FAQs

What does becoming a limited company mean and what are the processes for becoming a limited company?

A limited company is a "company in which the liability of each shareholder is limited to the amount individually invested" with shareholders having "limited liability for any debts incurred by the company". A limited company may be "limited by shares" or "by guarantee". There are a few key steps that you need to take in order to become a limited company. Firstly, you need to register your company with Companies House. This can be done online, and you will need to provide some basic information about your company and its directors. Once your company is registered, you will need to set up a corporate bank account. This is so that your company's finances are separate from your personal finances. You will also need to prepare and file annual accounts with Companies House. You will need to comply with any other legal requirements that apply to limited companies in the UK. Here at NBAS Accountants, we will be able to help you register your business from that of a sole trader to that of a limited company.

Have you decided to set up a business and become self-employed? YES! Now let’s focus on next steps from a accountancy perspective…

There are a few key things you need to do in order to achieve financial freedom as a self-employed individual. Firstly, you need to make sure that your bookkeeping and accounting are up to date and accurate. This means keeping on top of your invoices, expenses and receipts, and ensuring that everything is correctly recorded in your accounts.

Secondly, you need to ensure that you are claiming all of the allowable expenses for your business. This can be a complex area, so it is worth taking some professional advice from a Chartered Accountancy firm such as ourselves. We will make sure that you are not missing out on anything.

Thirdly, you need to have a clear understanding of your cash flow situation. This means knowing exactly how much money is coming in and going out each month, and having a good handle on your overall financial situation. This information will help you to make informed decisions about your business finances and give you the ability to plan for the future.

As a Chartered Accountancy business, NBAS Accountants are members of Chartered Accountants Ireland (thus are required to stick to a strict ethical and professional code of conduct).

I have taken on employees and want to outsource my payroll. Is this something which NBAS Chartered Accountants can help me with?

Yes indeed it is. Many SME’S and larger corporate firms outsource their payroll to ourselves as there are many benefits to the companies themselves such as:

Saving time on Payroll Administration.
Reducing Accounting and Administration Costs.
Gaining expert advice from a registered Chartered Accountant.
Gaining enhanced Data Security.
Increased Efficiency and a Streamlined Process.

I need an accountant. Before I decide to choose NBAS Chartered Accountancy, is there a discovery call or meeting I can avail of to make sure that NBAS Chartered Accountants is right for me?

Yes, we offer a 1hour meeting which is FREE of charge where Nigel Beggs (the owner and founder) will meet with you to discuss our services and how we can help you with your accounts.

I need accountancy software for my business, can you recommend software and help me with the set up for my business?

When it comes to starting your own business, there are a lot of things to consider – from what legal structure to choose for your business, to how you will market your products or services. But one of the most important considerations is what accounting software you will use to manage your finances.

Here at NBAS Chartered accountants we use XERO: https://www.xero.com/uk/

We can help you set the accounting software up with you and provide training on how to use it for new businesses.

What can I claim for expenses in my business?

Here at NBAS Chartered Accountants, we get asked frequently ‘What can I claim for my business expenses,’ or can I claim a Christmas present I have bought for a client in my business expenses?’ or ‘Can I claim back start-up costs for my business.’ Once you become a client of ours we will be able to outline what all you can claim back from your expenses depending on what type of company you have registered as.

I am looking to purchase an investment property but am unsure of my affordability. Can NBAS Accountants provide financial advice to anyone looking into buying an investment property?

We get a lot of enquiries from people looking to purchase an investment property and of course we can help. We can….

1. Help you assess your financial situation and set a budget for the purchase.

2. Advise you on what type of property would be a good investment based on your goals and risk tolerance.

3. Help you negotiate better terms with sellers and lenders.

4. Assist with the due diligence process, such as reviewing contracts and financial statements.

5. Provide tax advice on how to structure your purchase for optimal tax benefits.

There are lots of things to consider when you are considering buying an investment property. From location, condition of the property, financing, taxes etc. However, NBAS Chartered Accountants will be able to help you from the financial viability perspective through our financial consultancy service. You can book in with us for a 1 or 2 hour appointment.