STRUCTURING YOUR BUSINESS
Sole Traders | Running a Limited Company | Incorporation | IR35
Making the right choice
When you start a new business there are a few options you can take. The most common are operating as a sole trader or a Limited Company. Here at NPS we can advise on whether becoming a sole trader or an incorporated company is the best way for you to run your business and then take away the burden of formation and incorporation.
Sole Traders
Being a sole-trader means more control for you. You run your business the way you want, without interference from anyone else, from daily tasks to strategic decision making. You don’t have to consult directors or shareholders either, which means you won’t have to compromise your vision.
This is an exciting time, but getting started can be a huge learning curve and a little daunting. At NPS, we understand that you want to focus on doing what you do best, without spending hours on admin that could be spent earning you income.
From help forming your business, to accounts preparation, tax returns, VAT and bookkeeping, NPS can provide the support you need.
Request your FREE Guide on Becoming a Sole Trader.
For your free guide or more information
Running a Limited Company
Starting up your first business is often a huge learning curve and inevitably many first-time owners encounter some hiccups along the way.
As a dedicated accountant we at NPS will keep in regular contact with you and will be happy to resolve any problems when they arise. As your business grows, you’re likely to take on more employees to support your expansion. However, as a business owner operating a busy company, it is often difficult to find the time to manage the payroll system. NPS can take this task off your hands and make sure that all your employees are paid the right amount, at the right time.
We can help with forecasting your cash flow as over- or underestimating incoming costs or expenditure can be fatal to the future of your business.
We keep up-to-date on the latest tax legislation so can ensure you don’t pay any more of your hard earned money than is absolutely necessary. And having someone on your side to take care of business compliance will give you peace of mind that everything is being taken care of correctly.
Request your FREE Guide on Starting a Limited Company
For your free guide or more information
Incorporation
To operate as a Limited Company, you need to register with Companies House.
This requires submission of an application to Companies House, which is responsible for the registration of all new companies
Incorporating a company is typically three steps, this includes:
- Filling out the necessary documents and forms
- Payment of the registration fee
- Providing the memorandum of association and articles of association
In addition, the desired name of the company must not yet be registered, and it must be impossible for the name of the company to be confused with the name of another company.
Once your business is established, the Certificate of Incorporation has been issued, the directors are required to file certain documents every year such as annual accounts and a confirmation statement.
IR35
IR35 is another name for the off-payroll working rules. It was introduced by HMRC to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying Income Tax and National Insurance.
If you are an individual (Contractor) providing services to a Limited Company, or an employer looking to engage the services of a contractor, it is vital that due diligence is put in place to ensure that you are satisfied that you are working compliantly. Contravening the IR35 rules could incur penalties of up to 100% of unpaid tax!
AT NPS, we are able to check contracts, offering advice and guidance and providing a strong indication of your compliance status.
