by Nick Robinson | May 22, 2018 | Company Formation
Whether you have been a sole trader and are looking to expand, or have a new business venture that you want to get moving on in the Hull area, setting up a company could be the best structure for you. However, on discovering that you can choose a UK Limited Company, a Limited Liability Partnership or a Public Limited Company many people start to feel out of their depth. Thankfully we have some excellent staff who are all skilled in company creation and will be able to help you make the best choices and ensure that you are complying with all regulations.
The most significant thing you will find when it comes to setting up a company is that your administration will increase significantly, which is one of the roles we can take on for you. Once you have decided on which set up is going to apply to your business you will need to fulfil some legal obligations. Companies House is the body responsible for all companies, and as such you will need to register with them. This can be done online, and you will need a limited company name. We can ensure that the correct memorandums and articles are completed, it can feel a little complicated to work though if you have never done it before, but rest assured we know exactly what needs doing.
If you are opting to be a private limited company, then you will need to appoint yourselves a director. One is the legal requirement, but you can have more than one. This person or people can also be shareholders. They must be over 16, not have any pending bankruptcies or have been disqualified from being a director before. As well as submitting your financial information to HMRC in the form of your tax return you will also need to file your accounts with Companies house, and there are significant fines if you fail to meet the deadlines. One advantage of being a company is that your finances as an individual are entirely independent of the company, and there is no crossover. Corporation Tax will be a new consideration if you have not been a company before, but again our accountants are well placed to help you ensure you meet these requirements.
Know Your Requirements
All directors will need to pay national insurance contributions, and if you are going to have staff, you will need to run PAYE. This system is now online and must be completed promptly (each time you make a payroll payment). Companies used to be able to report at the end of a period, but now it is vital that the information is basically offered up in real time. Again this is non-negotiable, and you can face some pretty hefty fines if you do not a) ensure your record keeping is carried out with approved software, and b) that you are correctly calculating the PAYE, NI and deductions for all staff.
Setting up a company is something that we would advise you seek guidance on. If you would like to learn more, please do not hesitate to get in touch and one of our team will be able to help you.