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Frequently Asked Questions
We understand that you might have lots of questions when looking for an accountant. For this reason, we have compiled a list of frequently asked questions for you, which we hope will be helpful. However, if you have any further questions, please contact us.
Forming a private limited entity (or “company”) is the same as registering a business. From that point on, the company is treated as a separate entity by law, much like a natural person. This means that the company’s finances, debts, contracts, and ownership of property and assets are separate from those of its owners.
If you are conducting business, there is no legal requirement to register a company. As an individual you can even be VAT registered or PAYE registered. If you do decide to form a company, you are required to register at Companies House.
In the United Kingdom, a limited company is one of the most common business structures. This is because of the many economic and professional advantages it provides – advantages that far outweigh those enjoyed by sole traders.
The main benefits are that your personal liability is minimised and your business is seen as more credible. There can be tax advantages, but after taking into account the additional administrative burden, this is not always the case.
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Meet the team
We are incredibly proud of our team here at Nichols & Co, with some of the best chartered accountants, accounting trainees, payroll specialists, auditors and tax advisors in Greater London. Check out our team below.