HOW TO START A LIMITED COMPANY IN 2021 (UK)
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- Опубліковано 25 чер 2024
- Wondering how to get a limited company? In this video Dan runs you through the process of getting a limited company in 2021.
This video is an updated version of the popular 2020 version, with added extra!
Topics include:
What you can call a limited company
How to form a limited company
Do you need an accountant to form a limited company
How long does it take to set up a limited company in the UK
Who can be a director of a limited company in the UK
Who can be a shareholder of a limited company in the UK
Do you need a registered office address
Where should your registered office address be
Limited company explained UK
Limited company names
Choosing a UK bank account
Choosing a UK small business accountant
How to choose a SIC code
..... and more!
You can see more about what we get up to on the following:
LinkedIn (Dan): / danheelan
Instagram (Dan): / danheelan
Podcast: heelanhub.co.uk The HeelanHub Podcast, a show for small business owners.
Join our mailing list for tax tips at: www.heelanassociates.co.uk
Instagram (Company): / teamheelan
Facebook (Company): / heelanassociates
Twitter (Company): / heelanassocs
Web: www.heelanassociates.co.uk
Call: 02392 240040 Email: info@heelanassociates.co.uk
#selfemployed #Startup #HMRC
Updated 2023 version: ua-cam.com/video/CGqkDWDEtKs/v-deo.html
Thanks a lot for all the info
Glad it was useful.
Start that Company today.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
Presuming your not a ‘bot, glad you enjoyed 😀
@@HeelanAssociates lol
Thank you. I'm 30 and trying to take the plunge
@@thatoneguychad420 Alright so generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (REGINA LOUISE COLLARO) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy...So I’ll advise you do get a good Investment advisor for yourself.
This really helped me note up all I need to start my business! Thank you so much, you were so clear and easy to follow for someone who literally has no clue where to start haha
Great news Jay! Good luck with the business :- )
Thank you for your knowledge and time for this video.
Hope it was helpful!
Great video - I'm watching a whole bunch of others on your channel now too! One question please... do you have any advice on how to find a trustworthy formation agent? A quick Google shows hundreds of them - other than reading endless reviews, is there a "trusted" source of which ones are good to use? Thanks!
In theory you could go direct to Companies House if you were really worried on trust.
Sadly no central site.
Other than that it's very difficult to say, regulated accountants are a good shout as well.
Hi, I'm new to your channel and I've found it to be extremely helpful! Thank you for sharing your knowledge 👏🏼👍🏼
Glad you enjoy!
Genuinely the first useful page I’ve found on UA-cam. Hopefully you keep doing what your doing. Great little gems all through the channel
Thanks Michael, really appreciate the feedback.
Hi, do you have any advice on umbrella companies vs being a Ltd. co ?
A lot of the time with umbrellas it's more a choice of not being able to be LTD. If you've ended up in an umbrella, it's normally because the client you want to work for thinks you are under 'IR35' and using a limited company becomes a costly hassle for all.
This has been very common for past year since the IR35 changes, and you encounter this often dealing with large companies.
Limited company tax burden nearly always ends up cheaper where it's legal to use (i,e you aren't actually employed), but **generally** the IR35 rules wreck this efficiency if they are in play/the work you do is considered inside.
Really helpful video, thanks! Awkward fact... the co that make Mars bars are Mars Inc (or Mars Foods Ltd in UK)!
Ha I knew it!
So helpfull information. I'm interest about maternity claim payments. How can i make it and what shoud i do. Kindly regards.
Do you mean as a limited company?
My Account has advised to setup a Ltd company for myself and brother to let a bequeathed house 50/50 for 2 directors split then sort out the ABC shares for kids and gains I want to have in place later, is this correct and good advice?
Thats a difficult one to answer in a comment as there are sooo many possibilities as to why you might do it. For example
Do you need the income and who needs
What will you do with the property long term
Who would you like to pass it to
Are you worried about inheritance tax
How is it being transferred
Will the company own other assets
Will the property be held or flipped
Will it need a mortgage later
What tax rates do you both pay
etc etc
One main thing to think about is what you are going to do with it later, as if you sell it you need to deal with getting the cash out the company, which can effectively feel like a double tax charge. Lots of other points and this might not be a consideration, but things like this.
Ltd can be right in many circumstances, but we spend a lot of our time getting people to really think about it before!
Stumbled on this channel and it has been really informative. Thanks for putting this out there. If you have recently formed a limited company and don't have the company registers, how would you go about getting them? Cheers
You could create them, or have a company recreate them. We do this service for clients for example.
How do you get VAT registered? I've been binging your vids for 2 days and they've helped so much. Great job.
Glad you enjoy enough to binge :) you reg here www.gov.uk/vat-registration/how-to-register
@@HeelanAssociates thank you🙌
Iv registered my company but can't seem to sighn up to the corporation tax thing or the PAYE thing it asks for a 10 digit number on the HMRC website but iv not received anything with this number on.
That’s sounds odd, as usually your 10 digit number is the number you get when you reg for corp tax. Called a ‘UTR’.
Get in touch with HMRC on this one.
Which type of company like service provider is better for a good business in U.k?
Could you expand, not sure I understand?
What is the best best bank for good currency rates please?
Difficult one this as they change, a lot of clients end up using a service like 'Revolut'.
Hi, would I register with company's house first or on the gov.website first? Thank you
You’d need to form (‘incorporate’) the company first thing. There are a few ways to get that done but whatever site/route takes you to doing that.
+1 for Starling. It is free and the business account was open in a few days without the hassle with branch visits and appointments.
Yes so many clients having a good time with it.
I use Cash Plus. They are very good.
I have a personal account with starling and its great.
Very good video!! How do you register a Trading Name? Is it the same as registering a Trade Mark? Thanks
As a limited company it's really only Companies House, unless you want the trademark.
@@HeelanAssociates thanks for replying. Much appreciated
Hi could you do a video expanding more about shareholders please?
What would you like to know?
@@HeelanAssociates everything 🤣 I'm going to be going over your videos, I recently opened a limited company but haven't done anything with it yet.
I'm just using my home address btw as the mail forwarding is way to costly.
Hi, if I registered a business but it was left not trading, what would be required to do? Costs etc
Have a watch of this one ua-cam.com/video/HTqHPHHHHdc/v-deo.html
what is the procedure to start online real money gaming apps such as poker 8 ball pool etc. any license is required?
Sadly this isn’t in our realms, not really being a tax question. Sorry we can’t help.
Are there any small tweaks to starting a limited company in 2022/2023?
Not really, although we do have a new video for this coming!
Can you use a PO box as a registered company address?
As the registered office yes, it’s fairly normal to project your home address from being publicly available.
I would like to set up a limited company in my name and leave it dormant has anyone got any advice for that please.
Have you seen these ones?
ua-cam.com/video/b2QOl7250ns/v-deo.html&t
ua-cam.com/video/SFJBvG8OPsg/v-deo.html&t
ua-cam.com/video/-zZWtswfaSU/v-deo.html&t
How much cost is required to start a grocery store in U.k.
That one would need some planning! Bit too opened ended for a comment answer i'm afraid :- )
Is there a 2023 version ?
Not yet but it’s on the list!
Hi there, I'm a second-year student at the University of Manchester and wanted to start a business but I am on a student tier 4 visa. Can you please provide me with alternatives and solutions for my case?
Hi there,
Unfortunately Visas/work are really something we get involved with. Sorry that's not more help.
Hi, you can incorporate a limited company as a foreign national. The Tier 4 visa restriction applies to sole proprietorships. Make sure to do your own research but as far as I am aware, you can register a limited company as a foreign national and you are not even required to be a resident of the UK.
@@nadazameer7120 Hi, thank you for taking your time to give me an answer. If you don’t mind me asking what exactly do you mean sole proprietorship? Would the process to register the business as a foreign national be the same process that is currently on the gov.uk companies house? Thank you it’s just that im struggling to find much information online.
@@abdallahzakaria2202 A sole proprietorship is when an enterprise is owned and run by one person and in which there is no legal distinction between the owner and the business entity. And the restriction on Tier 4 is about being self-employed. When you have a limited company, you are not self-employed. And the process of registering it is the exact same
@@nadazameer7120 Thank you once again for your response. As you’ve said before, I’m gonna do some research about this just to confirm everything. But from what I’ve understood, I can start an online business for example and register on companies house by following the steps on the website, and that the only restriction would be that I won’t be self-employed?
Thanks a lot! This has been much more informative than the govt website. I'm forming a company with my business partners to provide an online gaming experience. Our main issues right now, is the fact that I'm moving out of the UK to the Netherlands soon. And I have no idea what to do. Especially as I only have a UK Residency Permit not a Citizenship. Is it possible for you to make a video about what to do if your company is registered in the UK but you're moving out?
Also would you recommend Revolut as an online bank?
And finally does the correspondence Address have to be within the UK?
It’s a difficult topic this one! I think as it’s this early I’d consider whether it’s worth forming a uk ltd if going to Netherlands - probably worth exploring a ‘bv’ (their version). Might make life easier for you.
I need an accountant for my Ltd Company....Can you help Please?
Hi there, there are a few ways they team might be able to help. If you email info@heelanassociates.co.uk or call 02392 240040 one of the team can have a ‘discovery’ chat to learn some more about your situation
hi did this guy was really helpful or gave you ridiculous price for the service
Thanks so much for these guides! They are great. One thing that I can't find an answer to is: if you incur expenses prior to setting up a (one person) ltd. (e.g. formations company costs) that you pay for with a personal account, how can you register that as a business cost and account for it correctly? Invoice your ltd for those costs?
If you've paid personally for formation costs, you record in your records at day one effectively.
Hi, As a non citizen, are the steps same for opening a company? And is it possible to open a company with another partner company?
Registration is basically the same but you may find practical issues with bank account openings etc.
Also always consider tax laws if you aren’t physically operating the company in this country.
Hi... Great informative videos. Love the content.... I have a question about armed forces EDP monthly payments.... If I was to form a limited company would this count towards my yearly personal allowance and how would that affect my taxes? Would I just pay myself less out of the company and is there a minimum I have to pay myself?
It’s very similar to this one BEING EMPLOYED AND HAVING A BUSINESS AT THE SAME TIME (LTD CO)
ua-cam.com/video/VATU3Q7p-7E/v-deo.html
How would I secure a buisness name and would I need to start trading as soon as possible?
Hi there...does all this apply to setting up a movie production company too?
Usually yes.
Hi Dan,
Great videos. Do you have any experience with author’s going from sole trader to Ltd Company? There is an element of intellectual property (author’s brain) 😂
Not only that the potential of IHT saving as royalties pay out 70 years after the death of the author. It’s something I’m considering for 2023/24 depending on earnings/tax brackets etc.
Hi, it's one of those specialist areas that's worth seeking out an expert. Whilst we've done it over the years, these days we recommend a specialist, but it can be a strat depending on circumstances.
@@HeelanAssociates Thank you, I appreciate your response. I’m still searching. I have some time.
Great videos, thank you for all the time you put into them. Best Wishes.
Can I ask, is it worth setting up an Limited Company when being paid both a salary and commission from an American recruitment company?
All work is done online for an overseas business, and all payments will being to the UK from the US. I am very confused after watching your videos and listening to your podcasts if it is the most viable option for a one man business who is making a small salary of £22k but higher commission of potential £20k - £80k per year.
This one might be too much to cover in a comment, but are you saying your total UK taxed gross income is between say £22k - £102k with commission? If so, and your not employed by them, in pure tax terms Ltd is a likely a good option.
I have a load of questions before I could say either way, that probably doesn't work well here in the comments.
If you wanted some specific advice on your exact situation, you could get in contact with the team who can talk you through how we might be able to support this and give you the clarity.
A question about shares.
I opened my business with Tide. So it has one share, that's mine. How do I create more shares? Like they aren't physical things are they?
I have no idea how shares work and dividends? I do have business partner but they won't be getting a 50/50 split because I've fronted the cash and done the leg work. So I'm thinking 60/40 split.
Also I registered for a VAT number and stuff just because I assumed I had to, so I've had that come through. I've only bought and sold two items so far and I've done invoices for my customer.
I think I need to hire an accountant who can talk me through everything cuz I have no idea. I watched this and I have more questions not less 🤣
Hey sorry we missed this. This does sound like too much for us to answer here sadly!
If you'd like to find out how we might help more directly, get in touch via info@heelanassociates.co.uk and one of the team can run you through the options to get this answered for you.
Can you start an ltd with one person, I have been arguing with my brother about it I think you need more than one person but my brother seems to think that he can just start it himself alone, help please
You can defo start as one person, who is usually the shareholder (owner) and director.
@@HeelanAssociates thanks for the reply I guess I lose a bet :)
What happens if you get sued for £10k but your business assets are only worth £5k?
Bit too hard to say without full context, and we aren't legal professionals, but *in theory* you have 'limited liability' as a company, so the most the claim could gain is the net value of the company.
Always consult someone in that field though if you are worried.
Hello, can you help me to create an LTD cause on the gov.uk website I don't know what to do cause I don't have the same display as the youtube tutorial
Hi there,
Sadly we don't do tutorials on how to do it in detail, as depending how you do it you will have different screens. Our team do formations everyday however, so if you are looking for someone to do this for you, please don't hesitate to get in touch info@heelanassociates.co.uk.
Do i need uk phone number to register ltd or any phone number
This has us thinking, no is the short answer.