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How to register a company in the UK

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Re: How to register a company in the UK

#31

Post by StavrosK »

tomgallard wrote: post #29
StavrosK wrote: post #23

Earlier quoted context omitted.

Do you know if I can file my own taxes? I keep everything in QuickBooks, and my company isn't really making enough money to justify spending thousands on an accountant. I wonder if I can do my own return, but the HMRC site is not helping. On the other hand, I wonder if I can just register as a sole trader, invoice my company and enjoy the free tax bracket, as I didn't make more than that last year.

Theoretically- yes you can. In practice NO NO NO! An accountant shouldn't cost more than 60 quid or so a month for a Ltd company. It will pay back the investment many many times over if he's even in the least bit competent. On the specific question about registering as a sole trader - no this isn't the way to do it. You should be paying yourself a salary from your Ltd Co to make use of your tax free allowance. Even i…

Ah, thanks for the advice. I considered paying myself a salary, but then I'd have to register and pay for employee benefits, no? That's just wasted money for me, since I don't live in the UK :/

Re: How to register a company in the UK

#32

Post by kamikazi »

keys1234 wrote: post #21

This may be less relevant to the topic, can anyone point out how to start a company in India (I am a Indian citizen). Your help is appreciated.

Forget that you even read this article then. Subtract all the simplicity, multiply the hassles by 1000, and double it up, maybe once more. Allow the whole thing to stew on slow flame for months (not days) and probably now you are close to the ground reality of incorporating in India.

Practicalities: You have to contact a RoC agent (Registrar of Companies) who'll get this done for you. Depending on the type of your entity/incorporation (sole proprietorship, LLC, LLP, Company, One person company etc) the fees, time and documentation required will vary. For basic info check out http://www.mca.gov.in/ (Min of Corporate Affairs).

Beware though, really the incorporation process in India sucks donkeys balls and exhales horse farts even when going through agents.

If you want I can refer an RoC agent who presented at one of the weekend startup-meetings in Bombay. Sounded intelligent and well-versed with issues related to startup incorporating. My email is in my profile.

Re: How to register a company in the UK

#33

Post by vixen99 »

mattmanser wrote: post #24
scotty79 wrote: post #22

What is the simplest way for citizen of EU member state to create and manage UK Ltd company without ever being to UK or owning anything else there (or renting physical office)?

Whether you can own a UK company with a foreign address I don't know. I do know many virtual offices can be your registered address. These tend to be companies that receive your mail/phone calls and forward them on to you or let you rent desks or offices for meetings in town/city centres. For example: http://www.westone-business.com/ or http://www.mwbex.com/page/business-address NB: Those companies are just some of t…

As an individual you can't get a UK bank account unless you can prove you have a UK physical address. Maybe there is a way round but I doubt the restrictions are any less rigorous for businesses.

Re: How to register a company in the UK

#34

Post by carbonesc »

I would advise that before people rush to register a Limited company they should consider operating as a sole trader. A sole trader can open a bank account, employ people, rent an office, register trademarks etc.

Also search thoroughly for your proposed company name to check for existing businesses with similiar names or trademarks. And you will probably want a domain name to match.

Re: How to register a company in the UK

#35

Post by AdamGibbins »

carbonesc wrote: post #34

I would advise that before people rush to register a Limited company they should consider operating as a sole trader. A sole trader can open a bank account, employ people, rent an office, register trademarks etc. Also search thoroughly for your proposed company name to check for existing businesses with similiar names or trademarks. And you will probably want a domain name to match.

Why? Aren't they very similar, just an Ltd has slightly more complicated tax paperwork and provides liability protection? Combined with the obvious benefit of having multiple people as directors.

Re: How to register a company in the UK

#36

Post by teamonkey »

carbonesc wrote: post #34

I would advise that before people rush to register a Limited company they should consider operating as a sole trader. A sole trader can open a bank account, employ people, rent an office, register trademarks etc. Also search thoroughly for your proposed company name to check for existing businesses with similiar names or trademarks. And you will probably want a domain name to match.

I would think the opposite. As a sole trader you're personally liable for the company. Above a fairly low threshold for income you have to be VAT registered as a sole trader anyway, which is the biggest headache. If you already get an accountant to do your books I see no reason at all to be a sole trader.

Re: How to register a company in the UK

#37

Post by jrmg »

StavrosK wrote: post #26
scotty79 wrote: post #22

What is the simplest way for citizen of EU member state to create and manage UK Ltd company without ever being to UK or owning anything else there (or renting physical office)?

I'm a Greek citizen with a UK company, I created it in ten minutes on companiesmadesimple.com, who also provide mail forwarding services, if I recall correctly. The biggest pain is the accounting, but FreeAgent (the app referred from the article) sounds good, and I guess 300 GBP a year isn't too much for it.

Out of interest, why did you decide to create a UK company rather than a Greek one - or one in another country for that matter?

Re: How to register a company in the UK

#38

Post by zerostar07 »

jrmg wrote: post #37
StavrosK wrote: post #26

Earlier quoted context omitted.

I'm a Greek citizen with a UK company, I created it in ten minutes on companiesmadesimple.com, who also provide mail forwarding services, if I recall correctly. The biggest pain is the accounting, but FreeAgent (the app referred from the article) sounds good, and I guess 300 GBP a year isn't too much for it.

Out of interest, why did you decide to create a UK company rather than a Greek one - or one in another country for that matter?

The bureaucracy and costs make it a bad choice when your clients are not in the country. The tax law changed at least 3 times (I stopped counting) last year.

Re: How to register a company in the UK

#39

Post by dejv »

jrmg wrote: post #37
StavrosK wrote: post #26

Earlier quoted context omitted.

I'm a Greek citizen with a UK company, I created it in ten minutes on companiesmadesimple.com, who also provide mail forwarding services, if I recall correctly. The biggest pain is the accounting, but FreeAgent (the app referred from the article) sounds good, and I guess 300 GBP a year isn't too much for it.

Out of interest, why did you decide to create a UK company rather than a Greek one - or one in another country for that matter?

I don't know anything about Greece, but speaking of my country of origin (Czech Republic) is quite a big problem to set up credit card payments, not speaking about much bigger administrative burden and costly process of setting up company.
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