Company / LLP formations
It is vitally important to make sure that the vehicle you choose to trade in.
The whole process can be completed in a matter of minutes.
If you're starting up a business, you may want to form a limited company. There are a number of reasons why you may want to set up a limited company (see our sole trader or Limited Company pages) but as a rough guide, if your company is turning over more than £60,000 a year it's worth considering. Speak to an accountant for more bespoke advice.
If you're a sole trader, you may want to register a business name in case you do want to eventually set up a limited company. Registering your name is simple, all you have to do is form a limited company, which only takes five minutes. The good news is you don't even have to trade through it to protect it, as registering it is often sufficient enough.
Once you have registered your company name and formed your limited company, your company will remain dormant providing you don't trade through it. Once dormant, there are a couple of things that need to be completed each year, but as a client of Easy Accountancy we can manage this for you for just £60 plus VAT per month. This includes:
Informing HMRC that your company is going to be dormant for the time being
Filing dormant accounts once a year
Filing an annual return – this is merely confirmation of statutory details, such as the registered office address.
If you then decide to go limited, you simply start trading through your limited company and it automatically becomes active.
We will advise you of the pros & cons of trading as a limited company, limited liability partnership, an old fashioned partnership, or a sole trader. We will explain to you the tax and commercial advantages and disadvantages of each. Once you have come to an informed decision, we will help you set up the correct vehicle and register you with HMRC for tax, VAT, PAYE, and deal with any other related matters. So you can start trading in your new business from day one – running.