BUSINESS START-UP:   

When it comes to company formations, our service is both simple and quick to use. For a minimal fee you can set up a new UK company, complete in every respect including all Companies House fees and registration documents.

The service is tailored to you and your requirements and we can offer registered office addresses here in Buckingham. Our service includes the highest level of support that you would expect from a long established company such as ourselves. We offer a free consultation to discuss your requirements.

A Sole-Trader (single individual) status is easy to start and requires simple financial control. Full itemised recording of Sales and Purchases would be ideal,   together with a business bank account, and a record of staff wages (if there are any employees).

Dependent upon the complexity of the Business, it may not be necessary to prepare more than an income & expenditure account but, you must register the Business with H M Revenue & Customs within 3 Months of commencement, or face a penalty of £100.

A Partnership (two or, more individuals) In this type of business, the annual profit or, loss is divided amongst the business owners in whatever proportion is agreed. Due to the increased complexity of the Business, it is normally necessary to prepare a Balance Sheet when preparing a year-end account.

There are no other Government Agency reporting requirements, and like a sole trader, it is not necessary to seek permission to use a particular trading title. It is unwise to use the name of an established registered business, as a legal action may be taken against you by the owner of such an enterprise.

A Limited Company is more complex and you need to seek the permission of Companies House (A Government Agency) to use the name of your choice, although you may use any name with which to trade and advertise your goods and services.

You require a bank account in the name of the Limited Company and in setting-up the Company you need to select either a Director and a Company Secretary or, two Directors (one of whom may act as the Company Secretary). A Company may appoint any number of Directors and Shareholders and must also register an address, described as the Registered Office.

Trading can be carried on from this address or, a separate address described as a business address. Accounts prepared for a Company need to be submitted to Companies House by 9 Months after the Company’s year end. There are severe penalties charged by both Companies House and H M Revenue & Customs for missing filing deadlines

The Accounts require a Balance Sheet and by concession the accounts may be submitted in an abbreviated form at Companies House, so that full confidential information regarding financial matters is not published in the public domain. An advantage in registering a Limited Company is that the Directors and shareholders (Owners) are protected from total loss and possible bankruptcy in the event of a business failure.

There are also Tax and National Insurance advantages in operating such a business, for both trading profits (corporate tax) and the earnings of Directors (income tax). A National Insurance saving of Class 1 contributions for both a director and the Company, can be as much as 23.8%.
Companies are subject to Corporation Tax on profits