Start up Guides

Our Start up Guides are regularly updated to offer you the latest in business formation informtaion.

We try to include informtaion to some of the most common questions that you are faced with when setting up a new company.

Our Qualified members of staff will be more than happy to assist you in any questions of a business formation or function nature.
Annual Return

What is an annual return ?

Every company must file an annual return at Companies House at least once every 12 months. An annual return is a snapshot of the basic information about a company's directors and it's registered office address, shareholders and share capital on a particular date. The company's director and the secretary, are responsible for making sure that the annual return is filed at Companies House.

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Bankruptcy

 
If trading by a limited company should prove unsuccessful, the company can be 'wound up' and creditors can only claim property owned by the company.
There are usually no restrictions on the directors if they choose to form another limited company.
 
Under new insolvency rules, directors can now be disqualified from acting as a limited company director, although this action is very rare.

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Business Continuity

 
The death of a business partner ends a partnership as it then exists and the withdrawal by the relatives of the deceased partner's share could easily ruin the business.
 

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Directors

 
There need be only one director within a company.
 
Every company can have a company secretary; if there is a sole director they cannot also be the company secretary. If there are two or more directors then one (or both) can also act as secretary.
 

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Display of Company Name

 
Your company must affix or paint its name on the outside of its registered office and every office, factory or place in which its business is carried out.
 
We can supply nameplates to comply with this law.
 

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F.A.Q.

Q:  What are the advantages of having a Limited Company?

A: Registration will protect your Company name. As a sole trader all your personal possessions can be taken to satisfy the business’s debts. As a Limited Company only the assets of the business can be taken as long as you have not acted improperly.

Q:  How long does it take to form a Limited Company?

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First Board Meeting

The first board meeting of your company normally deals with a number of very important matters:

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Personal Liability

 
As a partner or sole trader all your personal property can be taken to satisfy debts incurred in your business trading.
However, when a limited company is formed the directors' salaries immediately become their personal property and cannot be claimed by the company's creditors.
 

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Personal Protection

The Companies Act has many safeguards for your protection, and all limited companies are now formed in accordance with its provisions. By law a limited company is a separate legal concern quite distinct from its shareholders and directors. The director and the company therefore, have quite separate rights and completely separate existences.

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Protection of Company Name

 
Unlike a business name or partnership, registration protects your limited companies name.
 
By law no-one else is allowed to use it.
 

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Saving of Tax

A limited company is generally strongly favoured by the taxation regulations. It is subject to tax but its profits are not normally subjected to higher rates of tax - unlike income tax. Directors do pay tax but they are entitled to claim all the usual personal allowances against their income.

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Share Capital

 
All our companies are formed with a nominal capital of £1,000. This means that your company will have the ability or power to issue up to £1,000 worth of shares. You do not have to pay this money to us or into a Bank. It is simply stating the amount or value of shares the company could issue if it wanted to. The more shares you issue the more you increase your liability. You need only issue one £1 share making your liability £1.
 

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Value Added Tax (VAT)

 
If the turnover of a business exceeds the current limits for VAT registration, it must then register for VAT. If it is below the current figure then registration is optional, but it may benefit an export business, for example, to voluntarily register.
 
If you do not know whether you need to be registered or how to register, we can advise and complete your registration for you.
 

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VAT Registration

Should I have my Company registered for VAT?

 
After having registered your business the next major decision is to whether or not you should then register for VAT so you can then charge your customers
 
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