How to Start and Register a Business in the UK

How to Start and Register a Business in the UK

What you need to do to start a business in the UK, depends on your structure of business. Most businesses register as a sole trader, private limited company or partnership. Sole traders If you’re a sole trader, you run your own business as an individual and you’re self-employed. You can keep all your business profit after you’ve paid tax on it. You’re personally responsible for any losses your business makes. You must also follow certain rules on running and naming your business. Your responsibilities It’s simpler to start as a sole trader. You’ll need to: keep records of your business sales and expenses, send a Self Assessment tax return every […]

10 Key Advantages To Have Private Limited Company (LTD)

10 Key Advantages To Have Private Limited Company (LTD)

I will speak about two most popular types of business structures in the UK: sole trader (ST) and private limited company (LTD). Starting up as a sole trader is without doubt the simplest way to start a business in the UK. All you need to do is inform HMRC that you are working as self-employed, and report your business activities through the annual self assessment tax return. Setting up business as a LTD involves a more complex formation process, and the financial and administrative responsibilities of running a LTD are greater than those of a ST. However, there are many benefits which LTD has over the ST. Here are 10 […]