Me and my Ukrainian girlfriend, Sonja (she's mildly cretinous) set up a company called Tomahawk Leisure. We looked into its operation and closed it down again. It was inoperable.
@@HeelanAssociates I think it's all about digitalisation, digitalisation of interaction with HMRC more less, and what value in times like this your company brings to the clients.
Hello guys nice explicaton, Evrey one on RU-vid it tell you how to open account with amazon but what tipe off company you need and show you all pass you need to open a company , no one . im not shure what type of company i need and also if i need a real address in uk how manage as im tenant and i can`t use that address, maybe can you do one tutorial about thks
I' d like start o Company in UK, but I am Italian can I do now 2024 after the Brexit. I don't want work from Italy but in England. Can I use a virtual office like registered office?
You can have a bought office address as a registered office address yes, just not completely virtual ‘PO box’ due to recent changes with Companies House.
I’ve almost completed writing my children’s story book, with my own watercolour artwork in the book. I’m looking at going the self-published route, and wondered if I should create a Limited company to protect my intellectual property on the books/artwork, and to sell the books via the Limited company. Would you advise I do this? Thanks
Sadly can't advise on individual situations here due to professional regs, but can share: *The IP/trademarks need to be dealt with in addition to having the LTD. It can be a useful 'vehicle' to have if you like to sell them eventually, or extract profit efficiently (depends on your situation). One key thing here is if you do get a limited co to sell these items, ensure the contracts and paperwork relating to the income are clearly in the company's name if this is your intention - this one is a common issue. Good look with the book!
Do you legally have to have a Company Bank account?? For example if your a Market trader operating as a corporation and you only dealt in Cash transactions, do you have to put the money in a bank account??
Can you use a limited company on shopify if your under 18 instead of your parents information because of their unwillingness because it might impact their taxes? Any help appreciated
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it. You could do the trademark as a sole trader anyway.
Oddly all setting a limited company up does from a name point of view is claim it at Companies House. Sounds odd but that doesn’t mean the name is all that secure as someone could have a trademark covering it. You could do the trademark as a sole trader anyway.
Hey, thanks for the interest. If you’d like to know how we might help with this the usual process is we book in a 'discovery call', In this this half an hour (ish) discussion, we like to find out more about your business and situation, and typically find people want to learn about us, our services and a feel for our fees. We don’t give advice on the call it’s more understanding you/your business and running through our options for support. If you’d like to do the discovery call, you can get in touch at info@heelanassociates.co.uk and one of the team will get in contact.
I set up a new company 2 days later changed the name and have the certificate of change but when I open a bank account and I search it it's showing my old name , what can I do
Very informative videos! I have a side hustle that I am building a mobile game with ads and monthly subscription. I have no idea about opening UK business, taxes or accounting. I am wondering does your company help entrepreneurs on that regard? Because I am considering contacting you about that. Also please let us know of any recommended books if any on starting a UK business if any.
Hey, yes we work with loads of business owners starting up who fit our profile for what makes a good mutual fit (including being physically in the uk). If you’d like to explore your options you can contact info@heelanassociates.co.uk
Thank you for all the useful information, they're insightful and helpful for building confidence and understanding what I need to do when registering and starting a coy.
May I ask you for something? Do you know any British banks, where you can open an account with credit line (in case you are still waiting for your invoices to be paid, but bills are due to be paid)
Not that spring to mind. I think if you have a history and willing to sign a personal guarantee and or have security you can find lenders, but without its challenging.
Often we find these days sic codes are a little outdated in terms of categories. The thing most owners tend to do is pick a pretty generic ones with ‘…not elsewhere classified’ on etc.
Really helpful video, thank you! Generally speaking, if you are already a higher rate taxpayer via PAYE, is it more efficient to operate as a sole trader or through a limited company?
Tough one to answer, as it depends on many factors, one key issue being what you'd like to do with the money you owe. Anecdotally I'd say we see more limited companies than sole traders in this situation, but its very circumstance dependant.
Hello I am French, I am located in France, and I created a Ltd to sell on Amazon UK, but I don't understand why since I thought it was free? and yet I receive letters maybe once a month from the IKA government and now they are asking me for money even though I have not made any sales I have to pay to close this business because I don't use it? Is it possible to change my bank card number and also my postal address?
Hi thanks for taking the time to comment. I think with this one there are just too many issues and further questions needed to be able to provide value in a comment here sorry.
Have you seen this one? ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QBXEq931h98.htmlsi=x2f2vfuDEJ9mA4Ok The value mentioned in the video is probably more like £40-45k profit these days, but the points are still the same.
Is it possible to setup a new limited company and have another company as the shareholder, ie, this new company pays the parent company and it then pays dividends to the director
Informative,, im currently working for a company that subcontracts to other companies, im looking to leave and start on my own, the company that we subcontract to dont want me to leave. I have stated that i will be going it alone,, I think they will hire my services once ive set up.. not sure how i go about this, (liability insurance ect ect) can i set up a ltd or sole trader without any income to begin with, ie, might take me 1-4 months to actualy get work......
This one is hard to cover in a comment / without more knowledge of situation but in general you can set things up before first invoice/income (fairly normal to do so).
Hi. I'm potentially starting a daily rate contract outside IR35. How quick is the set up process if i used a co like yourself? Also, my wife does not earn a salary and could doing with addig NI years for pension purposes so presume a ltd company would open up options ? Thanks
Thanks for the message. We can usually get a company running in say 48-72 hours if we have all the relevant info. Can even been done same day if needed (there is a charge that can be paid to Companies House to express it). Does sound like that if your wife is going to work for you, it could be a good way to add to her NI record, presuming the right earnings levels.
May I ask a quick question please? Out of interest, I have a couple of business interests/side hustles, just starting out. Where do I put these expenses (no profit this year) on my self assessment form? It's not obvious. Thank you in advance for your help.
If you are talking about limited companies, their trading losses don’t go on your own self assessment. They are handled in the company tax return. If you mean self employed losses you’d fill out the self employment pages in your tax return with the figures (there will be a box for expenses on those pages ).
It’s very dependant on your goals and situation but in 2023 £45k profit is often a good breakpoint where we see good results. But it is very dependent on your own circumstances.
We see a lot of people doing that for the practical reason they worry about having to change details with online platforms later, but the advice here is still relevant SHOULD I BE A LIMITED COMPANY? ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-QBXEq931h98.html
Not very in most cases but there are considerations SOLE TRADER TO LIMITED COMPANY - KEY THINGS TO THINK ABOUT ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-FFE9RFxrnjY.html
It sounds like a company is taxed 19% on profit and a sole trader is 20%. That 1% difference starts being important at higher figures, but for someone just starting out it doesn't seem to be much difference. Am I getting it wrong?...
Right now its 19 - 25% for a company (corporation tax) and sole trader 20 - 45% (income tax). You do get taxed further in most cases when you draw money from the company however. You have other things in the mix though, like National Insurance (9% sole trader), and for a limited company you can 'time' your income for better personal tax result, or potentially split some income with someone else. Plus the rules around what you can deduct vary between to two etc etc.
@@HeelanAssociatesif I am the only shareholder and director of my limited company. And I live abroad and pay myself a salary. Will I pay both taxes? One as a corporation and the other for income? My far objective is to sponsor myself as a skilled worker and enter the UK.
