Setting up a Limited Company might sound confusing, but it doesn’t have to be. There are many great benefits to making things official and starting a venture of this nature. If you are not sure where to begin, this helpful guide can show you the way. Remember, everybody has to start somewhere, and so there is no shame in learning. After all, educating yourself on this interesting aspect of the Business world is the best way to progress.
You might imagine that this process would involve you filling out reams of endless paperwork. The reality of the situation is quite different to what you think. In fact, you can set up a Limited Company in just a few hours, which means that you don’t need to worry about dedicating too much time to it. Despite that, this process is by no means one that you ought to rush to start. Once you have set it up, it is hard to liquidate the Company. That means that you should be 100% sure of your decision before you start completing any of the forms.
The main reason that so many people avoid taking the plunge and incorporating their Business is because they fear it. They wrongly believe that it will take up a lot of time and that the Management structure will be unmanageable, no puns intended. Nothing could be further from the truth. Yes, you will have to acclimatize to a new Tax system, but in the long run doing so could save you money.
How to set up a Limited Company for contracting
The first thing you need to do is choose a company name. The good news is that most Professionals find this aspect of the process to be the hardest part. You need to make sure that there is no other Company operating under the name. Checking whether the Company name is available will be the best way to do so, and this will save you lots of time and trouble later. You can check names on the Companies House Web Page, where there are tools to help you find a name to suit your Company.
Once you have chosen an apt name for your Business, it is time to start setting up the Company. The forms you have to fill in should not take you more than five or ten minutes to complete. You can, of course, complete these forms online with utter ease. You will need to have a valid credit card available to you when you complete this aspect of the process. When you have finished the form, it should take about three hours or even less to register. Once your Company is official, you can start trading under the Limited name,
Limited Company Set-up Checklist
So, what will you need to have with you when you finally sit down to incorporate your Business? You need to make sure that you are ready to complete the entire process before you begin. Here is a list of things that you will need:
● Your chosen Company name (this should be unique)
● A valid credit card
● Director details – That is your personal and professional information.
● Shareholder information – If there are any other parties, you will need their details.
How Much Will Setting up a Limited Company Cost?
Another thing that tends to prevent people from deciding to incorporate their Business is the fees. For some reason, people believe that setting up a Limited Company is a costly and time-consuming thing. When you undertake this process, though, you will soon find that it costs much less than you first imagine.
Here at 1st Online, we offer a rather impressive basic package deal. For as little as £20 per month, we can take care of the mounting fees of owning a Limited Company. If you would like to pay just one lump sum, you should try our annual subscription, which will cost you just £228. That fee affords you an excellent 5% discount, which means that you save money right away. And, if you want to subscribe for two years, we will give you a 10% discount so it will cost you just £432. For these fees, you get the formation, Company registration and a bank account, as well as access to our cloud based software.
How Will Setting up a Limited Company Benefit You?
One of the main benefits is tax efficiency. Once you have formed your business, you can start enjoying its benefits. Why wait? Start the incorporation process today.
…..1ST ONLINE WAY
We do what we say on the tin – timely, accurate contractor accounting and support, in return for a fixed, manageable fee.