The surprising answer to this is, YES. It is not often that you will find a professional services firm that suggests can do something yourself, but when it comes to forming a new limited company – you can. There are many services out there which guide you through the process for little more (and often no more) than Companies House’s £10 standard formation fee.
New ventures are often constrained for capital and the thought of spending that precious resource on professional advice before you even get started might seem like a luxury – but it is worth doing. A little time and thought now can ensure you have the flexibility and security to move forward without worrying about having to redo boring corporate paperwork later.
At Exonia, we know that starting a new business can be both daunting and cash-intensive, but we also know the importance of getting it right the first time. Our managed formation services range from free of charge, to no more than £100 + VAT (including getting your new company registered for PAYE, VAT and Corporation Tax) depending on your precise needs.
When we say managed, we mean it. There are decisions to be made, which we will explain and guide you through, your only necessary action after our discussion is to go through the legally required identification process to ensure you are not some money-laundering ne’er-do-well.
To give you an idea of what we mean, we will discuss, the following-and more with-you;
- Your reasons for incorporating – it is almost always the best option, but for some, starting as a sole trader might be preferable.
- Your share structure. Do you have a partner or dependent and want to have multiple share classes for tax efficiency? Do you want to have shares with a nominal value of one-hundredth of a penny for flexibility and liquidity (i.e., gifting or allotting to children) or are you happy with just one share of one pound?
- Your company name – are there any potential conflicts with existing companies or UK trademarks?
- Are the Model Articles of Association sufficient, or do your circumstances give rise to considering some bespoke wording?
- Your registered office – are you comfortable with your home address being a matter of public record, or do you want to use an alternative?
- VAT – are you required to register, is it beneficial for you to register voluntarily and if so, can you benefit from a scheme?
- Payroll – should you operate a PAYE scheme for yourself and if so, what are the advantages and/or disadvantages in relation to a level of pay versus dividends and the taxation and qualification for state pension impact etc.
If you proceed, usually within 48-hours of completing our call and your ID check, you will see your Certificate of Incorporation.
What is the catch? There is none. While every one of the many companies we have formed has been so impressed with our services they have instructed us as their accountants, there is no obligation to do so.
Indeed, we do not charge for the discussion prior to formation and there is no obligation to proceed with a managed formation with us after our call. Even if you go ahead and do it yourself.
If you are thinking of starting a new limited company, or even starting out as a sole trader, reach out to us today for a no-obligation discussion with a chartered accounting firm experienced in new ventures.