What Type Of Company Should You Form?

Start your own company

Company Formation

We include all company formations as part of any package. If however you would like this as a separate service we charge a flat fee of £150.

Sole Trader or Limited Company?

We know that setting up your own business is exciting but also very scary.
One of the first decisions you’ll need to make is whether to trade as a Sole Trader or Limited
Company and we are happy to go through the differences between the two when it comes to responsibilities and taxation.
Different trading structures suit different businesses and we want to make sure you make the best choice for you.

 

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What Is A Company Formation?

All ‘Limited Companies’ in the UK must be formed at Companies House who oversee all UK companies.

Who Needs To Form A Company?

Anyone who wishes to trade via a limited company in the UK will need to formally form a company with Companies House.

How Is A Company Formed?

It is formed either directly with Companies House by completing the relevant registration document/s or can be formed via a third party, such as a firm of online accountants or a formations company.

How Can SME Cloud Accounting Help With This Process?

SME Cloud Accounting can take care of the whole process for you by sending a simple spreadsheet requesting any relevant information required to form the company on your behalf. We can also take care of the statutory documents required to be kept on behalf of the company such as the incorporation certificate and articles of association.

What Does SME Cloud Accounting Do?

SME are not just company formation agents. As an online firm of qualified accountants we can also take care of your VAT registration (if applicable), PAYE registration, shareholding advice, corporation tax registration and initial companies set up advice as required.

SME will happily advise on what type of formation and registrations need to take place to suit your personal circumstances.

What Else Do I Need To Do?

One of the other main considerations at this stage is to get a company bank account set up once the company formation has been approved. SME are happy to offer some recommendations to offer affordable banking, often free in the first year. It is our goal to make the whole process as smooth and efficient as possible for you.

Do I Need To Form A Company If I Am A Sole Trader?

No, Sole traders are not limited ‘companies’. As a sole trader you will need to notify HMRC that you are self-employed for them to issue you with an annual self-assessment tax return. SME Cloud Accounting can also take care of this for you if it is required.

What Are The Costs For Forming a Company?

If you decide to use our services on an ongoing basis by using a monthly package, then we do not charge a one off cost to form your limited company. As a stand alone one of service we offer this for £125 + VAT.

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