Advice on starting a company

[chris2013]

Hi guys,

As above I would like advice.

Before registering a company, as I work full time mon-fri, can I take ownership of a company and work with it during weekends or after my full time job?

In registering a company, I am not sure if this should be DIY or outsourced, what are the pros and cons?

Any help is welcome.

 

[Jeremiah@RHJ Accountants]

I would check your employment contract to see if you are allowed to do run a business while still employed.

In terms of company set plenty of online formation companies from £4-£20 however it may be better to seek the advice of an accountant who can help you with this and make sure company structure is correct.

Also they can help with the tax planning which is vital for every new business from the start as i see many leave it 12-18 months down the line and it is too late by then.

Good luck with the business.

 

[1st Formations]

It is best to check the terms of your employment in case there is a condition preventing you from running a business while still employed there - although this probably won't be an issue.

Registering your company online is simple and affordable. For example, our basic package is £16.99 and everything can be sorted out within 3 working hours. However, it is worth considering if you need to incorporate straight away. Many new businesses benefit from operating as a sole trader to begin with. Which option suits best will down to how much profit you expect in your first year trading.

You may want to discuss with an accountant. Have a look at some pros & cons for sole trader vs limited here. Also worth checking out some of the advice on the forum here.

 

[Ineyes]

There has been loads of good information here already, but you would have to make sure that you are legally able to have yourself another job in addition to the one you clearly do not want to give up. I have personally seen colleagues have to give up their side projects because it was contractually not allowed…

 

[MyAccountantOnline]

...

In registering a company, I am not sure if this should be DIY or outsourced, what are the pros and cons?

Any help is welcome.

Registering a company is the easy bit - it's what comes with it that can be difficult.

My (bias) advice is that for a limited company you do need an accountant to deal with the accounts and tax. I've seen so many people end up paying unnecessary and avoidable tax and fines trying to DIY with company accounts and tax.

 

[TODonnell]

1. Do you actually need a Limited Company? You can be a sole trader 'Chris2013 t/a Big Stuff UK'.

2. We do company formations (see my signature below). You can also do them online at Companies House yourself. We offer mailing addresses to go with them, so your home address isn't visible online.

3. If you do get a company formed, you have to submit annual returns and these can be a real pain. You need an accountant* or to be well-educated as to what accounting terms mean, be able to work a spreadsheet and keep good records of income and expenditure.

3b*. Filing returns for a company with simple finances should not be expensive.