UK Business Structure Advice
Identifying the correct UK Business Structures is a vital part of a business start-up. At HM Accountants we help individuals to start up their own business venture and we offer the best advice and support needed to benefit your company’s needs. The team at HM Accountants will help you decide whether you want to work as a sole trader, partnership or set up your own limited company.
Al noor Saadiq
February 11, 2021.
Professional firm , excellent people. Always complete my accounts on time without any hassle. Happy with the service given by HM Accountants.
Hamzah Adeel
January 20, 2021.
Lovely company and excellent team! HM Accountants are professional and offer great advice. The team always remind me of when my tax returns are due and they are always working hard to meet expectations. Highly recommend to all.
Daniel Wyatt
January 6, 2021.
Great Support and help from HM Accountants. Friendly and Welcoming team. They ensured that we recieved the best possible service and always gave quick prompt replies. Thank you for your service, it was a pleasure to work with you guys!
Wakas Ali
December 10, 2020.
Good accountants! Professional service provided, very welcoming and reasonable price. Thank you for your advice and help appreciate it.
Zeeshan Khan
December 9, 2020.
Good accountants very professional Never had a problem. Highly recommend to all! Appreciate the help and advice given by Mohammed Haroon.
Adnan Aslam
November 4, 2020.
Very pleased with the service I was given at HM Accountants! Professional team with excellent knowledge in accountancy. Definitely recommend, Thank you!
Sarkew Ahmed
November 4, 2020.
Excellent staff! Brilliant service, the team offers helpful and professional advice. Highly recommend!
Mahmoodi Neimtollah
October 29, 2020.
Great people with excellent knowledge. Highly recommend to all.
Adaam Abdulrehman
October 29, 2020.
Excellent staff, Excellent advice given! The team always try their best, in order to make sure you receive the best service. Highly recommend!
Ismail Mahmood
October 28, 2020.
Helpful, Friendly and Welcoming people. I started an online business a year ago and have always used HM Accountants, in order to help me manage my funds and outgoings. Never had a problem! Highly recommend to anyone, you will not be disappointed! Very happy with the service and advice given to me, Thank you.
Limited Company
The most common form of business structure for small businesses is a limited liability company; it is incorporated and limited by shares. This means that the company has shareholders and the liability of the shareholders to creditors of the company is limited to any money they originally invested.
Advantages
- Minimising personal liability – All your company’s personal assets will be secure.
- Credibility and Trust – The professional status of a limited company structure will add valuable respect and credibility to your business and will allow you to expand your brand image and reputation.
- Tax efficiency and planning.
Disadvantages
- Associated costs – The start-up costs for a limited company is much expensive than a Partnership and Sole Trader, as you may have to pay additional fees.
- Accounting requirements are more complex and time-consuming.
- Annual accounts and financial reports must be placed in public domain
Sole Trader
A Sole Trader is a self-employed individual who works for themselves. As a Sole Trader, you must register your business with HMRC and you have to also file out a Self-Assessment Tax Return.
Advantages
- Low cost, easy to set-up – Although you still need to register your business, the costs of maintaining a Sole Trader is much less than other business structures.
- Very little financial reporting.
- Total control of the business – As the sole owner of your business, you have full control of business decisions and spending habits.
Disadvantages
- Full liability for the debt – You are personally responsible for all business debts and company actions under this business structure.
- As you are not required to keep financial statements, there is a lack of structure.
Partnerships
A Partnership consists of two or more individuals that agree to share their profits.
Advantages
- Easy to establish – Compared to other business structures, partnerships require minimal paperwork and legal documents to establish.
- Distributed workload – Partnership consists of two or more individuals, therefore you can distribute the work equally and help meet the company’s targets.
- Partners can combine their knowledge.
Disadvantages
- Disagreements may occur.
- Full liability – All members in a Partnership company are liable for business-related debts.
By choosing us to be your appointed accountant will allow your business to expand and grow. The great resource of advice and wisdom given by our expert team will help you to manage your accounts and expenditure efficiently and accurately. As well as this, we will help keep your business organised, as we understand how frustrating it may be for you as an employer to focus on different sectors at the same time, such as operations, finance, and customer service. We would like to build long-lasting relationships with our clients and new businesses and therefore we aim to go the extra mile to help meet your expectations and targets.
Appointing us to be your accountants, will ensure your finance is managed accurately so that your company is run in a cost-effective way and this will allow you as an employer to focus on the key areas of the business, such as customer service. Poorly structured organisations can negatively impact a company’s brand image and reputation, as critical deadlines will not be met due to insufficient human resources in each department. Hence, it is important you have an appointed accountant who can assist and advise you on what business structure is suitable for your specific business.
Al noor Saadiq
February 11, 2021.
Professional firm , excellent people. Always complete my accounts on time without any hassle. Happy with the service given by HM Accountants.
Hamzah Adeel
January 20, 2021.
Lovely company and excellent team! HM Accountants are professional and offer great advice. The team always remind me of when my tax returns are due and they are always working hard to meet expectations. Highly recommend to all.
Daniel Wyatt
January 6, 2021.
Great Support and help from HM Accountants. Friendly and Welcoming team. They ensured that we recieved the best possible service and always gave quick prompt replies. Thank you for your service, it was a pleasure to work with you guys!
Wakas Ali
December 10, 2020.
Good accountants! Professional service provided, very welcoming and reasonable price. Thank you for your advice and help appreciate it.
Zeeshan Khan
December 9, 2020.
Good accountants very professional Never had a problem. Highly recommend to all! Appreciate the help and advice given by Mohammed Haroon.
Adnan Aslam
November 4, 2020.
Very pleased with the service I was given at HM Accountants! Professional team with excellent knowledge in accountancy. Definitely recommend, Thank you!
Sarkew Ahmed
November 4, 2020.
Excellent staff! Brilliant service, the team offers helpful and professional advice. Highly recommend!
Mahmoodi Neimtollah
October 29, 2020.
Great people with excellent knowledge. Highly recommend to all.
Adaam Abdulrehman
October 29, 2020.
Excellent staff, Excellent advice given! The team always try their best, in order to make sure you receive the best service. Highly recommend!
Ismail Mahmood
October 28, 2020.
Helpful, Friendly and Welcoming people. I started an online business a year ago and have always used HM Accountants, in order to help me manage my funds and outgoings. Never had a problem! Highly recommend to anyone, you will not be disappointed! Very happy with the service and advice given to me, Thank you.
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