The Secret Dress House Bridal is a new wedding dress shop in Reigate, selling and fitting beautiful wedding gowns to brides-to-be with all their accessories. Clearways Accountants were asked to complete all the tax and accounting for this new business.
VAT
Obtaining a VAT registration was a priority. Kelly, the owner and manager of the shop, has purchased stock for the shop and she was keen to get her purchase VAT back from HM Revenue & Customs. Clearways Accountants registered her new company for VAT and once we had been authorised as agents we were able to complete a VAT return.
The company has purchased stock from the UK (with VAT), the EU and from outside the EU (import VAT is incurred). Completing the VAT return required entries in all the boxes and included some reverse charge items (for services purchased from outside the UK).
The VAT was repaid a week or so later, greatly helping the cash flow of the business in this start-up phase.
Bookkeeping
Kelly is using a bookkeeper for her day-to-day record keeping and has just started to use the Xero on-line accounting system. Although Clearways Accountants can provide bookkeeping services we are also very happy to work with other bookkeepers to create a seamless service.
Using an online system enables Kelly, the bookkeeper and Clearways Accountants to keep track of the business.
PAYE, Accounts and corporation tax
We have registered The Secret Dress House Bridal Limited for PAYE and we have provided advice on the optimal level of salary Kelly should pay herself. We will be providing Kelly and all our other director shareholders the optimal level of salary for 2014-15 in due course.
We will also prepare the full accounts for HM Revenue & Customs, abbreviated accounts for Companies House and the company’s tax return ensuring that we maximise all claims and reliefs available.
The Secret Dress House Bridal boutique is on Bell Street in Reigate, Surrey. All the images included in this blog are pictures of their dresses – you can book a fitting date or register for one of their events on their website http://secretdresshouse.co.uk/
If you would like help getting your small business up and running then please contact Clearways Accountants on 01737 244298.