Can I set up my UK business myself?

 Can I set up my UK business myself?

The registration of UK companies may appear simple, but if you are not familiar with the basic legal structure and UK business practice, it can become confusing. Starting a business requires numerous government approvals, including those from the Companies House and HMRC.

If you attempt to register yourself and make a mistake, you will not be blacklisted or barred from ever starting a business as a foreign national again, but you will face delays and a waste of money.

The best way to avoid problems when setting up a company in the UK as a non-resident is to hire the assistance and services of an agent who is already familiar with Companies House. RTRSupports Limited can assist you in forming a company in the UK as a non-resident.
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Website: www.rtrsupportslimited.com

Benefits of registering as a Sole Trader in the UK

 Benefits of registering as a Sole Trader in the UK

One of the easiest ways to start a business in the UK is through sole trader registration.

A sole trader is a self-employed person who owns and operates his own business with no employees. There is no legal distinction between you and your company. There are numerous advantages to becoming a sole  trader, including:     

Freedom of choice - As a sole trader, you have the freedom to choose who you work with, when you work, and how you run your business. Without the responsibility of employees, you have complete control over every aspect of your business.

Privacy - If you register as a limited company, the financials of your company will be available to anyone on the public register. However, as a sole trader, you have the option of keeping your financial information private.

Taxation is simple - Tax is one of the most concerning aspects of being self-employed. It is easy to complete and even easier with the assistance of an accountant.

Contact RTRSupports Limited for more information
Website: www.rtrsupportslimited.com

What is the voting process for shareholders when it comes to making decisions?

What is the voting process for shareholders when it comes to making decisions?

Shareholders vote for or against proposed resolutions at general meetings (official meetings of the shareholders) or in writing (written resolution).

A resolution is a formal proposition) presented for consideration. The resolution is 'approved' when the required majority of votes are cast in favour, and the result is legally binding.

Ordinary or special resolutions can be used by shareholders to make decisions. Ordinary resolutions require a simple majority (i.e. more than 50% of the votes) to pass, whereas special resolutions require a 75% majority vote.

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Why do I open a limited company in the UK?

Why do I open a limited company in the UK?

1. Low Share Capital requirement: Companies can be formed with a share capital of just £1.

2. One person can control a company: A company needs only one director and one shareholder, and the same person can hold both positions.

3. Easy Company Formation process: A company can be set up online agent in a few hours with a simple ID check.

4. No restrictions to non-residents: Directors and Shareholders do not need to be UK residents. People from different parts of the world can set up a business in the UK.

5. Owners are protected from debt: A limited company's assets and liabilities are distinct from those of its shareholders. Thus, the debts of the company are not payable by the shareholders.

6. Compliance and reporting requirements are minimal. Small businesses are only required to provide the simplest of accounts and are not required to have an audit unless shareholders insist.

7. The UK tax authorities provide incentives to new businesses: generous cashback claims are available for R&D expenditure, including staff salaries.

8. Trading with the EU: UK companies have access to the world's largest single market. There are no trade barriers between member countries.

9. Growing seed capital base: There are ever-increasing sources of funding for start-ups. These include Government-backed grants, crowdfunding and venture capital.

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What are the advantages of a Private Limited Company?

 What are the advantages of a Private Limited Company?

Limited liability: If the company goes insolvent, the shareholders' assets are safe.

Restricted sale of shares: Shareholders in a private limited company are not allowed to sell shares to the general public. The shares are only available to members of the private limited company. If a shareholder wants to sell his shares, he sells them to members of the private limited company.

Existence: A private limited company has the advantage of maintaining its existence even after the owner has died.

Separate legal entity: A private limited company's assets and liabilities are distinct from those of its shareholders. If a private limited company is in debt, the shareholders' assets and liabilities are unaffected.

Capital: There is no minimum capital requirement for a private limited company. You can start the business with whatever capital it has.

Check out RTRSupports Limited if you are looking to form your own limited company in the UK.

You will need to log in to RTRSupports Limited website, place your order, fill up a form and submit all the needed documents. Your company will get registered within a few hours.

Website: www.rtrsupportslimited.com 

What is a sole trader?

What is a sole trader?

A sole trader is someone who is both self-employed and the sole owner of his business. Sole traders have no shareholders or directors, unlike limited companies, and no other people are responsible for liabilities, unlike partnerships.   

You have complete control over the company, which means that if it runs out of money, you are personally liable to creditors and must pay any damages yourself. 

Sole traders are most commonly small businesses that have no or very few employees.

Who can be a Sole Trader?

There are different kinds of sole traders.
Traditional trades - decorator, builder, plumber, electrician.
Freelancers -  content writers, graphic designers, and search engine optimisation (SEO) experts.
Other services - mechanics, hairdressers, tutors, and interior designers.
Anyone who uses his skills and knowledge to provide a service is usually a sole trader.

Online business - selling handmade jewellery, an online consultancy, etc.

Contact RTRSupports Limited for more information
Website: www.rtrsupportslimited.com

What are the responsibilities of a Sole Trader?

 

What are the responsibilities of a Sole Trader?

Sole traders have a set of legal responsibilities: 

Choose a business name:

There are some restrictions in choosing a business name for a sole trader. You are not required to register your business name with Companies House, but you must follow the naming restrictions. It can be your name or a separate business name, and it must be displayed on all your paperwork like invoices. You cannot have the same business name as an existing trademark. You also cannot include any offensive words in your business name. There are lists of 'sensitive words and expressions that you cannot use unless you obtain permission from professional organisations. A sole trader can not include ‘Limited’, ‘Ltd’, ‘limited liability partnership’, ‘LLP’, ‘public limited company’ or ‘plc’ in the business name.

Register With HMRC:

If you are self-employed, you must register to pay your income tax through the self-assessment system. When you become a sole trader, you must inform HMRC by registering for self-assessment. This means that you must file an annual self-assessment tax return to declare your earnings and expenses and calculate the tax on your profits. You can also pay your Class 2 National Insurance contributions with your tax return.

To become a sole trader, you must:

1. Contact HMRC - Inform HMRC that you are self-employed and will be paying tax as a sole trader.
2. Fill out the HMRC self-assessment registration form, either online or by post.
3. Set up your HMRC online account. HMRC will send you a 10-digit Unique Taxpayer Reference and an activation code for your online account once you have completed the registration form.
4. Use the online account you created to file your annual self-assessment tax returns.

Contact RTRSupports Limited for more information
Website: www.rtrsupportslimited.com