Limited Companies: Advantages and Disadvantages
Now let us take a look at Ltd Companies and their pro’s and con’s.
We have discussed Sole Trading, but which comes off better when comparing the two and which road should you take?
When you are setting out to form a Ltd Company where shall you start? And what are the advantages?
You have to go through a government agency called “Companies House” before you have officially set this up. They are the only people in the UK who are authorised to give you your official documents to certify your Ltd Company has been set up. This includes the certificate of incorporation, which is vital to prove you have purchased your Ltd Company and it has been accepted via the correct procedures. But going through companies house can take some time and there is a small charge.
You also first need to think of a name that you would like to call your Ltd Company, as only one Ltd Company name can be registered on the index at any one time. So do you have a name in mind? Great! As long as no-one else has that name you should be able to have your company formed and start trading, then I can tell you about the brilliant advantages of setting up a Ltd Company.
But now I bet you’re thinking, “But I can’t really be bothered with all of the hassle of getting in touch with companies house and going through a load of boring forms, forms which I know nothing about!” There is a way round this! Yes, you can have a Ltd Company and still reap the advantages but let somebody else set it up for you.. But who?
Well there are lots and lots of different companies on the market which we call “Formations Agents”. Formations agents basically liaise with Companies house and they do all of the work for you for a set fee. After this there will be no further costs. And as you need to pay a small charge to Companies House anyway, even if you were to set up the Ltd Company yourself, then you haven’t really got anything to lose.
Plus the formations agents usually have set packages which come with lots of advantages such as free meetings with accountants. They can set all this up for you too.
Now let’s talk about the advantages. In my mind there are two deal selling points when talking of Ltd Companies.
Number one: You are not liable for any debts that the company may produce or for even the company itself. The Ltd Company stands on its own two feet with its own name and if the worst comes to the worst and you have any outstanding debt.. you can walk away from it at any time. You and your home, car, bank account are not responsible for this. The government or Inland Revenue or big bailiffs can’t come and seize your property by law. They can only take what belongs to the company and has been purchased by the company. For example if you have bought office furniture, then this is accountable for. And it can be taken.
Number Two: Taxes! You can save a lot of money by claiming back tax. You can do this by keeping receipts and keeping them in a safe place. Then file them with your accountant. You can keep the tickets that are a receipt for parking that you display on your dashboard for example. And why not, if you’ve been to a meeting where you’ve had to pay for petrol and park your vehicle, why shouldn’t you be able to claim this back to cover your business costs?
These are two great examples of how taking the time to set up a Ltd Company can benefit you. Perhaps you like the sound of sole trading more, it’s your business, now you have the facts you can make an informed choice!
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