Find out whether you can have a limited company and work for yourself

It’s critical that you choose the correct legal structure when starting up as it will affect things like the tax you pay, registration and reporting requirements, and your personal financial liability. For instance if you decide to start a business in the construction industry you’ll need to be part of the Construction Industry Scheme (CIS) for tax purposes.

If you have decided to set up your business as a limited company, you will have to register with Companies House. If you’re a sole trader or a simple partnership, then you should register with HR Revenue & Customs. Exactly how you register depends on the legal structure of your business.

UK Limited Company Formation

A limited company in the United Kingdom is a corporation whose liability is limited by shares (Ltd), which is the most common form of privately held company. A limited company can be registered in England and Wales, Scotland or Northern Ireland. The registration of companies in the UK is done through Companies House.

A limited company is a separate legal entity that exists under the authority granted by statute. A limited company has substantially all of the legal rights of an individual and is responsible for its own debts. It must also file tax returns and pay taxes on income it derives from its operations. Typically, the owners or shareholders of a limited company are protected from the liabilities of the business. However, when a limited company is small, creditors often require personal guarantees of the principal owners before extending credit. The legal protection afforded the owners of a limited company can be useful.

A limited company must obtain approval from Companies House to use its proposed name. A limited company must also adopt and file a Memorandum and Articles of Association, which govern its rights and obligations to its shareholders, directors and officers.

Annual Requirements

A limited company must file annual tax returns (‘corporation’ tax returns) with HM Revenue & Customs. It must also file an annual return to Companies House which is a snapshot of general information about a company.

Advantages of a Limited Company

Incorporating a business allows a number of other advantages such as the ease of bringing in additional capital through the sale of share capital, or allowing an individual to sell or transfer their interest in the business. It also provides for business continuity when the original owners choose to retire or sell their shares.

HOW WE CAN HELP YOU WITH YOUR BUSNIESS START UP AND REGISTRATION

 We can advise you what you need to do, how to plan and start  your new business. We can give you professional advice on business plans, proper finance and the legal requirements that must be met when starting up a business.

We offer our clients different advices and services:

CONTACT US FOR AN APPOINTMENT NOW!

We can represent you at any level of your business registration application.

Contact us now!

The first option consists of a comprehensive service including advice about the procedure, documents required, assistance with completing the form, collation of evidence and representations and how the requirements are satisfied.

The second option is for those applicants who are confident with their applications and who merely want us to double check the application form and documents to ensure everything is in order and to advise of any potential weaknesses of the application so as to minimise chances of refusal.

The detailed professional advice/a full consultation concerning your business matter can be arranged for just £60.00 (inclusive of VAT). The detailed advice can either be provided through face to face consultation in our office or over the phone. We do not provide with an advice over the phone.

To find out whether there are good prospects of success in an application, please arrange an appointment for business consultation to discuss your business start up  matter face-to-face with our consultant.

An appointment for face to face consultation or detailed consultation can be arranged by calling us our office or by simply completing sending an email request.

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