Company Formation

How can Z B Accountants help you with company formation accountants?

Are you a sole dealer considering whether to require the jump and enroll as a constrained company? Making the choice to alter your trade structure can have critical suggestions for you and your business.

You may find yourself asking questions such as:

• Is it the right time?
• What are the advantages of a limited liability company?
• How does this change my tax liability?
• How much does it cost to register a limited company?
• What are the legal and administrative requirements?

Perhaps you are looking to start a new business and are wondering which structure is right for you.

The advantages of registering a company are indisputable, however, they are contingent upon your individual circumstances, stage of business development, and future objectives.

Therefore, Z B Accountants can provide you with the necessary guidance and assistance to make an informed decision.

We specialize in company formations and, with our assistance, can help you understand the advantages and disadvantages of registering a company.

Our easy-to-use services help with every part of registering a company. Just give us the information we need, and we will work with Companies House to register your company for you.

Moreover, we can assist you in opening a business bank account. 

Additionally, we offer the option to use an official service address instead of your home address on the public register.

In addition to registering your company, we will make sure you fully understand the legal and tax responsibilities that come with it. We will also provide guidance on shareholding, directors, and choosing a secretary. If your company doesn’t have a secretary, we can provide secretarial services for it.

Get in touch with the specialists at Z B Accountants to receive assistance and guidance today.

If you decide to start your own company, we will support you in getting everything set up correctly.

What are the advantages when you register a company?

Depending on your individual circumstances, a limited liability company offers a number of advantages for your business, the most important of which are:

Limited liability protection:
Legally, a sole proprietor’s business is one and the same as their own. Therefore, the person is responsible and their personal assets may be at danger if the firm experiences financial difficulties or legal issues.

As a business director, you have limited liability, which means that in the event of financial trouble or legal troubles, your personal assets are secured. You are also legally distinct from your limited company.

Tax efficiency:
The primary rate of Corporation Tax used to be lower than the base rate of Income Tax, saving many business owners money on taxes. Although the rates are much closer now, there are still tax benefits to be had.

Company directors may choose to combine their income from salaries and dividends, which may result in personal tax savings. Additionally, limited corporations have a wider variety of deductible costs, which can lower the corporation tax burden of the company.

Access to funding:
Additionally, incorporating as a company may enhance your capacity to obtain financing from banks and investors.

Perpetual existence:
A limited corporation can continue to operate without the owners’ involvement, giving its clients continuity even when the proprietors die away or retire.

Brand protection:
By registering your business name, you may secure your brand legally and stop others from using a similar name, protecting your good name and intellectual property.

Employee benefits:
As a limited liability company, you can offer your employees benefits such as retirement plans, stock options, and bonuses to help them retain their employees.

What are the cons of setting up a limited company?

The following are possible drawbacks of registering as a limited company:

No tax savings:
Operating as a sole proprietor or limited liability partnership may, in certain circumstances, result in a lower total tax obligation since these arrangements have less complicated tax reporting obligations and may provide greater latitude for balancing losses against other sources of revenue.

Extraction of profits:
Sole proprietors have more freedom in how they can take money from their company.

Administrative burden:
There are much more administrative and legal reporting responsibilities when running a small corporation.

The company registration process

If you want to create a UK limited company, that’s great. We just need a few pieces of information from you, and we will handle the process of registering your company to save you time and trouble.

This is a general description of how a company is usually created.

Company Name:
First, you need to pick a special name for your company that follows the rules set by Companies House.

Identify the right SIC code:
A Standard Industrial Classification code is a five-digit code used to classify what a company primarily does for business.

Registered Office Address:
You need to give an official address where important letters and legal papers from HMRC and Companies House can be sent to you. If your company doesn’t have a permanent location, Z B Accountants can offer a registered office service.

Directors and shareholders:
In order to register a company, the directors and shareholders must be identified. The directors are responsible for the company’s management and administration, while the shareholders are responsible for holding ownership interests. Each director/shareholder must provide their full name, their date of birth, their nationality, their occupation and their residential address.

Business bank account:
If you own a private limited company, it is crucial to have separate bank accounts for your business. This is because you are legally considered as separate entities. Z B Accountants can assist you in creating a new account for your business.

What are the legal obligations of a private limited company?

Your new business must legally submit a number of documents to Companies House on an annual basis after it has been registered. The public registry must also be kept up to date. The company secretary, often an appointed director, is responsible for these duties.

Since this might take a lot of time, many of our clients choose to use our firm secretarial services.

Compliance and reporting

• Statutory registers and records
• Annual Accounts
• Directors’ Report
• Confirmation Statement
• Corporation Tax Return