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Remember, it's easier to criticise than create!
It all just seems too easy....
If it’s just going to be yourself involved to begin with then there really is no need to seek advice.
And there is definitely no need to pay anyone to set it up for you.
I would suggest that unless you really need to form a Ltd company then these days being a sole trader makes a lot of sense as the financial advantages to running a small Ltd company are not what they were.
The two big selling points for Ltd Co (limited liability and more tax efficient) are generally much less true for "Close Companies" (small ones where the directors are the only shareholders etc.) than they used to be. Anyone you're into for serious money will want a personal guarantee, so your limited liability is up in smoke, and there are a lot of situations now where directors become personally liable anyway. And whilst you can be a bit more tax efficient, unless you're absolutely raking it in the difference probably isn't worth the aggro of all the additional returns and formal accounts you need to submit.
I ran as a sole trader for years, no hassle. Only went Ltd when I merged businesses with a friend to protect us from each other as much as anything. Then the bastard got killed in a car crash, and frankly if it wasn't for inertia I'd dissolve it all and go ST again.
Especially as on top of everything else we now have to submit a self assessment tax return and pay dividend tax.
https://www.rossmartin.co.uk/starting-in-business-77750/140-sole-trader-v-limited-company-key-tax-a-legal-differences
TLDR?
Don't go Ltd unless you really have to!
I’ll keep reading up though.
If you're going to set up a limited company, I've used a company called Rapid Formations (no affiliation) twice now and found them to be very good, particularly with follow-up correspondence and reminders - company statement, accounts due, etc.
I'm pretty rubbish at doing these things myself, and would recommend them. I'd certainly use them again, no question.
Remember, it's easier to criticise than create!
No, it’s really not.
But without more information on the business being created the ‘correct’ advice can’t be given.
Remember, it's easier to criticise than create!
If however loans, over drafts, leasing etc is required then the safety of a Ltd company is of course advisable.
It really IS horses for courses - if you're a consultancy, with little or no goods or equipment bought in, a sole tradership is pretty low-risk, apart from making sure that HMRC are satisfied, of course! One thing to consider is the perception of the business as well - is it in an industry where a limited company is seen as more 'stable'?
If you're new to it, I really would recommend seeing an accountant, and preferably one with expertise in 'startups', who can give you the right advice.
The venture will be run separate to my day job, and hopefully take over as my day job if it all goes well. I think, given that there will be insurances required, and possibly employees required in the future, a separation from my personal situation might be preferable.
Remember, it's easier to criticise than create!