What are the costs of running a limited company in the UK?
If annual income for the company is less than £1,000, what are the costs for running a limited liability company?
- MaxiLv 75 months agoFavorite Answer
If a business is making less than £1k it is not even in the tax bracket and certainly doesn't need to be a ltd company...
The cost of a company formation itself is typically between £17 and £100 with extra costs incurred should you visit an accountant for tax or business advice.
There is annual statutory fee of £13 for keeping the company on the register at Companies House. There are penalties for the late delivery of documents at Companies House.
The preparation of annual accounts will probably cost more than a sole trader.... say £500 and of course the public can legally check up on certain aspects of your business by looking at the published Comapnies House annual accounts.
- TavyLv 75 months ago
Pointless on that income. You need to register as a sole trader. The costs will outweigh your income.