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Once your business idea starts to take off, you need to think about registering it with HMRC. This decision might sound easy on the face of it, but it actually determines what taxes you have to pay and which responsibilities you have.
Most new firms register as either a sole trader, business partnership, or limited company. For sole traders and business partners, you are responsible for paying income tax through self-assessment and personally liable for any debts. Limited companies pay corporation tax on any profits and your company finances are separate to your personal finances, but your company also needs to register with Companies House.
You can probably see how complex it is for new business owners to comply with the various requirements to register your startup with the authorities. Get this wrong and it could catch you out further down the line.
We advise on selecting the most suitable structure for your business and can handle any registration procedures to help start your firm on the right foot.
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