1) Cost - Registration, submission of returns and filing requirements, Accounting fees
2) Reporting requirements
3) Deadlines
4) HMRC requirement
5) Fiduciary duties
6) Accurate Accounting Records
7) Year end and Timing - Is it easier to have the same year end as the tax year - save apportionment when calculating tax liability? Is this a real benefit or something which should be considered?
Hi Jay I recall that you said you had a dormant company. Is this another company for you personally and given your other post a few minutes ago - are you now a sole trader looking to incorporate?
Hi Jay
Ah, right. That other link you added to the other thread covers some of this too. Be careful advising your pal as your PII might not cover it.
Also look at things like insurances, data protection, employers responsibilities, legal issues, PAYE, employment law, health and safety compliance, the list goes on.
Re the year end, depends on a number of factors like say the nature of the business. Eg retail, most choose year end 31 December.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
