BUSINESS IN A BOX
The first step to making your new business official. Based on a 1 director, 1 shareholder private limited company. Additional directors and/or shareholders can be added for £15 each.
Get the tax situation right from the beginning with no hassle. Her Majesty’s Revenue and Customs registration including:
- Corporation Tax
We’ll set you up with the intuitive QuickBooks online system and app that you can use anywhere. HMRC MTD (Making Tax Digital) integration is included for easy online filing of all your returns. 6 months subscription and support is included in your Business Box.
We’ll find you a snappy web address to compliment your shiny new name.
Look professional from the start with a proper business email address.
We’ll create your first website page so customers can find and see you.
Want to do more online? Whether a shop or comprehensive services website we can help here too. Once we know more about your needs and aspirations we can provide you with a bespoke quotation.
Often likened to one of the dark arts, let us shed some light on effective marketing and get you off the ground.
Want to launch big? Whether it’s digital or traditional marketing or both, we can guide you to a unique campaign for your budget.
Often overlooked but essential for anyone who wants to be a trusted professional. Lose the worry and find the right cover.
SOMETHING TO THINK ABOUT
- Using your own name is always an option but is unlikely to stand out.
- A good company name is easy to remember. Plus, when you want to sell your business later in life it will be more appealing.
- Ideally you want something that is unique and indicates what you do.
- You may need 2 or 3 options particularly for limited company registration as it can’t be already in use or too similar to another registered name.
OR LIMITED COMPANY?
As a sole trader you will be the sole owner of your business and classed as self-employed. HMRC registration is still required. Any profit made will be yours, however, you will be required to complete a tax return each year and pay the appropriate rate of tax on these profits. If you want to keep things small and only work alone long term this could work. Although being self employed is in some ways a simplified form of business, the biggest downside is that you will be personally liable for any claims or damages against you or your work. Therefore, anything you own, even at home, is potentially at risk.
Whilst being a limited company can initially seem daunting it is by far the most flexible option for now and the future. With Launch Control handling the process for you it’s easy. A limited company has 1 or more directors who are classed as employees of the business. This will be far more tax effective as you will be able to split income between wages and dividends, using your tax free allowances but paying less tax as you earn more. As the business grows you will be in a much better position as a limited company to handle the additional needs. Only the company’s assets will ever be liable to any claim thereby protecting your personal life and assets.
- If you register you can claim back VAT on anything you buy for your business including the £165 VAT included in the price of your Business in a Box! Effectively making it just £825.
- However, if you claim VAT you must also add it to anything you charge for in your new business. If you’re likely to only be working for other businesses, it’s a no brainer as the vast majority are VAT registered.
- Conversely, if the bulk of your work is likely to be with domestic customers then you may want to consider this more carefully as everything you quote for will need to have 20% (the current VAT rate) added to it and they of course, can’t claim it back.
- Consider the type of work you will be doing. For example, if you’re going to be building or landscaping you will need to buy a lot of materials for each job. The current law is that VAT registration is required for annual turnover of £85,000. Turnover is the total amount of everything you charged for in the tax year which includes any materials you buy for your jobs. Whilst that may sound like a high number now, you can reach it very quickly over the course of year.
- VAT registered companies must submit a VAT Return to HMRC every 3 months. Although this is straightforward and mostly automated using our accounting software.
MORE FOR YOUR BUSINESS BOX
- Concierge service to guide you through your first year
- Set up and support for online shops such as Amazon, eBay, Instagram and more
- Your own online shop
- Interactive website with bespoke features
- Accountant & Bookkeeper services
- Trademark registration
- Legal advice for terms and conditions etc
- Extensive marketing