UK company formation is a fast and easy process which can be completed within 24 hours. A UK limited company is the best UK business structure because it provides a number of benefits, such as:
1. Professional Image:
A UK Limited Company will give your business a more professional image. It will help in building customer trust and belief in your products or services. Thus, if you run a limited company, everyone will be happy to work with you.
2. Business Credit:
As a limited company, it is easier to get the necessary credit, funding, and business loans for your company. Due to your limited company status, you will find that you have more possibilities for getting business financing, and many lenders will offer you more favourable interest rates and repayment terms.
3. Low personal tax:
UK Limited Company allows to pay low personal tax. As a director of your own limited company, you can take a small salary from the business and then take more income in the form of shareholder dividends. In this way, you can reduce the amount of National Insurance Contributions (NICs). As limited company dividend payments are taxed separately, they are not subject to NIC payments.
4. Limited Liability Protection:
A limited company provides ‘limited liability’ protection from business debts. With limited liability protection, the company itself will be responsible to pay any financial losses incurred by your business. Creditors can be paid by selling off company assets and reimbursing security deposits; but, no personal funds or assets will be affected.
5. Business Name Protection:
Your business name will be protected by UK law as it is registered with Companies House and placed on the official register of companies. Thus, no one else can use your business name or similar business name to trade.
6. Sole Trader:
It can be set up and owned by one person. As a sole trader, you can set up your own limited company with yourself as the director and the company shareholder.
Also read: UK Company Formation - Best Company Formation Agent UK
By using a reputable company formations agency company like RTRSupports Limited, you will receive the advantage of working with a group of experts who have been working with Companies House for years.
With their assistance, you can set up your UK limited company fast and easily in just 24 hours.