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Pre-registration information

1. Registered Office Address

The registered office is the official address of your company. This will be the address used for any official mail from Companies House and HMRC. It is important to note that your registered office must be a physical address in the UK (it cannot be a PO Box). Your home address can be used as your registered address.

2. Director Details

  • Full Name
  • Date of Birth (Minimum 16 years of age)
  • Occupation
  • Nationality
  • Residential Address
  • Service Address (residential or other address)
  • Three Security Details (these details are used as an online signature);

First three letters of mother’s maiden name

First three letters of father’s forename

First three letters of eye colour

3. Shareholder Details

  • Full Name
  • Service Address (residential or other address)
  • Three Security Details (these details are used as an online signature)
  • First three letters of mother’s maiden name
  • First three letters of father’s forename
  • First three letters of eye colour

4. Secretary Details(if applicable)

  • Full Name
  • Date of Birth (Minimum 16 years of age)
  • Occupation
  • Nationality
  • Residential Address
  • Service Address (residential or other address)
  • Three Security Details (these details are used as an online signature)
  • First three letters of mother’s maiden name
  • First three letters of father’s forename
  • First three letters of eye colour
  • Company Formation Process

Choose your company name

The first step to forming your new company is to check if your desired company name is available. You can do this by typing the name into our company name search tool that you can find on our homepage. If the name you have chosen is already taken then you can modify it and continue using the search tool until you find a good name that fits and is available for use.

When choosing a company name we would also recommend checking if the corresponding domain name is available for a company website. It is important that your website domain and company name match, as this will make it much easier for potential customers to find your business online. PAC provides domain name registration services if you require it.

Select a package

PAC offers a range of company formation packages designed to around the needs of difference customers. Take a look at our comparison packages to find out what is included in each of our 5 standard packages for companies limited by shares and select the package which best suits your requirements.

We also have specially tailored packages designed for Limited Liability Partnerships and Limited by Guarantee companies.

Additional services

After selecting an appropriate formation package you will have the option to add some additional services to your company formation. These services are suitable for all types of companies and LLPs.

If your chosen package does not already include address services, such as a Registered Office Address or Mail Forwarding Address, these can be added individually. You can also add a Director's Service Address.

Other popular items on our additional services list include a Free Business Bank Account, VAT & PAYE registration, Pre-Submission Review, Company Seal, Accountancy services, Cloud accounting software.

Process card payment

Once you have selected all of the services you require in addition to your package, it is time to process your payment. You can process a credit or debit card payment through our secure payment page. You will receive an email confirming your payment along with a receipted invoice and details on how to login to our online company manager facility.

Provide your company details

Once your payment has been processed you can now complete the application form, which will take no more than 10 minutes. This is where you provide the details of your company, including the registered office address, company director and shareholder information, and share capital. You will need to have some information to hand before beginning this process.

Within 3 hours Companies House should approve your company, and we will send digital (PDF) copies of your new company documents by email. Any printed and bound company documents included in your package will be sent by first class post within 24 hours.

The differences between Sole Trader and a Limited Company

Each structure has advantages and disadvantages, which are outlined below to help you choose the best option for your circumstances.

Liability

A limited company is its own legal identity, so as a shareholder your liability is limited (hence the name 'limited by shares') to the amount you contributed or promised to contribute to the company.

As a sole trader, there is little distinction between you and the business. Technically, a sole trader is seen as the same with his/her business. Any business debts become your debts and your personal assets - including your house – could be used to offset your business debts.

Tax

In a limited company, tax is deducted from directors' salaries via PAYE and paid at regular intervals to HMRC. If applicable, higher tax rate is paid by shareholders on dividends under the self-assessment regime. Corporation tax is payable 9 months after the year-end, by filing a company tax return.

Sole traders pay tax on their business profits, after expenses have been deducted, via the self-assessment tax return system. The deadline for online tax returns is 31st January after the end of the tax year.

National Insurance

Within a limited company, both employer's and employee's National Insurance is payable on directors' salaries and bonuses. This NI charge is greater than that paid by a sole trader/partner, who pay Class 2 NIC.

Profit and Loss

For limited companies, tax is charged at 20% for profits up to £300,000 and 21% over £300,000. For a sole trader/partnership, profits could be taxed at higher tax rate if taxable profit exceeds basic rate band.

In a limited company, losses can only be carried forward and set against future profits or set against the previous year's profits. For sole traders, losses can be set off against other income or carried back to previous years.

Filing Accounts

A limited company must prepare annual accounts (also known as 'statutory accounts') from the company's records at the end of the financial year. These are to be filed with HMRC as part of your tax return as well as sent to all shareholders and Companies House. A limited company must also file an Annual Return to HMRC, which includes information about the directors, shareholders and registered office.

Sole traders/partners are not legally required to have annual accounts to or file accounts for inspection. However, a record of business expenses and personal income are required for tax returns.

Prestige

An incorporated company, whilst not guaranteeing reliability, gives the impression of a soundly based organisation and may appear more credible. In certain sectors, contractors or agencies may not work with sole traders because of the legal protection a limited company provides.

DO I NEED AN ACCOUNTANT?

While there is no legal requirement for limited companies to employ an accountant to look after their affairs, there are a number of reasons why the vast majority of limited company owners opt to use accountants instead of taking charge of their own record keeping and tax affairs.

An accountant can be relied upon to add considerable value to your business; preventing errors, ensuring accurate year-end statutory accounts and reviewing potential tax savings.

So what are the biggest advantages of putting your faith in an accountant to take care of your firm’s financial duties?

Accurate record keeping

Engaging an accountant to take care of bookkeeping isn’t always viable for small firms, but as your business grows you may have the budget to sign up with a local accountant to take charge of the more complicated tasks.

Firms that don’t feel confident enough to maintain their financial records should consider an accountant to monitor cash books, sales and purchase ledgers, and wages detailing salary payments and National Insurance contributions (NICs). Even if you don’t employ staff, as a Director of your own company you may still be considered an employer by HMRC so there are always reporting obligations to fulfil.

Easy to use online accounting software can help make record keeping and raising invoices more manageable and your accountant can recommend the most cost effective and suitable software for you.

Time efficient

Efficient accountancy practices also benefit limited companies by being able to manage and control finances and plan for future growth, without impacting on the human resources of the business. Thus allowing your staff and you to focus on what you do best.

Potential tax savings

Companies looking to make tax savings without wishing to attempt to interpret detailed tax legislation should seek professional advice. Tax planning reviews are very useful to ensure you only pay as much tax as you are legally obliged to and no more.

Whether you are loaning funds to an employee, wishing to claim for capital gains, valuing stock or even recovering VAT, an accountant can provide general guidance on the numerous tax saving strategies available to you.

While there is no legal requirement for limited companies to employ an accountant to look after their affairs, there are a number of reasons why the vast majority of limited company owners opt to use accountants instead of taking charge of their own record keeping and tax affairs.

An accountant can be relied upon to add considerable value to your business; preventing errors, ensuring accurate year-end statutory accounts and reviewing potential tax savings.

So what are the biggest advantages of putting your faith in an accountant to take care of your firm’s financial duties?

Accurate record keeping

Engaging an accountant to take care of bookkeeping isn’t always viable for small firms, but as your business grows you may have the budget to sign up with a local accountant to take charge of the more complicated tasks.

Firms that don’t feel confident enough to maintain their financial records should consider an accountant to monitor cash books, sales and purchase ledgers, and wages detailing salary payments and National Insurance contributions (NICs). Even if you don’t employ staff, as a Director of your own company you may still be considered an employer by HMRC so there are always reporting obligations to fulfil.

Easy to use online accounting software can help make record keeping and raising invoices more manageable and your accountant can recommend the most cost effective and suitable software for you.

Time efficient

Efficient accountancy practices also benefit limited companies by being able to manage and control finances and plan for future growth, without impacting on the human resources of the business. Thus allowing your staff and you to focus on what you do best.

Potential tax savings

Companies looking to make tax savings without wishing to attempt to interpret detailed tax legislation should seek professional advice. Tax planning reviews are very useful to ensure you only pay as much tax as you are legally obliged to and no more.

Whether you are loaning funds to an employee, wishing to claim for capital gains, valuing stock or even recovering VAT, an accountant can provide general guidance on the numerous tax saving strategies available to you.

Deadline awareness

You may require an accountant to help you meet the statutory obligation to file annual returns and accounts at Companies House within the filing deadlines. An accountant will also be able to help company directors with self-assessment tax returns and corporation tax returns to ensure you are up-to-date with the relevant forms at the tax office. An accountant will also be able to alert you to any tax payments due and when they should be paid to HMRC.

Focused on business growth

If you are looking to take your company to the next level a good business plan with sound financial information is required to make your dreams a reality. Most businesses need to know if an idea is viable and an accountant can also help plot a course to ensure banks and other lenders are on board with your proposals.

You should subsequently seek an accountant for assistance, as they should know exactly what financial information is required and how it can be presented; thus giving you a better chance of success in securing much-needed funding.

Deadline awareness

You may require an accountant to help you meet the statutory obligation to file annual returns and accounts at Companies House within the filing deadlines. An accountant will also be able to help company directors with self-assessment tax returns and corporation tax returns to ensure you are up-to-date with the relevant forms at the tax office. An accountant will also be able to alert you to any tax payments due and when they should be paid to HMRC.

Focused on business growth

If you are looking to take your company to the next level a good business plan with sound financial information is required to make your dreams a reality. Most businesses need to know if an idea is viable and an accountant can also help plot a course to ensure banks and other lenders are on board with your proposals.

You should subsequently seek an accountant for assistance as they should know exactly what financial information is required and how it can be presented; thus giving you a better chance of success in securing much-needed funding.

Financial budgeting

Experienced accountants will also be well versed in the preparation of cash flow forecasts, budgets and business plan for limited companies looking to plan ahead.

A cash flow forecast is an essential management tool as it indicates the long term liquidity of the business and outlines how much additional investment is required to drive the company forward. Most lenders will require this and it can be very difficult and time consuming to create such accurate and comprehensive reports yourself.

It is not always an easy decision to outsource the financial administration that goes with running a successful limited company. However, at PAC, our personal service means you can meet with your accountant one-on-one who will determine exactly how we can help your business and you free of charge, with no obligation to use our services after this discussion.

We are happy to discuss your individual requirements and undertake a full review thus enabling you to decide on the best way forward for your company. We take pride in being different from other accountants and are happy to act as business advisors in order to help you grow your business.

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