Setting up as a Limited Company in Peterborough?
The benefit of a limited company means you keep your business separate from your personal affairs. A limited company can appear more professional and can help to build credibility with other businesses. However there are rules that need to be obliged by and paperwork to complete.
A limited company must have at least one director and, in some cases must have a company secretary. The limited company must be registered (or incorporated) at Companies House, it will have to pay corporation tax and submit a tax return for the company. Requirements must also be met to comply with HMRC’s requirements over PAYE for employers and VAT.
“Limited companies are very easy to set up and are tax-efficient. Had we encountered financial difficulties, the limited liability regulation means our company finances wouldn’t impinge on our personal ones.” “Limited companies also offer the directors a very clear shareholding, so directors know what they own. There is a lot of paperwork to set the company up but an accountant does most of this for you.” says Victoria Pooley, founder and managing director of Ipswich-based business The Data Partnership.
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