Thinking of starting your own limited company just planning a new side hustle? Fancy a FREE £75 and a FREE business account – all set up in under 5 minutes? Nothing complicated – No credit check – Easy as 1 2 3 – Then read on!
What is a limited company?
A limited company in the UK is a type of business structure that is legally separate from its owners. It has limited liability, which means that the shareholders’ personal assets are protected in the event that the company incurs debt or is sued. Limited companies must register with Companies House and file annual financial statements. They also have to pay corporation tax on their profits. The owners of a limited company are called shareholders and they appoint directors to manage the company on their behalf. We have an article explaining the benefits of limited companies here
How do you set up a limited company in the UK and how much does it cost?
Setting up a limited company in the UK involves several steps and can be done online through Companies House, which is the government agency responsible for registering and regulating limited companies. The process typically includes:
- Choosing a unique company name and checking its availability.
- Providing details of the company’s directors and shareholders, as well as their addresses and personal information.
- Filing articles of association, which outline the company’s internal management structure and rules.
- Registering for corporation tax with HM Revenue and Customs.
- Paying a fee to Companies House to register the company.
The cost of setting up a limited company in the UK varies depending on the method of registration. Online registration through Companies House website is currently £12 and it takes around 24 hours to complete the process. If you choose to use a formation agent it is far easier, it could cost between £20-£100 and they will complete the process on your behalf. They also sometimes offer cashback and benefits to singing up using them.
Additionally, you will have ongoing costs such as accounting, tax and legal compliance.
It’s also important to note that you will also have to file annual accounts and a confirmation statement to Companies House and register for VAT if your turnover exceeds certain thresholds.
What about the Referandsave special offer?
We have an amazing offer for our readers which gets you a FREE business bank account, £75 cash added to your balance and a limited company all set up in one go and in under 10 minutes. You might read pages and pages of advice on how to set up your limited business and then have to complete another set of forms to get a business account setup – But what if you could do it all in one go and get £75 FREE cash?
Interested? Then it’s very simple. Click this link: Set up a limited company and complete one simple application and you are good to go. You will be asked a few basic identity questions and then asked what you would like for the name of your new limited company. Complete the application by confirming the business category and providing a selfie and that’s it! You will have a business account with a new bank account number within a few minutes and you should expect to have your limited company formed and ready to go in a few hours. Meet the qualifying criteria within 3 months and £75 will be credited to your new account too. Need to know more about Tide? Then check out our comprehensive review of the Tide bank offering and all that it offers here.
What if I dont need a limited company and just want to set up as a sole trader?
Maybe you are not ready to set up a limited company just yet and would like an account for your sole trader business or side hustle. No problem at all. Just go to the following link here or make sure you enter referral code: REFER75 when registering and you will still get £75 cash with your new business account. You can even set up an account even if your business is not wholly up and running. Just fill the form in – and add your name or planned business name in the business name field.
What about all those company formation agents services online?
There are a large number of limited company formation agents out there who all offer a huge suite of limited company services and if you want all the bells and whistles then this might be an option you need to consider. Most do charge a fee for this service although some do offer cashback once the transaction is completed although this is a rather more complicated process than the offer we have here. Here you will get a limited company and a business account in a few minutes. No additional services and printed booklets of your limited company. Just remember to enter the referral code: REFER75 in the promotion box when signing up if it is empty although clicking one of the links above should auto populate the code.
Good luck in your business endeavours!