It is imperative for a new business to seek professional advice on should they opt for a limited company and register their business on the Companies House register. At Businesswise we do a comprehensive cost vs benefits analysis for you and this will help you decide if you want to take this route. Some major perks of a limited company are that liability is limited to the company and personal assets of directors are safe in case of liquidation, a limited company can attract new investment through shareholders. Some of the major downsides of forming a limited company are lack of privacy and extra costs. Businesswise is here on every step of this process to lead you towards a more cost-efficient and long-term beneficial solution.
If you favor being a sole trader rather than going for a Limited Company, then you are your own business. Registration as a sole trader is still required and annual accounts returns should be filed too, Businesswise is here to help for all of this. We are here to help and advise when to transit from a sole trader to register as a limited company.
If you are a contractor and unsure about whether you should trade as a limited company, sole trader, or construction industry scheme then look no further and let Businesswise help you with that selection. We will provide you with an encyclopedic breakdown of all feasible options available and future implications and perks of options chosen.
If you are a security guard or taxi driver or work in any other industry as self-employed then self-assessment is compulsory for you to submit by every 12 months. We will help you register as self-employed, do tax planning, year-end submissions, inheritance tax, national insurance, pension, capital gains tax, and when to pay your tax bill.
If you own more than one property, then rental income needs to be declared to HMRC. A sophisticated set of record data should be maintained with separate books and a business bank account to verify payments received and expenses incurred. Businesswise will not only advise you on this but also help you file your returns and stay compliant.
If you are still not sure that which option to select and which taxes you should be enrolled for, then book a free appointment with one of our experts and they will guide you in the simplest terms by a minimum use of accounting terminology.