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Start a Business for £99 by Emma Jones

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CHAPTER 4

Taking care of company admin

When starting a business, there are a couple of points of company admin to be considered and acted upon. They revolve around:

  • what type of company to form
  • who to tell about your new company.

Type of company

There are three main types of company structure in the UK. They are:

  1. Sole trader or self-employed – as a sole trader, you and the company are a single unit, which means your personal finances are linked intrinsically with the business. Setting up as a sole trader requires telling HM Revenue and Customs and completing a self-assessment tax return every year with a note of your earnings. This status comes with a minimum amount of admin. As a sole trader, you get to keep all the profits from the business ...

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