UK business set-up advice
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- Morning_star0
^^
Just be aware that by setting up a Limited Company in the UK you must legally adhere to all the regulations surrounding Tax/Accounts/Directors. Inland revenue will also be a little more suspicious.If you are a Director you will be required to produce two sets of accounts, one for the company and one for yourself. Ultimately the Limited Company is a safer option BUT it's more work and more complex.
If i was you i'd become a sole trader and find yourself a good accountant. It'll cost you £30 a month and they do all you tax bullshit for you.
- microkorg0
+1 to find a good accountant.
If you find a good accountant that uses good software like http://www.freeagent.com/ then you're onto a win-win situation.
On-going rock-solid accounts where you can see all your current ins-outs, history, accounts, what you're owed etc etc all VERY easily and it's not all a last minute rush at the end of the tax year to get your shit together.I'd recommend the LTD Company route too.
- fadein110
Depends on your circumstances in regards to sole trader vs Limited co.
If you are going to be procuring a lot on behalf of clients and require credit AND want protection if the worse happens - go Limited. If not being a sole trader (with a good accountant) is far more convenient and less costly. But do remember you are personally liable for any debts stacked up by your 'business'.
- flashbender0
Hey pals. Thanks for all the info, that pretty much gives me all I need to know.
- Done both Sole trader and limited. Would suggest going ltd. from the start.babaganush
- MSL0
Not all of this will apply, and maybe it's not appropriate - but the Business side of it is covered here (towards the end): https://medium.com/p/fe625e5bb1d…
- flashbender0
looks like what i was looking for right there:
If you’re in the UK, I would recommend setting up yourself up as a limited company rather than as a sole trader. There’s less risk and would mean your personal items aren’t at risk if the worst of the worst happens. You can easily set up a limited company through sites like CompaniesMadeSimple (just get the “printed package”). It will take around 15 minutes to complete and around 4 hours later, you will be the proud owner of a business.