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. Best to seek a commercial lending broker to talk through your situation.
great vid! talking about point 2: what about if Im working from my home as Im running an online e-commerce store? should I put my personal place of residents down then? thanks
Very valuable video! Thanks. I was wondering if you could go into more detail about what tax is due on money pulled back out of the company after a director (myself) has given say a 50k loan to the company...
If you loaned company £50k, you create a ‘directors loan account’. You can pull that back out tax free later. You will still pay tax potentially in the company on its profits, but the actual money to you wouldn’t be subject to personal tax if it’s just repaying what you put in.
Hi James, many people work from home, so no you can register your home. Drawbacks aren't that many (it's why it's so common), you may find if you rent on the odd occasion you see a restriction in a lease saying you can't operate a business from home so worth checking.
Hi Ian, If you in get touch via info @ heelanassociates .co.uk with an outline of your questions, one of the team can give you detail / next steps on how we might help.
@@HeelanAssociates Either really just an approximate idea really as I have none. I'm thinking of buying property soon but as a Ltd company as I intend to grow a portfolio, although it may not be particularly cost effective in he beginning it would later I hope
Hi , first of all thanks so much for your video is very helpful. i'm just wondering if i open a LTD 3/4 moths before the financial year finish and i didn't receive any income, how much will be the tax payment and will be necessary to hire an accountant?
Hi Juan, A limited company has it's own financial year, so you generally run a year from when you 'incorporate' (form) the company. If you are not earning any profit, tax is likely to be zero! With limited companies we'd always recommend hiring an accountant - there is a lot of tax law going on.
Hi i hope everything is going good during this times. After the brexit take place is going to be any change to declare a LTD to a person that is from UE? Thanks so much for your time and have a good day.
VAT is the main issue around Brexit, most things really admin wise outside of that haven't been too impacted on a tax at small business level, thus far.
whats best when it comes to setting up a business with 3 people with equal shares? Also when starting a company are you aloud to speak to customers you've dealt with through your old job?
The job question depends on your contract. Some employers are restrictions in your contract on what you can do when leaving. In terms of whats best around the 3 person, you could go limited, you could go partnership. It's probably too big a discussion for the comments here, but if you get in touch with our team they can give you some options on how we might help you answer it (its very specific on your goals and situation).
Thanks Dan. very informative. Could i ask, would i be able to register the company with my own address while it's a startup, and then change address to an accountant when I've earned enough?
Hi Carl, yes you can change the registered office very easily online. The only issue with that is you may not want your address on the public record at all. That said there are plenty of places you can 'rent' a registered office address aside from accountants. Lots of owners like a London address so thats a popular one.
@@HeelanAssociates Correct me if I'm wrong but you cant change the location of your company. I mean if you choose the location as England & Wales you cannot ever change your company address to an address in Scotland.
@@ebojfmdboojoh4023 yes sorry to clarify that point, the registered office address needs to be in the same part of the UK where it was incorporated. As I said though, its very easy to change the address itself. You can also potentially still trade all over the world via the UK company, so depending on your needs location in the early days maybe not be crucial, but thats a whole another discussion.....
Are there potential risks for the residents who live at the address that is the registered office for the company? I am specifically interested in whether or not the residents could be held accountable for corporation tax even if they are not listed as a director?
In theory no. Where this gets blurred is if you end up in debt and debt collectors start knocking, they can be pretty aggressive about collections or the person proving they aren’t the company.
Hi I’m thinking of starting a structural engineering consultancy for small projects on the side of my employment. Could you please point me in the right direct of where to start?
Heelan Associates many thanks for your reply and of course your videos. I’m still in the very early stage trying to join the dots together. I like the thought of ltd company but I need to do some more research and get to grips with things like personal indemnity insurance. I’m sure a “side hustle” video for people still working but wanting to do something on the side would be a great video idea for many ;)
Hi there, I currently am a sole trader but need to send proof of a registration certificate of business [business licence] to Google to verify my Google business page, however as I am only a sole trader I do not have a 'business registration certificate' only registration for self assessment which Google will not accept. I was considering opening a PLC or LLC to register the business name/brand that I trade under in order to get a certificate of registration but to not use the company and put the status as 'no plans to start trading or do any business activity yet' Can this be done without any issues or is there another way I can register a business under my trading name and obtain some sort of registration/licence document. Thanks for you informative videos
That's odd as we'd have thought self assessment reg would be accepted, given that's basically all you can provide! What you are describing is forming a dormant company, which is possible. We did a couple of videos on this: ruclips.net/video/SFJBvG8OPsg/видео.html What to file ruclips.net/video/b2QOl7250ns/видео.html Is it dormant
Great video. Just interested if you can you help please. Ive got a one month freelance contract. The company only uses Limited company not sole traders. As I don’t have a limited company my agency recommended me using a umbrella group to do my taxes. As it’s only for one month do you think it’s worth setting up a limited company? Or carry on with umbrella group? Just from looking there breakdown a lot my money going the taxes. Many thanks L
Currently no. There are plans to have to submit profit and loss data each quarter under what HMRC calls ‘making tax digital’. This is expected to start earliest April 22 (been delayed twice).
It’s hard to give that advice here, just because it’s so dependant on your exact situation and long term goals. The short answer is *sometimes*. Sorry it’s not more help but there are too many variables to tell you a solid answer. The team do a paid advice service on that subject if you wanted to know the answer in your specific circumstances.
Hi Dan, there's two of us running an Etsy shop which we hope to expand into our own website & more products - we share everything equally. Should we register as a partnership or Limited company?
It would come down to a few things individual to your own circumstances and goals. I can think of at least ten questions I’d want to know before I could tell you the answer, but both are an option! You’d consider things like If you both needed to draw money Whether have you any other income Profits vs cost of having a ltd Expenses you want to claim Commercial risk And much more Have you seen this one? ruclips.net/video/QBXEq931h98/видео.html Many of the points are relevant. If you needed specific help get in touch with the team here, we can talk about how we could help you decide.
Do you mean with Companies House or with another service? £12 from Companies House, other services vary depending on what is required and what they offer. If you'd like a quote from us, drop us an email at info@heelanassociates.co.uk
I want to change my ltd address, and would like to know if I will receive a new Certificate of incorporation with my new address on it? I know you will receive it once you change your business name but wasn't sure if you will receive one if you change your address?
Dan was speaking more about the company law than the bank;, although it's possible to get a bank account at 16 (personally). A business bank might be tricky, so in that circumstance you might have to work with what you have for a few years!
Does memorandum of association for private limited company need to be altered along with articles of association prior sending back to company house with notice and special resolution when company changes name. Or is it just AOA nw01 form, notice of general meeting and special resolution within 15 days
Updated 2023 Video: ruclips.net/video/CGqkDWDEtKs/видео.html
Thank you for this timely information
Glad it was helpful!
Many thanks, great information.
Glad you found it useful!
Great vid Dan, we need more frequent vids👍👌🏽
Thanks! We are currently doing 2 a week where poss, would obviously love to do more but only so much time in the day away from helping our clients!
Heelan Associates great job guys
The best advice I have yet found, thank you so much. I will be in touch with your company very soon. Cheers.
Glad it was useful!
Great video thank you so much for uploading this!
Glad you found it useful!
Thanks, this was really valuable!
Thanks Tom, glad it was helpful
Could please tell me current banks in the UK, where Ltd csn open an account with credit line?
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.
Best to seek a commercial lending broker to talk through your situation.
great vid! talking about point 2: what about if Im working from my home as Im running an online e-commerce store? should I put my personal place of residents down then? thanks
You could, it’s just whether you are company with your personal address on the public record (searchable by anyone).
Very valuable video! Thanks. I was wondering if you could go into more detail about what tax is due on money pulled back out of the company after a director (myself) has given say a 50k loan to the company...
If you loaned company £50k, you create a ‘directors loan account’. You can pull that back out tax free later.
You will still pay tax potentially in the company on its profits, but the actual money to you wouldn’t be subject to personal tax if it’s just repaying what you put in.
@@HeelanAssociates Thank you :)
Hi, do you need a business premises to register and operate an Ltd? Are there many drawbacks to operating it from home?
Hi James, many people work from home, so no you can register your home. Drawbacks aren't that many (it's why it's so common), you may find if you rent on the odd occasion you see a restriction in a lease saying you can't operate a business from home so worth checking.
Hi Dan your videos are great. I've powered through a few however I have some questions I'd like to ask in private.
Hi Ian,
If you in get touch via info @ heelanassociates .co.uk with an outline of your questions, one of the team can give you detail / next steps on how we might help.
Fantastic 👏
Glad you enjoyed!
Hi Dan, if you are just starting out what would be the annual cost to start and maintain a small Ltd co. including accountant fees or a range?
Hi Andrew, do you mean us as a company or accountants in general?
@@HeelanAssociates Either really just an approximate idea really as I have none. I'm thinking of buying property soon but as a Ltd company as I intend to grow a portfolio, although it may not be particularly cost effective in he beginning it would later I hope
Hi , first of all thanks so much for your video is very helpful. i'm just wondering if i open a LTD 3/4 moths before the financial year finish and i didn't receive any income, how much will be the tax payment and will be necessary to hire an accountant?
Hi Juan,
A limited company has it's own financial year, so you generally run a year from when you 'incorporate' (form) the company.
If you are not earning any profit, tax is likely to be zero! With limited companies we'd always recommend hiring an accountant - there is a lot of tax law going on.
Hi i hope everything is going good during this times. After the brexit take place is going to be any change to declare a LTD to a person that is from UE?
Thanks so much for your time and have a good day.
VAT is the main issue around Brexit, most things really admin wise outside of that haven't been too impacted on a tax at small business level, thus far.
can one open a company from abroad? or does it require to have someone in the uk? example the directors.
You can do it, but there are sometimes wider tax implications to consider depending on your plans.
whats best when it comes to setting up a business with 3 people with equal shares? Also when starting a company are you aloud to speak to customers you've dealt with through your old job?
The job question depends on your contract. Some employers are restrictions in your contract on what you can do when leaving.
In terms of whats best around the 3 person, you could go limited, you could go partnership. It's probably too big a discussion for the comments here, but if you get in touch with our team they can give you some options on how we might help you answer it (its very specific on your goals and situation).
Can I start a painting company with 2 people involved with a limited by gaurentee??? Any info would be helpful thanks
I guess the question would be, why do you want limited by guarantee over ‘normal’ shareholding?
Thanks Dan. very informative. Could i ask, would i be able to register the company with my own address while it's a startup, and then change address to an accountant when I've earned enough?
Hi Carl, yes you can change the registered office very easily online. The only issue with that is you may not want your address on the public record at all.
That said there are plenty of places you can 'rent' a registered office address aside from accountants. Lots of owners like a London address so thats a popular one.
@@HeelanAssociates Correct me if I'm wrong but you cant change the location of your company. I mean if you choose the location as England & Wales you cannot ever change your company address to an address in Scotland.
@@ebojfmdboojoh4023 yes sorry to clarify that point, the registered office address needs to be in the same part of the UK where it was incorporated. As I said though, its very easy to change the address itself.
You can also potentially still trade all over the world via the UK company, so depending on your needs location in the early days maybe not be crucial, but thats a whole another discussion.....
UPDATED VIDEO (2021) WITH ADDITIONAL MATERIAL: ruclips.net/video/D4DBy_gKp3s/видео.html
Are there potential risks for the residents who live at the address that is the registered office for the company? I am specifically interested in whether or not the residents could be held accountable for corporation tax even if they are not listed as a director?
In theory no. Where this gets blurred is if you end up in debt and debt collectors start knocking, they can be pretty aggressive about collections or the person proving they aren’t the company.
Hi I’m thinking of starting a structural engineering consultancy for small projects on the side of my employment. Could you please point me in the right direct of where to start?
Thats great news. Are there particular questions you have? Where you thinking limited or sole trader?
Heelan Associates many thanks for your reply and of course your videos. I’m still in the very early stage trying to join the dots together. I like the thought of ltd company but I need to do some more research and get to grips with things like personal indemnity insurance. I’m sure a “side hustle” video for people still working but wanting to do something on the side would be a great video idea for many ;)
Hi there, I currently am a sole trader but need to send proof of a registration certificate of business [business licence] to Google to verify my Google business page, however as I am only a sole trader I do not have a 'business registration certificate' only registration for self assessment which Google will not accept. I was considering opening a PLC or LLC to register the business name/brand that I trade under in order to get a certificate of registration but to not use the company and put the status as 'no plans to start trading or do any business activity yet' Can this be done without any issues or is there another way I can register a business under my trading name and obtain some sort of registration/licence document. Thanks for you informative videos
That's odd as we'd have thought self assessment reg would be accepted, given that's basically all you can provide! What you are describing is forming a dormant company, which is possible. We did a couple of videos on this:
ruclips.net/video/SFJBvG8OPsg/видео.html What to file ruclips.net/video/b2QOl7250ns/видео.html Is it dormant
Great video. Just interested if you can you help please. Ive got a one month freelance contract. The company only uses Limited company not sole traders. As I don’t have a limited company my agency recommended me using a umbrella group to do my taxes. As it’s only for one month do you think it’s worth setting up a limited company? Or carry on with umbrella group? Just from looking there breakdown a lot my money going the taxes. Many thanks L
For one month it would be unlikely worth it to go limited, from a cost point of view. As much as that pains us to suggest an umbrella co...
@@HeelanAssociates thanks for your advice that’s great!
Hey , i am thinking selling on Amazon . how can i make limited company ?
The first question would be, are you sure you want/need a limited company? ruclips.net/video/QBXEq931h98/видео.html
is it a must for limited companies by law to prepare management accounting?
Currently no. There are plans to have to submit profit and loss data each quarter under what HMRC calls ‘making tax digital’. This is expected to start earliest April 22 (been delayed twice).
Hi Dan, Is it worth going starting a Limited company, if running 2 buy to lets and in full time work?
It’s hard to give that advice here, just because it’s so dependant on your exact situation and long term goals. The short answer is *sometimes*. Sorry it’s not more help but there are too many variables to tell you a solid answer.
The team do a paid advice service on that subject if you wanted to know the answer in your specific circumstances.
Hi Dan, there's two of us running an Etsy shop which we hope to expand into our own website & more products - we share everything equally. Should we register as a partnership or Limited company?
It would come down to a few things individual to your own circumstances and goals.
I can think of at least ten questions I’d want to know before I could tell you the answer, but both are an option!
You’d consider things like
If you both needed to draw money
Whether have you any other income
Profits vs cost of having a ltd
Expenses you want to claim
Commercial risk
And much more
Have you seen this one?
ruclips.net/video/QBXEq931h98/видео.html
Many of the points are relevant.
If you needed specific help get in touch with the team here, we can talk about how we could help you decide.
Hi Dan,,,,, how much dos cost to register limited company ?
Do you mean with Companies House or with another service? £12 from Companies House, other services vary depending on what is required and what they offer. If you'd like a quote from us, drop us an email at info@heelanassociates.co.uk
Can I create a Ltd if I am unemployed ?
Yes! Nothing stopping that, in fact you’d argue being able to spend all your time on the business is better :)
I want to change my ltd address, and would like to know if I will receive a new Certificate of incorporation with my new address on it? I know you will receive it once you change your business name but wasn't sure if you will receive one if you change your address?
Hi, no you don't receive a new cert, but your change is almost instantly reflected online on at Companies House.
*Does all this apply for private limited companies?*
Yes private limited is what we are chatting about here.
Hi Dan, I’m curious to know how someone aged 16 can open a business bank account as it seems most banks require you to be 18?
Dan was speaking more about the company law than the bank;, although it's possible to get a bank account at 16 (personally). A business bank might be tricky, so in that circumstance you might have to work with what you have for a few years!
Does memorandum of association for private limited company need to be altered along with articles of association prior sending back to company house with notice and special resolution when company changes name.
Or is it just AOA nw01 form, notice of general meeting and special resolution within 15 days
It depends on what they existing articles say, but often no just file form/resolution.
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Glad you enjoyed