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:
- 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 ...