If you are looking into company formations, there are some things that you must think about. Read on for some helpful hints on setting up a company.
Words by Brigitte Kudor
UK COMPANY FORMATION
Company formations are daunting tasks no matter how experienced you are in business. When you’re setting up a new company there are certain things that you must bear in mind in order to adhere to legislation and also to stay within the rules of the Inland Revenue. There are certain people that you need to get on board, and various jobs that you need to do. In this article we will tell you about some of the basics when it comes to company formations. Read on to find out more.
Choose an accountant
Perhaps most importantly, you will need to elect an accountant who will be responsible for your tax returns and general financial affairs. Choose carefully and go with somebody that you know and trust, or alternatively somebody that has been recommended to you by a friend. Your accountant should be experienced in all areas of finance and they will be able to help you set up your business.
Speak to the Inland Revenue
You will also need to register your company with the Inland Revenue, and again your accountant can help you with this. In order for your accountant to be able to do this, they will need certain information from you. Make sure that you provide them with everything that they need in order to register you with the Inland Revenue. Depending on the size and nature of your business, you may also need to register your business with the Companies House.
Every business needs a HQ, and whether this is your home, office premises or a factory, this needs to be established very quickly. Choose premises that suit your needs but that are also modest enough for you to be able to afford in the early days. You can always upgrade later.
Of course, there are far more things to consider when thinking about company formations such is forecasting, logistics and strategies, so it is essential that you tread carefully and make sure that every detail has been thought about before you start trading. If you would like to find out more about Company Formations and get your business trading as a UK Limited Company within hours the contact our experts here at Hatton & Berkeley.