I love this video this is so comprehensive and now I know for sure that my choice for a limited company is the most suitable for me. Thanks 1st Formations and Nicholas! :)
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating :)
This is an excellent video - and very helpful if you need help with the decision on what business structure you should use to operate your business. Do you have any plans to produce a video on how to form a limited company, explaining the process, how to choose a package and complete the company particulars?
Thanks for your kind words Graeme. We are indeed going to publish a video shortly on how to form a company, including an explanation of the process, how to choose the right package for you, and how to complete the company particulars to enable people to form a company. Make sure you subscribe to our channel so you don't miss it! Are you planning to form a limited company soon?
If you are a non - uk residence, can you create a sole trader business from another country? If yes also can you also have these: * tax id in UK * physical address * physical bank account * uk phone number as a sole trader from another country. I mean does your company "first formation uk " offer these to non-uk residence
Thank you for your question Deep Sapce. 1st Formations does not provide sole trader services such as tax IDs, physical addresses, or physical bank accounts, etc. Our services are predominantly for limited companies. Sole traders generally have to be based in the UK, and a physical address will need to be one that you either work from for the majority of the business' time, or a full time residential address. We would suggest you may want to consider a UK limited company if you want to start a business in the UK, given the above. Would you consider doing this?
@@1stformations Yes, But I'm new to this LLC or LTD stuff and have no idea how things actually work. Some say online services do it as long as you pay but they'll leave you to the wolves when it comes to TAXES. If your company also supports or guides with taxes, like do I have to take anything from IRS (The Internal Revenue Service) , IRS is for US. But what about the UK Governments Tax stuff. If my business in online business, if I create and LLC or LTD in UK does it mean that I have to pay taxes for 3 countries UK, US and Turkey? I basically need an LLC or LTD for 1 person only, because I am working alone, if that's possible.
@@FirdavsiGameDev OK. UK ltd companies need to pay tax in the UK. However, the UK has double taxation treaties with some countries so that companies do not pay tax twice. To see a list of countries with tax treaties with the UK, click here: www.gov.uk/government/collections/tax-treaties Is this helpful?
@@1stformations yes it is as Lady D's. That's brilliant as I think a sole trader is much more suited to my purposes for the business rather than a Limited company.
@@1stformations Basically as I don't have enough business to warrant a limited company. I run a bespoke jewellery business and dog walking. I set up a limited company in the first instance as I knew people trusted the limited name. However, my customers aren't really interested in my company set up only the task in hand. I feel a sole trader would be much more suitable for the amount of work I get per annum but I don't know how to change my limited company to a sole trader. Can you help me please?
Wow I love the quality of the editing and all graphics! Excellent work
Thanks Angus - we aim to please. Are you a sole trader or do you have a limited company?
I love this video this is so comprehensive and now I know for sure that my choice for a limited company is the most suitable for me. Thanks 1st Formations and Nicholas! :)
Thanks Kreisi - why did you opt for the limited company option?
I hadn't considered the pros/cons of starting out a sole trader. Thank you 1st formations!
Our pleasure! We hope you found it useful.
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating
Thanks Zou - glad you liked our video. Do you have a preference as to be a sole trader or limited company, yourself?
Thank you for such an informative video, the differences are so clear now! Thanks Nick and 1st Formations!
We're glad you enjoyed it Jen. Have you checked out any of our other videos?
I love your videos because the way you breakdown the info is so helpful understanding the differences. Thanks! 👍
Thanks Sam - are there any other topics you would like to see us copy in our videos?
Thank you for the informative video! This has made things so much clearer
Glad we were able to clear things up for you Laura. Are you a sole trader or do you have a limited company?
Great video - thank you! I think the protection from a limited company i definitely worth it!
Thanks Keziah - are you currently a sole trader thinking of becoming a limited company, or do you already have a limited company?
I was really confused about this, thank you for the clear explanation!
Thanks Pras - if you don't mind us asking, what were you confused about?
A great video, I like the way you break down the information to better understand the differences. Thank you!👍
Thanks for your kind words Latifa. Are you a sole trader or do you own a limited company at present?
@@1stformations Currently I own a limited liability company 😊
Brilliant! How's business going?
@@1stformations Oh thank you you are brilliant as usual and competent, while I am only a newbie in the business world 😇
So knowledgeable and sleek! Loving the professional production and expert advice 👏🏼
Many thanks Peter - we're glad you were impressed by our production quality. Are you a sole trader or do you have a limited company?
Great video, very useful. Seems like a limited company is probably right for me!
Thanks John - how come a limited company is right for you?
Nice video, simple to understand and sets out the difference between the two options very clearly. I love how you can skip back and forth using the timestamps, really helps navigating :)
Thanks for the praise Rob. Have you checked out any of our other videos?
This is clear concise simply brilliant
We're glad you found it brought clarity to the topic for you Moola. Are you currently debating whether to be a sole trader or a limited company?
Very well balanced video on the pros and cons of each! Thank you 😊
Thanks Amelia - do you already have a limited company or are you a sole trader?
Great video. Clear and concise explanations!👌🏾
We're glad you liked it Leslie. Have you checked out any of our other videos?
Hmm...I didn't even know there was a difference tbh. Probably a good job I watched this first! Cheers!
Great - glad we cleared that up for you Andrew. Which one are you planning to go with?
Fantastic advice! Thank you ❤️
We're delighted that you found the video helpful. Is there anything you'd like us to cover in future videos?
This is an excellent video - and very helpful if you need help with the decision on what business structure you should use to operate your business. Do you have any plans to produce a video on how to form a limited company, explaining the process, how to choose a package and complete the company particulars?
Thanks for your kind words Graeme. We are indeed going to publish a video shortly on how to form a company, including an explanation of the process, how to choose the right package for you, and how to complete the company particulars to enable people to form a company. Make sure you subscribe to our channel so you don't miss it!
Are you planning to form a limited company soon?
Loving the red!
Nick aims to please! Any other colour preferences for future videos?
Thank you for sharing! Super informative.
So clear and concise!
Well explained, thank you
Thanks Sandra. Are you intending to form a limited company?
Cheers Nick! Limited for me
Great James - how come limited is the right choice for you?
Wonderful video. Please may I ask, "First Entries"?. Thanks
Thanks for your kind feedback!
Sorry, can you clarify your question, please?
I love the outfit too :)
Thanks Kreisi - Nick aims to please! Any special requests for outfits for Nick in future? Haha!
Best company ever !
Thanks so much for you kind comment!
If you are a non - uk residence, can you create a sole trader business from another country?
If yes also can you also have these:
* tax id in UK
* physical address
* physical bank account
* uk phone number
as a sole trader from another country. I mean does your company "first formation uk " offer these to non-uk residence
Thank you for your question Deep Sapce. 1st Formations does not provide sole trader services such as tax IDs, physical addresses, or physical bank accounts, etc. Our services are predominantly for limited companies.
Sole traders generally have to be based in the UK, and a physical address will need to be one that you either work from for the majority of the business' time, or a full time residential address.
We would suggest you may want to consider a UK limited company if you want to start a business in the UK, given the above. Would you consider doing this?
@@1stformations Yes, But I'm new to this LLC or LTD stuff and have no idea how things actually work. Some say online services do it as long as you pay but they'll leave you to the wolves when it comes to TAXES.
If your company also supports or guides with taxes, like do I have to take anything from IRS (The Internal Revenue Service) , IRS is for US. But what about the UK Governments Tax stuff.
If my business in online business, if I create and LLC or LTD in UK does it mean that I have to pay taxes for 3 countries UK, US and Turkey?
I basically need an LLC or LTD for 1 person only, because I am working alone, if that's possible.
@@FirdavsiGameDev OK. UK ltd companies need to pay tax in the UK. However, the UK has double taxation treaties with some countries so that companies do not pay tax twice.
To see a list of countries with tax treaties with the UK, click here: www.gov.uk/government/collections/tax-treaties
Is this helpful?
Great 👌🏻
Thanks Cihad. Do you have a limited company or are you a sole trader?
@@1stformations yes :) I have a limited company and I got my package from you :)
@@1stformations I also recommended you to my friends :) you are very successful
@@cihaddutkun938 That's great - thank you Cihad. What does your limited company do for a living?
Is it easy to change from a limited company to a sole trader?
Hi Helen - the simple answer is, YES! Can we ask if your limited company is currently trading?
@@1stformations yes it is as Lady D's. That's brilliant as I think a sole trader is much more suited to my purposes for the business rather than a Limited company.
@@hd131075 That's interesting Helen. Why does a sole trader setup work better for you?
@@1stformations Basically as I don't have enough business to warrant a limited company. I run a bespoke jewellery business and dog walking. I set up a limited company in the first instance as I knew people trusted the limited name. However, my customers aren't really interested in my company set up only the task in hand. I feel a sole trader would be much more suitable for the amount of work I get per annum but I don't know how to change my limited company to a sole trader. Can you help me please?
@@hd131075 OK - we can. In the first instance, can you tell us if your limited company has traded in the last 3 months? I am guessing it has?
❤️💓❤️❤️❤️
Thank you!