Hey guys, I've made two separate step-by-step videos to help you register a limited company (th-cam.com/video/1KjVQ62P21E/w-d-xo.html) and how to register as a sole trader (th-cam.com/video/ewDuiZfay1o/w-d-xo.html) - so once you've decided which is the right option for you then make sure to watch them instead of paying a 3rd party service to do it for you! The process is simple and either options takes around 20-30 minutes. For those asking about virtual addresses then I highly recommend 1st formations: 1st-formations-limited.sjv.io/c/2683763/899281/12045 Thanks for all the lovely messages and if you need any help then feel free to ask, I aim to answer every single question on my channel! Good luck for now 🙌
My pleasure Artur, glad you're learning from them ☺️.. Feel free to let me know if you ever have any questions or even need help with something which I may be able to make a video on 🙌
Hi Mario, the process and architecture would be exactly the same if opening a limited company. The size doesn’t matter, nor does your employment setup so feel free to follow the video and go for it!
Hi, I love your videos they have been extremely helpful to me and many others im sure, thank you. I did watch your other video on how to register as self employed in the UK and had question. If were now starting a small etsy/shopify business and haven't started earning revenue yet, would I need to register with HMRC before opening this e-store? I have read that you do not need to declare earnings with HMRC that are less than 1,000 pounds so im wondering if I should open my shop without registering and then later on when I earn over 1,000 pounds get registered and start declaring?
Hey Ramz, that's exactly right. You won't need to get registered straight away unless you're earning more than £1,000/year through your self employment 👍
You're videos are so great. I am looking to go semi self employed (set up a side business for evenings and weekend work) is there anything specific i need to do when setting up, as I am fully employed by my employer and looking to earn extra in my own name? I am looking at going down the route of Sole trader, as you mentioned it seems easier and more manageable. Also, am I correcting is saying, I do not actually need to register at all once I don't earn over £1,000 within the tax year? once I go over £1,000 I then need to register as a sole trader and do my returns on anything over the £1,000?
Hey Scott, Yes that correct, you won’t need to register if you’re earning less than £1k. So feel free to provide the service you were thinking of doing and then register as a sole trader once you go over the limit. Let me know if you have any other questions and good luck with your business for now! 🙌
Hello Excellent information with the videos. I am looking to trade Forex & commodites. Do you know how do i get a traders status . Would i have to run as a sole trader or a limited company to achieve this status. hope you will be able to provide me with information Thanks
hi there , hope you are doing well. thank you very much for you videos, but i have a question , actually is an advice, i'd like to start a business as buyer and seller in uk and outside uk( buy in uk and sell in uk and in Italy) , to another business down in Italy. wich options do you think is the best ?
@@TheHolisticHustle Hi Gabriel, please can you answer the question? we are planning to buy electronics and electric small pieces of stuff. thanks in advance
Hi, im in full time employment but also running a side business in my spare time. What would be most tax efficient ltd or sole trader if its a secondary income?
Inspiring most helpful..as earlier comments have noted”if only they taught us this at Skool”. Q: currently am ST, lease out 2/3 properties and wish to build upon, with future plans to fund more ongoing updates in all properties at suitable moments , and as market improves May purchase more properties. Currently earning
Can I add working BTL rentals into a LC from ST status, and can I purchase future BTLs and what are the Tax implications V ST status pls .. if not too occupied thank you most kindly. Reassuring Mike
I am employed with some company and do paye tax and having salary of 44000£ per year before tax , so if i go with sole trader and for an example i earn 10k£ of profit and then i have to pay tax on 54000£ ? ( My employer + self assessment) and comes in tax bracket of 40% instead of 20%? But in case i have limited company with above business profit what will be tax payment scenario please?
Given your first scenario, you would be getting taxed 20% on around £6k and 40% on the £4k in the higher tax bracket so a total of £2800 (on the £10 proportion). If you had a limited company you would be paying 20% on all profits up to £250k and then you’ll be paying further taxes if you’re paying yourself with the company depending on how you pay yourself.
@@TheHolisticHustle Thank you so much you are just amazing , One more quick query As I had registered my ltd company just 10 days back I am still waiting my Unique tax reference from HMRC as I had to open my business account , but still not received. how long does it take get get the UTR number ? And also monzo rejected my business account application i was using this for my retail and renting out business purpose
Hi. Great content. Could you give me an advice please. I am looking to open a LTD and I need a virtual address. I will sell online and don’t want my suppliers to see my home address. Can I use the virtual address for my company registration and also as a trading address that I will use for invoicing? thank you
Hey Cristian, yes you certainly can although there will be a particular package for this. There should be contact details on the link I posted - give them a call and they should be able to walk you through this in detail, they're very helpful 👍.. good luck and let me know if there's anything else you need 🙌
Hi, great vids ive watched all of them. I have set my my limited company and also applied for a trademark but i wont be trading or a while since im still in the product development stage. Is it possible to apply and be a soltrader with the same business name then move onto limited when i feel the need even tho my limited company has already been registered?
Hey Nabz, yes that's possible, although a sole trader doesn't necessarily have a trading name, it'll just be your name, you can however trade as your brand/trademark. I would call HMRC and let them know that you're not trading in the meantime, you can make the company dormant until you start trading, and be careful as you still need to do company accounts for a dormant company even if you're not generating any revenue although that won't be due for a while 👍
@@TheHolisticHustle I mean using the government scheme and starting out as a new employer and going through the actions of setting up the scheme , then adding an employee
Hey guys, I've made two separate step-by-step videos to help you register a limited company (th-cam.com/video/1KjVQ62P21E/w-d-xo.html) and how to register as a sole trader (th-cam.com/video/ewDuiZfay1o/w-d-xo.html) - so once you've decided which is the right option for you then make sure to watch them instead of paying a 3rd party service to do it for you! The process is simple and either options takes around 20-30 minutes.
For those asking about virtual addresses then I highly recommend 1st formations: 1st-formations-limited.sjv.io/c/2683763/899281/12045
Thanks for all the lovely messages and if you need any help then feel free to ask, I aim to answer every single question on my channel! Good luck for now 🙌
The level of detail you are providing is like free training mate - can’t thank you enough.
My pleasure mate, I hope you keep finding it useful and use it for your benefit!
Your videos are just amazing 😍😍😍you should upload more videos with everything what is related with the business sector.
Thanks Evonna, I'm working on it 😜
Excellent explanation thank you.
Glad it was helpful! And hope it helped you decide between opening a limited company of registering as self employed 🙌
Wish I watched in on the it was published. You are one of a kind. Congrats 👏👏👏
Hey Burhan, thanks for your comments ☺️.. good luck with your business 🙌
Really nicely explained thanks
Glad it was helpful!!
Super useful! Thank you!
My pleasure Naeem.. I'm glad you're finding the videos helpful ☺️
Thank You for uploading this video! VERY Helpful!
Take Care
My pleasure Damian, I hope you're now clearer on whether to register a limited company or as a sole trader! All the best with your business 🙌
thanks for ur vids!! always very informative:)
My pleasure Artur, glad you're learning from them ☺️.. Feel free to let me know if you ever have any questions or even need help with something which I may be able to make a video on 🙌
Thanks for the knowledge bro
My pleasure mate, I hope everything goes well 🙌
Thank you again ! 🙏
Thanks Xenia 😊
Great video can you share a video for people that work part time and also set up a small limited company Thank you
Hi Mario, the process and architecture would be exactly the same if opening a limited company. The size doesn’t matter, nor does your employment setup so feel free to follow the video and go for it!
@@TheHolisticHustle top man thank you
Hello mate I started a limited company 12 months ago but haven’t sold an item yet, when I do go to sell stuff on my website do I have to pay tax?
Hey Rodion, I answered this in the other video you commented on 👍
Hi, I love your videos they have been extremely helpful to me and many others im sure, thank you. I did watch your other video on how to register as self employed in the UK and had question. If were now starting a small etsy/shopify business and haven't started earning revenue yet, would I need to register with HMRC before opening this e-store? I have read that you do not need to declare earnings with HMRC that are less than 1,000 pounds so im wondering if I should open my shop without registering and then later on when I earn over 1,000 pounds get registered and start declaring?
Hey Ramz, that's exactly right. You won't need to get registered straight away unless you're earning more than £1,000/year through your self employment 👍
You're videos are so great. I am looking to go semi self employed (set up a side business for evenings and weekend work) is there anything specific i need to do when setting up, as I am fully employed by my employer and looking to earn extra in my own name?
I am looking at going down the route of Sole trader, as you mentioned it seems easier and more manageable. Also, am I correcting is saying, I do not actually need to register at all once I don't earn over £1,000 within the tax year? once I go over £1,000 I then need to register as a sole trader and do my returns on anything over the £1,000?
Hey Scott,
Yes that correct, you won’t need to register if you’re earning less than £1k. So feel free to provide the service you were thinking of doing and then register as a sole trader once you go over the limit. Let me know if you have any other questions and good luck with your business for now! 🙌
Hello
Excellent information with the videos. I am looking to trade Forex & commodites. Do you know how do i get a traders status . Would i have to run as a sole trader or a limited company to achieve this status.
hope you will be able to provide me with information
Thanks
Unfortunately I’m not sure on forex matters but good luck!
hi there , hope you are doing well.
thank you very much for you videos, but i have a question , actually is an advice, i'd like to start a business as buyer and seller in uk and outside uk( buy in uk and sell in uk and in Italy) , to another business down in Italy.
wich options do you think is the best ?
Hi Firenze, what would you business be buying and selling?
@@TheHolisticHustle Hi Gabriel, please can you answer the question? we are planning to buy electronics and electric small pieces of stuff.
thanks in advance
Hi, im in full time employment but also running a side business in my spare time. What would be most tax efficient ltd or sole trader if its a secondary income?
Hey Will, it completely depends on your circumstances. Have you watched this whole video, it should help you decide by using examples!
Nice videos. could you please make some videos aswell how to pay tax as a solotrade (UTR) thanks a lot
Hey Jehu, I'll add it to the list! 🙌
Inspiring most helpful..as earlier comments have noted”if only they taught us this at Skool”. Q: currently am ST, lease out 2/3 properties and wish to build upon, with future plans to fund more ongoing updates in all properties at suitable moments , and as market improves May purchase more properties.
Currently earning
Hey Mike, what sort of advice would you need?
Can I add working BTL rentals into a LC from ST status, and can I purchase future BTLs and what are the Tax implications V ST status pls
.. if not too occupied thank you most kindly. Reassuring Mike
I am employed with some company and do paye tax and having salary of 44000£ per year before tax , so if i go with sole trader and for an example i earn 10k£ of profit and then i have to pay tax on 54000£ ? ( My employer + self assessment) and comes in tax bracket of 40% instead of 20%?
But in case i have limited company with above business profit what will be tax payment scenario please?
Given your first scenario, you would be getting taxed 20% on around £6k and 40% on the £4k in the higher tax bracket so a total of £2800 (on the £10 proportion). If you had a limited company you would be paying 20% on all profits up to £250k and then you’ll be paying further taxes if you’re paying yourself with the company depending on how you pay yourself.
@@TheHolisticHustle Thank you so much you are just amazing , One more quick query As I had registered my ltd company just 10 days back I am still waiting my Unique tax reference from HMRC as I had to open my business account , but still not received. how long does it take get get the UTR number ?
And also monzo rejected my business account application i was using this for my retail and renting out business purpose
Hi, can I get tax relief for paying virtual address as LTD. and as sole trader as well? Clear informative video.Thank you!
Hey Daniel, yes you'll be able to claim it as a business cost 👍
How to open busines bank acoont please LD company
Hi Jinho, it depends which back account you choose. How you found one which suits your needs?
Hi. Great content. Could you give me an advice please. I am looking to open a LTD and I need a virtual address. I will sell online and don’t want my suppliers to see my home address. Can I use the virtual address for my company registration and also as a trading address that I will use for invoicing? thank you
Hey Cristian, yes you certainly can although there will be a particular package for this. There should be contact details on the link I posted - give them a call and they should be able to walk you through this in detail, they're very helpful 👍.. good luck and let me know if there's anything else you need 🙌
Hi, great vids ive watched all of them. I have set my my limited company and also applied for a trademark but i wont be trading or a while since im still in the product development stage. Is it possible to apply and be a soltrader with the same business name then move onto limited when i feel the need even tho my limited company has already been registered?
Hey Nabz, yes that's possible, although a sole trader doesn't necessarily have a trading name, it'll just be your name, you can however trade as your brand/trademark. I would call HMRC and let them know that you're not trading in the meantime, you can make the company dormant until you start trading, and be careful as you still need to do company accounts for a dormant company even if you're not generating any revenue although that won't be due for a while 👍
@@TheHolisticHustle Thanks
Do i need uk phone number to register ltd or any phone number
Hey Youssef, I believe you can get around it by using email.
Hi, love your videos, helping me set up my own business. What about a video on setting up employees on the gov.uk website?
Hey Mick, do you mean employees new to your business on the PAYE scheme?
@@TheHolisticHustle I mean using the government scheme and starting out as a new employer and going through the actions of setting up the scheme , then adding an employee