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Registering a new company (UK)

Discussion in 'General Business' started by K4rl, Jan 18, 2015.

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  1. #1
    Hello,

    I'm in the process of setting up my own business, I'm currently creating a business plan and discussing marketing tactics before putting any money in to it.

    I know that to become a Limited Company in the UK you need to register via companies house. The application is £15 and there are a few other things you need to do.

    But where I'm confused is after this. Once you have a registered company, how do you go about submitting your revenue? Let's say, 6 months down the line I still have 0 customers (worst case scenario), what would I need to submit to HMRC, etc, as I'd still have overheads. Would it be best to start as a sole trader (for lower taxes) and become a limited company later on? Or is there too much hassle involved?

    Thanks,
    Karl
     
    K4rl, Jan 18, 2015 IP
  2. gogeebee

    gogeebee Greenhorn

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    #2
    If you are a limited company, your personal assets would be protected. As a sole trader, if somebody sued you or whatever, your assets may be at risk.
     
    gogeebee, Jan 20, 2015 IP