Formal, Regulated, Limited liability, Prestige..........
A safer option? - Let SKN help you
Wanting to set up as up as a limited company? Is it appropriate for you? Need more information on how to limit liability and reduce financial risk? Let SKN Chartered Accountants help you and your company find the ideal solution on how your business can benefit.
Setting up as a Limited Company may be beneficial for most, as you are protected from its financial problems. But in exchange, there is also the downfall of setting up as a limited company. You will loose some privacy as directors and all shareholder information has to be filed and is available to the public.
A limited company is owned by their shareholder, this means that the company’s assets and liabilities are separate to the individual and remains the responsibility of the company.
The advantages of setting up as a Limited Company:
- Limited Liability - There is limited financial liability, so liability only lies on what has been invested into the company.
- Ease of transfer - The ownership of shares within the company is transferred easily by selling shares
- Tax Planning - Take advantage of tax planning strategies
- Better succession planning
The disadvantages of setting up as a Limited Company:
- Higher administration Costs - This is on-going, as you have to file your annual accounts at Companies House every year. We can advise you on the professional costs that is involved such as preparing accounts and tax returns
- Limited Privacy - There is limited privacy, anyone can look into your company accounts and are able to check certain details of shareholders.
- Winding up – For a limited company this is more expensive and complex than sole trading or a partnership.
- Audit requirement – If the company exceeds certain size or is in a particular sector will require audit. Small business are normally exempt.
How we can help your business:
Setting up a Limited company is more complex than what we have mentioned above. If you need more information on this and would like to speak to one of our trained professionals, then we are more than happy to discuss your requirements and inform you of a more detailed risk assessment of your business venture. We are here to help you make the best possible decision and find the most valuable tax arrangements that are available for you.
If you would like to find out more about how you can minimise your commercial risk, please contact us on our free phone line 0800 612 3371 where someone is happy to help you today.
- RTI Round Up
- Sleeping Partners and NI
- Beware Pension Liberation
- Do Not Rely on HMRC VAT Advice
- May Question and Answer Section
- May Key Tax Dates