When it comes to setting up a new business, hiring a good accountant can actually be one of the more difficult things to get in order. The tax and bookkeeping requirements differ between industries and according to what sort of business you are setting up, which means that it is easy to make mistakes if you don’t know the tax system well.
If you are starting your first business, and don’t really know what your obligations are, then consider the following:
Speak to an accountant!
If you really don’t know where to start, then it is always a good idea to speak with an accountant or professional bookkeeper. An experienced accountant should know exactly what your requirements are when it comes to setting up a new business. If possible, try and choose someone who has experience in the field that you are starting your business in.
Although you may decide that you don’t need to hire an accountant regularly, an initial consultation can help you get set up. Consulting a knowledgeable tax lawyer may also be prudent depending on how complex your business structure is going to be. Knowing what sort of records you have to keep, what sort of things you have to report, and how you need to report them can help you make sure that you fulfill all of your tax obligations.