March 15, 2024
Ascot Team
Guides & Factsheets
Getting Started
Starting a new business is an exciting journey. However, getting the structure right from day one is crucial for your long-term success.
Sole Trader vs Limited Company
One of the first decisions you'll need to make is your legal structure. Operating as a Sole Trader is simpler administratively, but a Limited Company can offer tax advantages and limited liability protection.
Registering with HMRC
You must register with HMRC for tax purposes. If you're a sole trader, you'll need to register for Self Assessment. Limited companies must register for Corporation Tax.
VAT Registration
If your taxable turnover exceeds £90,000 (2024 threshold), you MUST register for VAT. You can also choose to register voluntarily.