The New Year prompts all sorts of resolutions in people like lose weight, get fit, achieve that elusive goal or start a new business incorporation
If one of your resolutions was to get a new business and take control of your future then this might be the perfect piece for you.
Firstly let’s get the ‘pitch’ out of the way and get to the thought provoking content. Pitch = For a limited time we are offering free new business incorporation of a limited company. This also includes free setup advice when you take out a digital business level package from £79 a month. Just get in touch and tell us NYNB.
Now onto the information that will help you decide whether starting a business and incorporating a company is the first step toward achieving your goals.
There are lots of questions that surround this but the two main ones we are going to tackle are;
- Should I start a business?
- Should I do it with a limited company?
Should I start a business?
Decision – entirely your decision based on your own circumstances and ambitions ultimately
Inspiration – if you need any try this video on our TV channel HERE
Follow the signs – we love this article HERE from entrepreneur.com about the 50 signs you need to start your own business
Join 4m others – there are over 4m small businesses in the UK now so you would be in a rather large club in that regard. They are all different and serve different purposes. Finding your purpose is the key.
Should I incorporate (a ltd company)?
From a tax perspective – whilst individual circumstances always need to be considered if you plan to make more than £13,000 in profits it can be more tax efficient to have a new business incorporation. Our app has a great calculator that covers this for your planned profit levels. Get it by searching ‘Next Level Business’ in your app store or by clicking HERE
Time – well yes, it will take time. If you let us handle it then your only consideration is what to call the company. You need a unique name and it can’t be similar to another company. So that’s McDonaldss Ltd out then. Once you have decided we can action same day and have you trading in 24 hrs so you have a share certificate to hang in the downstairs loo.
Cost – it does cost to form a company not just in fees but also time spent and potentially getting it wrong. What is the right number of shares to allocate to ensure you can efficiently tax plan in future? For a limited time we are offering this for free see our ‘pitch’ above.
Protection – the main benefit of a company is limited liability. This means unlike a sole trader assets such as your house and personal assets are not at risk as long as you operate it within the terms of the Companies Act.
Running it – there is more administration to do with a limited company but the benefits often outweigh the costs when thinking about new business incorporation. These benefits normally arise both from the softer sides like credibility and the ease of doing business. The harder side of things like raising money, seeking investment, tax breaks and the ability to build long term value within the company are major benefits. Ensuring you make it as easy as possible and maximise the benefits is where a good accountant comes in. Make sure you get one that is right for you.