England 20/08/2012- Despite the economic downturn advice on how to register a company is still very much in demand
During a recession, you would expect less not more people to seek advice on how to register a company. In previous recessions, that is exactly what has happened. However, the current economic crisis has led more people to become interested in working for themselves, as a result more people are interested in setting you their own business.
In the UK, setting yourself up as self-employed is exceptionally easy to do. It is far easier, quicker and cheaper to do than in virtually any other country. If you plan to work as a freelancer offering a service or product, all you need to do is to register yourself with HMRC as self-employed and start work. When you do this, you effectively become a sole trader. You are the only person employed, so you keep all the profit. However, if something goes wrong you are liable for all costs and debts. Because of this, most people quickly set themselves up as a Limited company to limit their liability to debt. It is also far easier to raise money as a Limited company. People usually feel happier dealing with a Ltd company than a sole trader, so registering a company can bring in more business.
Who is seeking advice on how to register a company?
Up until a few years ago, most people would have never even thought of working for themselves. Today, the majority of people looking for work, in the UK, consider doing so at some point. The current economic situation has left a lot of people out of work. Currently, even those people who do have jobs are working less hours. In addition, many people have had to take a pay cut. As a result, people are increasingly looking for alternative ways to earn money and are seriously considering working for themselves.
As a result, companies like The Formations Company have found themselves busier than ever. Their 3-hour turnaround and the fact they can help their clients to set up a bank account at the same time makes their service particularly popular and easy to use.
The Formations Company
First Floor 15 Britannia Building
12 Ebenezer Street
Zip: N1 7RP
Tel: 0845 880 8180
Email: online form