Support with Setting Up a Limited Company
Starting a new business can be an exciting and challenging endeavour, and the business advisors at TreyBridge are here to help. There are many considerations to take into account when setting up a business and especially a limited company, so here’s a quick guide to give you a feel for how it all works.
Where do I begin?
Research your market: Before you start your business, it's important to research your market and understand your target audience. Identify your competitors and understand their strengths and weaknesses.
Develop a business plan: A business plan is a roadmap that outlines your business goals, strategies and tactics. It should include your market analysis, financial projections and marketing plan.
Secure funding: Determine how much money you will need to start and run your business, and explore funding options such as loans, grants and investors. Alternatively, you may have savings that have been put aside specifically for setting up your limited company.
Choose a legal structure: Choose a legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Each structure has its own benefits and drawbacks, so it's important to choose the one that best fits your business needs.
Register your business: Register your business with Companies House and HMRC.
Build a team: Hire employees or contractors who share your vision and are committed to helping your business succeed.
Establish your brand: Develop your brand identity, including your company name, logo and messaging. Create a website and social media accounts to help promote your business.
Stay focused and adaptable: Starting a new business can be unpredictable, so it's important to stay focused on your goals whilst also being adaptable to change. Stay open to feedback and adjust your strategies as needed.
How can an accountant help me set up a limited company?
An accountant can help you in various ways when starting a limited company. Here are some specific areas the accountants, tax consultants and business advisors at TreyBridge can assist you:
Company formation: An accountant can help you with the process of forming a limited company, including registering your company with Companies House, obtaining a unique company registration number (CRN), and drafting your company's articles of association.
Tax planning: An accountant can help you understand the tax implications of operating a limited company and advise on the most tax-efficient structure for your business.
Bookkeeping: An accountant can help you set up an effective bookkeeping system, including advising you on the best accounting software to use and helping you keep accurate financial records.
Compliance: A limited company must comply with various regulations and requirements, including filing annual accounts and tax returns with Companies House and HMRC. An accountant will ensure that you comply with these obligations and avoid penalties for non-compliance.
Financial statements: An accountant can prepare financial statements, including annual accounts and management accounts, which will help you understand your business's financial performance and make informed decisions.
Payroll: If you plan to hire employees, an accountant can set up and manage a payroll system, including registering for PAYE and National Insurance, calculating employee salaries and benefits, and making the necessary tax deductions.
We can help you set up a limited company
Ready to start a new limited company with clarity and confidence? To find out more, call our Northern office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below.
Tagged as: Small Business Help
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