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Ed Turner
Ed Turner,
Category: Law
Satisfied Customers: 137
Experience:  Director and Consultant Solicitor (Self-Employed) at Ed Turner LLB Limited
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I’m looking to start a property business, what do I need to

Customer Question

Hello, I’m looking to start a property business, what do I need to do to get me started in the form of paperwork to open the company?
Thanks
Submitted: 13 days ago.
Category: Law
Expert:  Joy Nicholas replied 13 days ago.
Hi, can I confirm are you starting the business alone?
Customer: replied 13 days ago.
Yes I am
Expert:  Joy Nicholas replied 13 days ago.

Hi, sorry I will need to opt out of this question. Another expert will be able to guide you.

Expert:  Ed Turner replied 12 days ago.

Hello. I am Ed, a Solicitor qualified in England & Wales with over a decade’s experience in the legal profession advising clients.

 

I specialise in Commercial Contracts, Business Transactions, Employment, Dispute Resolution, Personal Injury and Road Traffic Law and will be able to resolve your legal problem today.

Customer: replied 12 days ago.
Hello, I’m looking to start a property business, what do I need to do to get me started in the form of paperwork to open the company?
Thanks
Expert:  Ed Turner replied 12 days ago.

You need to register a new limited company at Companies House. You can do this online via the Companies House Online website. New applications are usually approved within two working days from receipt. You should check that your intended name is not already in use and is not misleading. For example, your company name should not include “Solicitor” or “Law Firm” if you do not provide legal services and are not authorised and regulated by the Solicitors Regulation Authority.


As a limited company, you will enjoy the protection of separate legal personality. Your business and personal assets will be entirely separate, and your business’s creditors will not be able to pursue your personal monies and property for business debts and other liabilities.

 

However, in return for the benefit of separate corporate legal personality comes the onerous requirements of openness, transparency and a certain degree of publicity in your company’s affairs. You must file Annual Returns and Accounts at Companies House in accordance with their deadlines.

 

I strongly recommend that you retain the services of a qualified accountant. They will be able to register you at HM Revenue & Customs as “self-employed” and be able to manage your accounts and tax liability via a secure cloud-based provider such as Xero, Zoho and Free Agent. Your accountant will prepare your Annual Returns and Confirmation Statements and file these at Companies House.

 

A commercial solicitor can also draft business, employment and property contracts for you and manage your business affairs and deal with any potential disputes that may arise.

Expert:  Ed Turner replied 12 days ago.

I hope this resolves your enquiry. Please revert to me if you have any further questions and I will be delighted to assist.

 

Otherwise, I shall be grateful if you will please mark your enquiry as “Closed” and give me a “Positive” rating in order to conclude this matter.

 

Kind regards

 

LawyerEd

Customer: replied 12 days ago.
Thanks, what happens if I am paying for a car under my personal bank account can I still claim off the company if I am using it for company business? Or does things like that have to come out of the companies bank account etc?
Expert:  Ed Turner replied 12 days ago.

Yes, you can offset corporate tax for car mileage while using your personal car if the trip is a business expense. My limited company accountant categorised this as "Owner Drawings".

Customer: replied 12 days ago.
How about payments of the actual car?
Customer: replied 12 days ago.
Or buying a car outright?
Expert:  Ed Turner replied 12 days ago.

No, I don't think you can do that. You would have to purchase the car or pay the monthly finance instalments via your business bank account.

 

However, you may be taxed on the benefit that you receive from the car.

 

This is accountant's advice. I suggest you open a new enquiry directed to an accountant.