If you’re doing business as a sole trader, and want to move to become a limited company, you’ll need to do the following:
- tell HMRC you’re no longer going to be self-employed and they’ll cancel your Class 2 National Insurance contributions.
- Complete a Self Assessment tax return as usual (and start to submit tax returns the next year as the director of a limited company).
- Register your business as a limited company with Companies House and HMRC.
- Submit annual accounts and corporation tax returns for your new limited company.
Find out more about becoming a limited company here
If you need help setting up your new limited company, give us a call on 01454 300 999 or drop an email to email@example.com
Find out more about the FD Works’ approach to finance at fd-works.co.uk