Thank you for all the useful information, they're insightful and helpful for building confidence and understanding what I need to do when registering and starting a coy.
Great video thank you, I’ve subscribed. Searching through the videos now to see if there is one on when side hustles I.e. doing a few handyman jobs for a few hundred pounds here and there or eBay business etc, becomes a business that needs to go through the “starting a new business” process such as registered and tax paid. If there’s a video please point me to it! Thank you!
Excellent video, just what I needed... A question though if that's okay... I know that your property is supposed to be safer if you form a LTD company rather than being self employed but is your home still protected the same if you register the LTD company at your home address?
Really helpful video, thank you! Generally speaking, if you are already a higher rate taxpayer via PAYE, is it more efficient to operate as a sole trader or through a limited company?
Tough one to answer, as it depends on many factors, one key issue being what you'd like to do with the money you owe. Anecdotally I'd say we see more limited companies than sole traders in this situation, but its very circumstance dependant.
Can you start an LC buying and selling cryptos but also holding digital assets, lending them to the automated market makers for financial institutions to use?
Have you seen this one? ua-cam.com/video/QBXEq931h98/v-deo.htmlsi=x2f2vfuDEJ9mA4Ok The value mentioned in the video is probably more like £40-45k profit these days, but the points are still the same.
I’ve almost completed writing my children’s story book, with my own watercolour artwork in the book. I’m looking at going the self-published route, and wondered if I should create a Limited company to protect my intellectual property on the books/artwork, and to sell the books via the Limited company. Would you advise I do this? Thanks
Sadly can't advise on individual situations here due to professional regs, but can share: *The IP/trademarks need to be dealt with in addition to having the LTD. It can be a useful 'vehicle' to have if you like to sell them eventually, or extract profit efficiently (depends on your situation). One key thing here is if you do get a limited co to sell these items, ensure the contracts and paperwork relating to the income are clearly in the company's name if this is your intention - this one is a common issue. Good look with the book!
@@HeelanAssociates I think it's all about digitalisation, digitalisation of interaction with HMRC more less, and what value in times like this your company brings to the clients.
I want to start my own professional kitchen cleaning company but not sure if it would be a limited business or the other also don't know if I would get a startup loan as last year my debt was cleared
Its worth reaching out to local enterprise groups or chambers of commerce to see what resources are available to you. The change quite a lot based on region.
Very informative videos! I have a side hustle that I am building a mobile game with ads and monthly subscription. I have no idea about opening UK business, taxes or accounting. I am wondering does your company help entrepreneurs on that regard? Because I am considering contacting you about that. Also please let us know of any recommended books if any on starting a UK business if any.
Hey, yes we work with loads of business owners starting up who fit our profile for what makes a good mutual fit (including being physically in the uk). If you’d like to explore your options you can contact info@heelanassociates.co.uk
Hello guys nice explicaton, Evrey one on UA-cam it tell you how to open account with amazon but what tipe off company you need and show you all pass you need to open a company , no one . im not shure what type of company i need and also if i need a real address in uk how manage as im tenant and i can`t use that address, maybe can you do one tutorial about thks
I' d like start o Company in UK, but I am Italian can I do now 2024 after the Brexit. I don't want work from Italy but in England. Can I use a virtual office like registered office?
You can have a bought office address as a registered office address yes, just not completely virtual ‘PO box’ due to recent changes with Companies House.
Often we find these days sic codes are a little outdated in terms of categories. The thing most owners tend to do is pick a pretty generic ones with ‘…not elsewhere classified’ on etc.
I set up a new company 2 days later changed the name and have the certificate of change but when I open a bank account and I search it it's showing my old name , what can I do
Me and my Ukrainian girlfriend, Sonja (she's mildly cretinous) set up a company called Tomahawk Leisure. We looked into its operation and closed it down again. It was inoperable.
Informative,, im currently working for a company that subcontracts to other companies, im looking to leave and start on my own, the company that we subcontract to dont want me to leave. I have stated that i will be going it alone,, I think they will hire my services once ive set up.. not sure how i go about this, (liability insurance ect ect) can i set up a ltd or sole trader without any income to begin with, ie, might take me 1-4 months to actualy get work......
This one is hard to cover in a comment / without more knowledge of situation but in general you can set things up before first invoice/income (fairly normal to do so).
I just have a question , iam presently working full time in a company as an accountant. However iam trying to do some private bookkeeping accounts work at a small level may be with 2 or 3 small sized clients. So I presume my yearly profits if I start would be maximum 6k to 10k. My question is should I be a soletrader or register a company.
Do you legally have to have a Company Bank account?? For example if your a Market trader operating as a corporation and you only dealt in Cash transactions, do you have to put the money in a bank account??
Check out your local enterprise organisations or chamber of commerce, they maybe able to sign post you to a service to help. However its *always* worth thinking about whether you want to be in business for yourself, it's not everything its promoted to be!
Hi. I'm potentially starting a daily rate contract outside IR35. How quick is the set up process if i used a co like yourself? Also, my wife does not earn a salary and could doing with addig NI years for pension purposes so presume a ltd company would open up options ? Thanks
Thanks for the message. We can usually get a company running in say 48-72 hours if we have all the relevant info. Can even been done same day if needed (there is a charge that can be paid to Companies House to express it). Does sound like that if your wife is going to work for you, it could be a good way to add to her NI record, presuming the right earnings levels.
May I ask you for something? Do you know any British banks, where you can open an account with credit line (in case you are still waiting for your invoices to be paid, but bills are due to be paid)
Not that spring to mind. I think if you have a history and willing to sign a personal guarantee and or have security you can find lenders, but without its challenging.
Is it possible to setup a new limited company and have another company as the shareholder, ie, this new company pays the parent company and it then pays dividends to the director
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it. You could do the trademark as a sole trader anyway.
May I ask a quick question please? Out of interest, I have a couple of business interests/side hustles, just starting out. Where do I put these expenses (no profit this year) on my self assessment form? It's not obvious. Thank you in advance for your help.
If you are talking about limited companies, their trading losses don’t go on your own self assessment. They are handled in the company tax return. If you mean self employed losses you’d fill out the self employment pages in your tax return with the figures (there will be a box for expenses on those pages ).
Hello I am French, I am located in France, and I created a Ltd to sell on Amazon UK, but I don't understand why since I thought it was free? and yet I receive letters maybe once a month from the IKA government and now they are asking me for money even though I have not made any sales I have to pay to close this business because I don't use it? Is it possible to change my bank card number and also my postal address?
Hi thanks for taking the time to comment. I think with this one there are just too many issues and further questions needed to be able to provide value in a comment here sorry.
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it. You could do the trademark as a sole trader anyway.
Can you use a limited company on shopify if your under 18 instead of your parents information because of their unwillingness because it might impact their taxes? Any help appreciated
We see a lot of people doing that for the practical reason they worry about having to change details with online platforms later, but the advice here is still relevant SHOULD I BE A LIMITED COMPANY? ua-cam.com/video/QBXEq931h98/v-deo.html
It’s very dependant on your goals and situation but in 2023 £45k profit is often a good breakpoint where we see good results. But it is very dependent on your own circumstances.
It sounds like a company is taxed 19% on profit and a sole trader is 20%. That 1% difference starts being important at higher figures, but for someone just starting out it doesn't seem to be much difference. Am I getting it wrong?...
Right now its 19 - 25% for a company (corporation tax) and sole trader 20 - 45% (income tax). You do get taxed further in most cases when you draw money from the company however. You have other things in the mix though, like National Insurance (9% sole trader), and for a limited company you can 'time' your income for better personal tax result, or potentially split some income with someone else. Plus the rules around what you can deduct vary between to two etc etc.
@@HeelanAssociatesif I am the only shareholder and director of my limited company. And I live abroad and pay myself a salary. Will I pay both taxes? One as a corporation and the other for income? My far objective is to sponsor myself as a skilled worker and enter the UK.
Hey, thanks for the interest. If you’d like to know how we might help with this the usual process is we book in a 'discovery call', In this this half an hour (ish) discussion, we like to find out more about your business and situation, and typically find people want to learn about us, our services and a feel for our fees. We don’t give advice on the call it’s more understanding you/your business and running through our options for support. If you’d like to do the discovery call, you can get in touch at info@heelanassociates.co.uk and one of the team will get in contact.
2024/25 edition here: ua-cam.com/video/VEYLdjez4t0/v-deo.htmlsi=F2vkgjitIyGIdK2B
Very concise, informative and straight to the point. Thank you
Glad you enjoyed!
Thank you for all the useful information, they're insightful and helpful for building confidence and understanding what I need to do when registering and starting a coy.
Glad it was helpful!
Very good information, thank you.
Glad it was helpful!
Thank you for your information 😊
No problem! Thanks for watching
The best video i have seen explaining this thank you sir
Glad you found it useful!
Very timely. Thanks
Always good to hear it’s hit the at the right time!
Very helpful, thank you 👍🏼
Glad it was helpful!
Great video thank you, I’ve subscribed. Searching through the videos now to see if there is one on when side hustles I.e. doing a few handyman jobs for a few hundred pounds here and there or eBay business etc, becomes a business that needs to go through the “starting a new business” process such as registered and tax paid. If there’s a video please point me to it! Thank you!
Have you seen this one? ua-cam.com/video/v3T46yqqdcQ/v-deo.htmlsi=1TUiKmHsEf5jBo6f
@ thank you so much for the reply, I’ll watch now!
Brilliant video, you explained it very clearly and it was very interesting.
Glad you liked it!
thanks for video!
No problem hope it helped
Excellent video, just what I needed... A question though if that's okay... I know that your property is supposed to be safer if you form a LTD company rather than being self employed but is your home still protected the same if you register the LTD company at your home address?
The company being registered at the home should not cause issues in terms of potential losses, as the company still doesn't own the property.
Really helpful video, thank you! Generally speaking, if you are already a higher rate taxpayer via PAYE, is it more efficient to operate as a sole trader or through a limited company?
Tough one to answer, as it depends on many factors, one key issue being what you'd like to do with the money you owe.
Anecdotally I'd say we see more limited companies than sole traders in this situation, but its very circumstance dependant.
Can you start an LC buying and selling cryptos but also holding digital assets, lending them to the automated market makers for financial institutions to use?
It’s technically possible the taxation is specialist area.
Great video thanks. Im in two minds at the minute weather to go down this route or not
Have you seen this one? ua-cam.com/video/QBXEq931h98/v-deo.htmlsi=x2f2vfuDEJ9mA4Ok
The value mentioned in the video is probably more like £40-45k profit these days, but the points are still the same.
I’ve almost completed writing my children’s story book, with my own watercolour artwork in the book. I’m looking at going the self-published route, and wondered if I should create a Limited company to protect my intellectual property on the books/artwork, and to sell the books via the Limited company. Would you advise I do this? Thanks
Hi! I am doing something similar (Digital products) and was wondering the same!
Sadly can't advise on individual situations here due to professional regs, but can share:
*The IP/trademarks need to be dealt with in addition to having the LTD. It can be a useful 'vehicle' to have if you like to sell them eventually, or extract profit efficiently (depends on your situation).
One key thing here is if you do get a limited co to sell these items, ensure the contracts and paperwork relating to the income are clearly in the company's name if this is your intention - this one is a common issue.
Good look with the book!
Well if you wish to sell books to the major bookstores then no retailer or wholesaler will deal with you if your not a corporation.
Hi, can you make a video on the trends in accounting industry and how your company respond?
It’s an interesting one. I’m not sure how well that would go down with the wider audience/ what value it would bring - did you have a topic in mind?
@@HeelanAssociates I think it's all about digitalisation, digitalisation of interaction with HMRC more less, and what value in times like this your company brings to the clients.
Very helpful thank you!
Glad it was helpful!
I want to start my own professional kitchen cleaning company but not sure if it would be a limited business or the other also don't know if I would get a startup loan as last year my debt was cleared
Its worth reaching out to local enterprise groups or chambers of commerce to see what resources are available to you. The change quite a lot based on region.
Very informative videos! I have a side hustle that I am building a mobile game with ads and monthly subscription. I have no idea about opening UK business, taxes or accounting. I am wondering does your company help entrepreneurs on that regard? Because I am considering contacting you about that. Also please let us know of any recommended books if any on starting a UK business if any.
Hey, yes we work with loads of business owners starting up who fit our profile for what makes a good mutual fit (including being physically in the uk).
If you’d like to explore your options you can contact info@heelanassociates.co.uk
Hello guys nice explicaton, Evrey one on UA-cam it tell you how to open account with amazon but what tipe off company you need and show you all pass you need to open a company , no one . im not shure what type of company i need and also if i need a real address in uk how manage as im tenant and i can`t use that address, maybe can you do one tutorial about thks
Sounds like a lot to cover in video, but we’ll consider if there is something we can cover on this one!
I' d like start o Company in UK, but I am Italian can I do now 2024 after the Brexit. I don't want work from Italy but in England. Can I use a virtual office like registered office?
You can have a bought office address as a registered office address yes, just not completely virtual ‘PO box’ due to recent changes with Companies House.
Please tell me which SIC code is better to choose for SaaS (Software as a Service), if the site operates on a subscription basis.
Often we find these days sic codes are a little outdated in terms of categories. The thing most owners tend to do is pick a pretty generic ones with ‘…not elsewhere classified’ on etc.
I set up a new company 2 days later changed the name and have the certificate of change but when I open a bank account and I search it it's showing my old name , what can I do
When you change it with Companies House it generally only happens there. You have to manually change it everywhere else, including with the bank.
I have a problem with modifying sic codes after I open up a company, can you help me with some advice on how to change the codes, please ? Thank you.
Me and my Ukrainian girlfriend, Sonja (she's mildly cretinous) set up a company called Tomahawk Leisure. We looked into its operation and closed it down again. It was inoperable.
Needless to say, you had the last laugh.
Great name :)
Informative,, im currently working for a company that subcontracts to other companies, im looking to leave and start on my own, the company that we subcontract to dont want me to leave. I have stated that i will be going it alone,, I think they will hire my services once ive set up.. not sure how i go about this, (liability insurance ect ect) can i set up a ltd or sole trader without any income to begin with, ie, might take me 1-4 months to actualy get work......
This one is hard to cover in a comment / without more knowledge of situation but in general you can set things up before first invoice/income (fairly normal to do so).
I just have a question , iam presently working full time in a company as an accountant. However iam trying to do some private bookkeeping accounts work at a small level may be with 2 or 3 small sized clients. So I presume my yearly profits if I start would be maximum 6k to 10k. My question is should I be a soletrader or register a company.
New video due up tonight touching on this
Do you legally have to have a Company Bank account??
For example if your a Market trader operating as a corporation and you only dealt in Cash transactions, do you have to put the money in a bank account??
No, although you’d likely still need one to pay tax and direct debits for certain things.
I wouldn't know where to start or I'm not good at finance or good at setting up a business plan
Check out your local enterprise organisations or chamber of commerce, they maybe able to sign post you to a service to help.
However its *always* worth thinking about whether you want to be in business for yourself, it's not everything its promoted to be!
Hi. I'm potentially starting a daily rate contract outside IR35. How quick is the set up process if i used a co like yourself?
Also, my wife does not earn a salary and could doing with addig NI years for pension purposes so presume a ltd company would open up options ?
Thanks
Thanks for the message. We can usually get a company running in say 48-72 hours if we have all the relevant info. Can even been done same day if needed (there is a charge that can be paid to Companies House to express it).
Does sound like that if your wife is going to work for you, it could be a good way to add to her NI record, presuming the right earnings levels.
May I ask you for something? Do you know any British banks, where you can open an account with credit line (in case you are still waiting for your invoices to be paid, but bills are due to be paid)
Not that spring to mind. I think if you have a history and willing to sign a personal guarantee and or have security you can find lenders, but without its challenging.
Is it possible to setup a new limited company and have another company as the shareholder, ie, this new company pays the parent company and it then pays dividends to the director
Yes this is how groups are set up. Have a look at this one ua-cam.com/video/uolzKYTyGWY/v-deo.htmlsi=j24Zls05W_xumWTX
Is this the same way to set up a physiotherapy home care service?
The discussion is similar in terms of considering if it’s right for you.
hi
i got a german friend wants to open a business in the uk
can you tell me what's the steps to follow please
my regards
Sorry that’s a little hard to outline in just a comment here.
Hi do I need to setup as a Ltd if I want to secure a business name? Or can I just setup the business name as a sole trader?
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it.
You could do the trademark as a sole trader anyway.
Can i open a limited company just for buying and holding crypto?
Yes. Whether its a good idea or suits your goals is a separate question!
May I ask a quick question please? Out of interest, I have a couple of business interests/side hustles, just starting out. Where do I put these expenses (no profit this year) on my self assessment form? It's not obvious. Thank you in advance for your help.
If you are talking about limited companies, their trading losses don’t go on your own self assessment. They are handled in the company tax return.
If you mean self employed losses you’d fill out the self employment pages in your tax return with the figures (there will be a box for expenses on those pages ).
Hello I am French, I am located in France, and I created a Ltd to sell on Amazon UK, but I don't understand why since I thought it was free? and yet I receive letters maybe once a month from the IKA government and now they are asking me for money even though I have not made any sales
I have to pay to close this business because I don't use it?
Is it possible to change my bank card number and also my postal address?
Hi thanks for taking the time to comment. I think with this one there are just too many issues and further questions needed to be able to provide value in a comment here sorry.
Hi do I need to setup a Ltd in order to secure a business name? Or can I just be a sole trader?
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it.
You could do the trademark as a sole trader anyway.
What is the best company house you would recommend
There is only one companies house so I’d recommend that 😃
Hi, great podcast, Do I need a passport to open up a UK ltd company thanks
In theory no it’s practically possible without. You may find other challenges without though such as opening bank accounts etc.
@@HeelanAssociates Thank you
awesome watch
Glad you enjoyed!
Can you use a limited company on shopify if your under 18 instead of your parents information because of their unwillingness because it might impact their taxes? Any help appreciated
I’m unsure about shopifys t&cs on this one. Biggest challenge under 18 is often getting a bank account for the company.
@@HeelanAssociates I’ll try my best :)
Would you recommend opening a limited company for an online business? May become liable for VAT in the future
We see a lot of people doing that for the practical reason they worry about having to change details with online platforms later, but the advice here is still relevant SHOULD I BE A LIMITED COMPANY?
ua-cam.com/video/QBXEq931h98/v-deo.html
Can i transfer a house i have in personal name in italy to a limited company in uk?
Sorry Italian property ownership is outside the scope of our experience.
Can a person on Tier-2 Work Visa set up a Ltd company?
If yes, then is it the same process or need to do a different route?
We don’t get involved / advise on visa issues. I suspect it’s physically possible though.
Thanks so much
No problem
Hello, i'm actually living in italy and i wanna start dropshipping\e commerce, and i want to create an ltd in uk, can i?
You could physically form a company but it comes with multiple tax issues that may well mean it’s not worth doing.
Hi do you help people create unlimited companies?
Could you expand on ‘unlimited’?
At what amount of income would you suggest creating LTD ? Over 50 k?
It’s very dependant on your goals and situation but in 2023 £45k profit is often a good breakpoint where we see good results. But it is very dependent on your own circumstances.
How?
How.
And security company?
could you expand?
Interesting
Glad you thought so!
It sounds like a company is taxed 19% on profit and a sole trader is 20%. That 1% difference starts being important at higher figures, but for someone just starting out it doesn't seem to be much difference. Am I getting it wrong?...
It’s 25% now
Right now its 19 - 25% for a company (corporation tax) and sole trader 20 - 45% (income tax).
You do get taxed further in most cases when you draw money from the company however.
You have other things in the mix though, like National Insurance (9% sole trader), and for a limited company you can 'time' your income for better personal tax result, or potentially split some income with someone else. Plus the rules around what you can deduct vary between to two etc etc.
@@HeelanAssociatesif I am the only shareholder and director of my limited company. And I live abroad and pay myself a salary. Will I pay both taxes? One as a corporation and the other for income? My far objective is to sponsor myself as a skilled worker and enter the UK.
Can I form an Ltd from the Philippines?
People do yes.
Don’t forget sole traders get £1000 allowance so you don’t pay tax on your 1st £1000 revenue
We have another vid on that :)
how difficult is it to go from sole trader to llc?
Not very in most cases but there are considerations SOLE TRADER TO LIMITED COMPANY - KEY THINGS TO THINK ABOUT
ua-cam.com/video/FFE9RFxrnjY/v-deo.html
Hi how much do you charge and would you be able to have a chat with me thanks
Hey, thanks for the interest.
If you’d like to know how we might help with this the usual process is we book in a 'discovery call',
In this this half an hour (ish) discussion, we like to find out more about your business and situation, and typically find people want to learn about us, our services and a feel for our fees.
We don’t give advice on the call it’s more understanding you/your business and running through our options for support.
If you’d like to do the discovery call, you can get in touch at info@heelanassociates.co.uk and one of the team will get in contact.
5:26
👊
Company house beta
👊
So a LTD company is the same as a LLC? Please answer, thanks
In short yes, the term LLC tends to be used more in the US.
Interesting
Thank you