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We are not just accountants, we are business owners. We understand the myriad of pressures on your time.
Our focus is your success through combining the latest technology with traditional values.
A question that we are asked all the time is, “What kind of business should I start in the UK?”. There are really three main options and the truth is each option has pros and cons. The decision should be based on what is best for you, your situation and your customers.
Here is a high level view of each of the choices available to you. Overall, our advice is to incorporate. The cost is relatively inexpensive and has the benefit of limiting your personal liability.
As a Sole Trader, you are the business. As such, you would be personally responsible for any loan, credit agreements or unpaid bills. Even though a Sole Trader can be VAT registered and have employees, there is a perception that this is a smaller operation than a Limited Company. However, there is a lessened level of paperwork.
A Partnership is where you and other people decide to work together in a business. In most cases, a Partnership is like a Sole Trader and you are collectively personally responsible for your business. The partners share the profits and each pays tax on their share.
There are other forms of Partnership that offer limited liability but the paperwork is on a similar level to a Limited Company.
A Limited Company offers you protection by limiting your liability. Any loan or credit agreements would be in the name of the company offering a degree of safety to the individual. A Limited Company is often viewed as a superior entity when coming to winning new business.
Whichever is the best option for you, there are statutory requirements to register your business before you start trading. Our Business Set-Up service will take care of these for you.
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