Forming your own company doesn’t have to be as difficult as you might think or you first imagine. The fact is, with a little help from an experience service or professional company, you can quickly and accurately establish your very own company in the UK so that you can trade and establish your own empire. With that said, there are certain steps that you must ensure you complete properly with UK company formation.
Determine the type of company formation you will opt for. If you intend to continue working alone and working for one or a very small handful of clients then it may prove more beneficial to become a sole trader. To do this, all you need to do is register with HMRC as a freelance and then file annual returns. However, this does not offer the same benefits as a Limited Liability Partnership or a Public Limited Company.
Name your company so that it is memorable and gives some indication of what you do. Before you register your company name you should consider checking to ensure that the associated website address is also available. Even if you don’t want a website to start out with, there is a good chance that you will opt to have one developed at a later date.
As a trading business in the UK you will need to file annual tax returns and they need to be both accurate and timely. If you do not have experience in dealing with tax law and finances then you should consider either employing an accountant or using an accountancy service. There are a number of services that offer services that are specially tailored to those undergoing or having just undergone the company formation process.
There are certain documents and information that must be noted, registered, and submitted during the company formation process. These are a legal requirement and you must ensure that you provide everything as required to Companies House otherwise your new business could start out its trading life with hefty fine or even worse. Getting sound advice and doing your own research should be considered an important first step in the process.