If you have decided to start a new company, you will be needing all the help you can get in order to get it started. One way to get the help you need is by looking into accountants and business advisors. These experts are there for you when you need them, and you will be grateful to have them on your side. What exactly do business advisors do? Business advisers give advice about setting up a company, and they also keep track of any and all changes that take place within your company. They help businesses and individuals decide on the best way to get started, how to expand, and how to keep their business thriving.
Starting a New Business?
When you have decided to start a business of your own, you must find an accountant and business advisor to help you. You can benefit greatly from the help of highly qualified accountants. Your designated accountant will literally connect with you via phone to keep you on track and assist you throughout every step of the process. They will not just advise you on what type of company you should set up, but how you should run it day-to-day. Your accountants will even give you helpful advice on what legal issues may exist for you, depending on your industry and location.
Provide You with Financial Advice
They can provide you with financial advice, as well as tell you what tax bracket you will fit into. This financial advice can help you with planning for your future. For instance, UK residents who have recently immigrated can find themselves paying taxes in different rates of taxation based on where they are now living. Your accountants can help you navigate this tricky territory and provide advice that can make life much easier for you.
Business Advisors can also Act as Sole Traders for Your Business
On the other hand, business advisors can also act as sole traders for your business. If you are starting up a business as a sole trader (which is when you are allowed to do business independently), you will be responsible for all business expenses, as well as managing your own employees. While sole traders can be a good thing, they require a lot of research into UK business law, which can take years. For this reason, most entrepreneurs tend to think that running a limited company is easier and less complicated, and is therefore preferable.
Obtain a Company Formation Application
To operate as a sole trader, or to start up any business, you will first need to obtain a company formation application form from the Office of Companies in the UK. This is a simple application that only requires your personal details, UK residential address, your business name, as well as the name of your accountant. The UK resident registered office address will be either your own or that of your accountant. Once you complete your application form, it will be sent to you for processing.
Set up Your Company Registration
Once your application has been approved, you will be able to proceed to set up your company registration. This can take several weeks to several months depending on the company formation process, and the complexity of the business you are setting up. One of the main benefits of company registration as opposed to a sole proprietorship or partnership is that you will gain automatic rights to call the shots, which can be beneficial in business expansion. However, many business owners still prefer to have their accountant handle company registration and other key decisions. Some accountants also offer incorporation services, which can be useful if you are inexperienced in the UK business environment or simply don’t want to deal with the hassles of company registration alone.
You are not Considered a Company or Sole Trade
As a self-employed person, you are not considered a company or sole trader and therefore cannot file a company or sole trader claim. If you have an accountant, he or she can file a company or sole trader claim for you, but is not obliged to do so. The majority of solicitors offer company registration services free of charge, so if you are self-employed or have other financial commitments, this may be a good option for you. For those who are not self-employed, company registration is more likely to be free for you, especially if you work for a company that is large enough to need an accountant. If you have a limited company setup, you may still be able to get a limited company registration and then file for a company or sole trader claim.
Conclusion
Most accountants offering company registration services in the UK offer free quotes for new business, which can help you decide if this is the best option for you. There are also a number of accounting firms that specialize in providing financial advice to those starting out or wishing to start off with a limited company. These accounting firms are usually referred to as ‘personal assistants’ or ‘accountants’ and offer a range of different services to help the self-employed or small business owner in the UK. Some accountants even offer legal advice, if you require it. It is important to do some research before you make a decision on which accountant to use. You should ask them about their experience in the different types of business. Then choose one who you feel comfortable working with and who will give you the best advice on your specific circumstances.
