Business
Startups
Limited Company
Check if setting up a limited company is right for you. How you set up your business depends on what sort of work you do.
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
Limited by shares companies are usually businesses that make a profit.
Limited by guarantee companies are usually ‘not for profit’.
Your name cannot be the same as another registered company’s name.
Your name must usually end in either ‘Limited’ or ‘Ltd’.
Your name cannot be the same as another registered company’s name.
Your name must usually end in either ‘Limited’ or ‘Ltd’.
Your company must have at least one director.
Directors are legally responsible for running the company and making sure company accounts and reports are properly prepared.
You must keep records about the company itself
You must keep Financial and accounting records
You have to keep details of Directors/Shareholders
You must also keep a register of ‘people with significant control’ (PSC)
You must keep accounting records
You must keep records for atleast 6 years from the end of the last company financial year.
You will need to register with Company house with a fee of GBP 12
You’ll need to register an official address and choose a SIC code – this identifies what your company does.
You’ll need to register for Corporation Tax with HMRC
Partnership
There are two types of Partnerships namely Limited Partnership and Limited Liability Partnership.
In a partnership, you and your partner (or partners) personally share responsibility for your business.
Partners share the business’s profits, and each partner pays tax on their share.
A partner does not have to be an actual person. For example, a limited company counts as a ‘legal person’ and can also be a partner.
Choose a name
Choose a ‘nominated partner’
Register with HM Revenue and Customs (HMRC)
The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.
Choose a ‘nominated partner’
Register with HM Revenue and Customs (HMRC)
The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.
You can trade under your own names, or you can choose another name for your business. You do not need to register your name
Business partnership names must not include ‘limited’, ‘Ltd’, ‘limited liability partnership, ‘LLP’, ‘public limited company’ or ‘plc’
You must include all the partners’ names and the business name (if you have one) on official paperwork, for example invoices and letters.
You must register your partnership for Self Assessment with HM Revenue and Customs (HMRC) if you’re the ‘nominated partner’.
All partners also need to send their own tax returns as individuals.
You must register by 5 October in your business’s second tax year, or you could be charged a penalty
You can also register the partnership using form SA400 if you cannot register online. You can register as a partner using form SA401.
You must also register for VAT if your VAT taxable turnover is more than £85,000. You can choose to register if it’s below this, for example to reclaim VAT on business supplies.
Sole Trader
You run your own business as an individual and are self-employed.
You can keep all your business’s profits after you’ve paid tax on them.
You’re personally responsible for any losses your business makes.
You must also follow certain rules on running and naming your business.
You earned more than £1,000 from self-employment between the tax year 6 April to 5 April
You need to prove you’re self-employed, for example to claim Tax-Free Childcare
You want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
To set up as a sole trader, you need to tell HM Revenue and Customs (HMRC) that you pay tax through Self Assessment.
You’ll need to file a tax return every year.
Keep records of your business’s sales and expenses
Send a Self Assessment tax return every year
Pay Income Tax on your profits and Class 2 and Class 4 National Insurance
You’ll need to apply for a National Insurance number if you’re moving to the UK to set up a business.
You must register for VAT if your turnover is over £85,000.
You can register voluntarily if it suits your business, for example if you sell to other VAT-registered businesses and want to reclaim the VAT.
As a sole trader you cannot use the following terms to describe your business :-
Public limited company (Plc)
Limited (Ltd)
Limited liability partnership (LLP)
Group Companies
Incorporation of Entities: Register each company under the appropriate jurisdiction.
Group Structure Planning: Define the parent-subsidiary relationships and ownership structure.
Tax Registration: Register for tax identification numbers (e.g., VAT, corporate tax) for each entity.
Accounting Systems: Implement accounting software capable of handling consolidated reporting.
VAT Registration: Register for VAT if applicable, for trading entities.
VAT Returns: File VAT returns on behalf of each entity, ensuring compliance with local rules.
Corporate Tax Compliance: Calculate and file corporate tax returns for each entity and the group.
VAT Registration: Register for VAT if applicable, for trading entities.
VAT Returns: File VAT returns on behalf of each entity, ensuring compliance with local rules.
Corporate Tax Compliance: Calculate and file corporate tax returns for each entity and the group.
Consolidated Financial Statements: Prepare group-level financial statements in compliance accounting standards.
Audit: Arrange statutory audits for individual entities and group accounts.
Management Reporting: Create periodic internal financial reports for decision-making.
Company Secretarial Services: Maintain statutory registers, minutes, and filings for all entities.
Regulatory Compliance: Ensure compliance with local laws across jurisdictions (e.g., anti-money laundering).
Payroll Management: Process payroll for you employees and submit necessary PAYE returns to HMRC
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© Analytix 2025 – Developed By LiveBits