkeeping – to ensure your company is on track, also free up your valuable time
  • Payroll – to ensure your employees are paid & your HMRC liabilities are dealt with on time
  • Accounts and Corporation Tax – timely submission with tax minimisation services
  • Companies House Reporting –  keep your company compliant with up-to-date information
  • VAT Returns – Periodic submission of the reports under the right VAT Scheme
  • Personal Tax returns – reporting for  personal income such as dividends, P60, and rental
  • Business Health Checks – VAT, Payroll, and data quality checks
  • Cloud Software Suite Pro- Bundle – accounting solutions designed for small business
  • Key improvement possibility report – diagnostic review of your business affairs
  • TaxAbility pre-year end tax planning meeting – tax minimisation services
  • Accounting Records Quality Report – to get the most out of your accounting systems
  • Business Benchmark – comparing your business with your competitors
  • Cashflow, business plan, and budgeting – to help you raise funding during hard times

Hiring the right specialist accountancy firm for your start-up business is one of the best investments. Accountants can take work off your overfilled plate, helping you to stay compliant with statutory reporting, keep you up to date with tax changes and give you advice on how to grow your business.

It is advisable to bring in an accountant early in your business. But why is this a good idea?

All businesses, start-ups or established, do have an accounting function as an integral part of their business systems. As an owner, you are responsible for business compliance and growth. And a successful visionary leader would always look to delegate these business accounting functions either fully or partially to specialist accountants.

To become a successfully happy entrepreneur, you must hire the right team of accountants and should know what duties you can delegate at what stage of your business growth. Expert business Accountants perform both compliance and advisory duties for your business.

The compliance functions require access to expert support when it comes to tax, payroll, VAT, investigations, and Statutory Accounts.

You benefit from the advisory aspect of accounting when you require support in areas such as executing business growth strategy, securing funding, growing profits, acquiring or liquidating businesses, company structural changes, or working on your exit strategy.

Therefore, the right accountant for your start-up business is the one who has the knowledge across a range of accounting services so they can match services as per the scale and size of your business as well as support your business ambitions and help achieve business financial goals.

The Heightened expert team ensures that you benefit from our expertise and insight, and have a consistent level of support needed to develop your happily successful business.

The simple answer is no. Truthfully, there is no legal requirement for any business to have an accountant. So, if you can do your own accounting indefinitely, then why do you need to hire accountants?

The answer is simple. As a leader, delegating is important because you can’t and shouldn’t do everything yourself especially if you are looking to develop a sustainable, happily successful, self-managing, and self-multiplying business.

For most start-ups, time and money are in great demand. Start-up business owners often wear multiple hats and don’t have the additional time required to complete bookkeeping, accounts, payroll, and VAT returns, alongside all the other business management responsibilities.

The business benefits of effective delegation to your accountants make good business sense because it frees you up for forward and innovative business thinking. On the other hand, hiring an in-house finance personnel might not be affordable, especially with the additional costs of accounting software to factor in.

Instead, outsourcing to a professional accountancy service firm for tax advice, accounting, and bookkeeping is far more feasible.

We understand you need to be flexible both on time and money, and it is not possible without having dedicated support and effective delegation.

Our services have a built-in mechanism to ensure that every time you delegate accounting work to us, all three inescapable core elements of delegation authority, responsibility, and accountability, are in play to make your business a success.