Hi!

 

Can you help me with answering the questions below:

 

How to / where to register a company?

How much is the company cost for a year?

How to / where to register a business name for self employment?

Is it better to be self employed or go for ltd?

How much tax and NI i have to pay when i do my business part time?

Is pay pal and money bookers account enough or i have to open a business bank account?

Can i do the paperwork for me and is it difficult?

 

Thanks!

Hi there

 

I'm self employed so can only answer questions relating to that really but...

 

- You register for self employment by ringing up HMRC and just letting them know you're going self employed. They will register you over the phone in minutes, and send you information and a UTR (unique tax reference) etc.

 

- I personally prefer self employed to LTD at the moment, but want to go LTD when business grows. Self employed = less paperwork and costs. But there are many benefits to LTD. I'm sure someone who runs a ltd company will explain

 

- Tax is same as if you were employed, except you save your receipts and expenses (equipment, travel, etc) all things that cost you money to run your business. You can claim that back in your tax. Class 2 contributions cost around £30 quarterly, so around £120 per year.

 

- For payment, you can use paypal, etc, or simply get paid via cheque / bank transfer and it doesn't cost you anything.

 

- Yes you can do you own paperwork, it doesn't need to be complicated. I had an accountant friend give me a few pointers when I first started out and that proved very helpful, but any self employed person could give you a few tips if you ask

Hi

 

Did you mean NI with Class 2 contributions? Did you register a business name or you only run a website?

Self enployment sounds good with pay pal and cheque / bank transfer.

 

Thanks for your reply!

I have registered self employed but HMRC know my 'business name' of my site, but its not a registered company name. So in answer to your question, I run a website with it's own name, but trade under my own name, if that makes sense.

 

And yep, class 2 contributions are National Insurance payments.

Thanks for your help!

Anything about the benefits and cost of a company?

You register a company with Company's House for Ltd.

There are several companies who help with filling in the forms....I think it costs about £30...

You register a company with Company's House for Ltd.

There are several companies who help with filling in the forms....I think it costs about £30...

 

I will google Company's House for more details but i am sure there are more outgoings.

 

Thanks!

I wonder if anyone has experience of running a company!

Registering a Ltd is the easy part! If you google "Register Limited Company" there are lots of agencies who will do it for between £30 and £50 with some free stuff thrown in or you can submit the forms to companies house yourself.

 

I found that being able to put Ltd on everything made some companies more comfortable dealing with me (made it seem moe official and legit) BUT the paperwork is a huge pain. Not actually that complicated and HMRC are very helpful but it's just one more thing to worry about.

 

If there's more than one of you then an LLP is a great vehicle because it has the "offical" look of a Ltd but profits are treated as personal income of the partners so cuts down hugely on paperwork.

How much NI do you pay for a year?

I think we can close this topic because i found someone who explained everything.

 

Thanks folks!