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Start a Company

Do you want to set up your own business?

Here, you can find some useful advice on how to start a business.

WE’RE HERE TO HELP YOU

Identify your goals & achieve them

After we help you discover what you want, we'll work together to find the very best way of achieving it.

We will guide you and equip you with the tools you need to drive your business forward.


  • Personal business coach
  • Set up solid systems and procedures
  • Manage finances and plan ahead

Step 1

Decide whether you want to be a sole trader, partnership, or limited company. 

Sole Traders have few restrictions, you can trade freely and do not have to report to Companies House (you have to report you earnings to HMRC of course).  One drawback is that your liability is unlimited.  You could literally lose your house if things go wrong.

A Partnership is similar, but you spread the load with you and your partners sharing responsibility and liability (again unlimited).

A Limited Liability Partnership may be a better option because you are not liable for everything.

A Private Limited Company is just what it says.  Your liability is limited to what is stated when you set up the company, as is how you divy up the profits.  Having a registered company can give you access to credit services and greater kudos with customers and suppliers.

You will need to apply to Companies House to form the company and report each year.  This is information is publically accessible.

Public Limited Company a PLC is of course on a grander scale and is floated on the stock market.


See the section below for more detailed instructions on how to set up a company, partnership etc.  Get in touch for more help on setting up your business.

Step 2

Decide where your office will be; it can even be your home (a great way to add a few tax deductable items to your returns, such as utility bills). 


There is a lot of paperwork to fill out when you are setting up a business and it must all be in order.


If you are setting up a transport business, you need to be very clear where you are operating from.  If you park a vehicle on a street regularly, it is classed as an operating centre and you must inform the Traffic Commission.


There are many other requirements, but first are you transporting your own goods/products, or someone else's?  This will determine the type of licence you need and whether you need a transport manager.






Sole Traders

To set up as a sole trader you must register as self-employed within 13 weeks of starting your business.  You will not make PAYE contributions, but pay tax based on your earnings between 06April and 05 April of the following year.  Payments are made twice a year.  You must submit your online accounts by 31 January (paper based accounts by 31 October).  You must also make Class 2 NI contributions and Class 4, based on your profits.

Partnerships

Are easy to set up.  All you need to do is sit down with your prospective partners and detail: the names of the partners and the name of the firm, how much each one will contribute, how you will split the profits (and losses), how you will keep your accounts and how long the partnership will last.

Limited Liability Partnerships

Are more like companies and must submit their accounts to the Registrar of Companies each year.  However, like a company, they carry on indefinitely even if some of the 'members' change.

Private Limited Companies

Are a little more complicated to set up.  You must submit a formal statement, declaring who the officers will be, the share holders, the amount of liability each member has, the internal rules and the scope of the business, aswell as an application form to Companies House, before you receive a certificate of incorporation.  The company information will then be publicly accessible and you can begin to trade as that entity.


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