Final thoughts

Here, we give our final thoughts to this process.

Give yourself some time

The explanations given in this guide, of setting up a Private Limited Company, is just one of many routes you could take to starting up a company. This is what has worked for us, as a minimal set up, and what we believe could very well help get you going!

When we went through the process ourselves, it wasn’t super easy, but it also wasn’t super hard.

We had to:

• Fill out a lot of forms, both online and offline,
• Often send things by post for signatures needed, and wait for various approvals and authorisation codes, from both Companies House and HMRC
• Send things out again, expecting nothing less than a turnaround of 6-8 business days for every form we completed and/or every follow up action we took.

Eventually, after about a month, we were able to get everything up and going!

Use other resources

There is a lot of guidance already out there on the Internet. We think the most comprehensive source is probably the Government’s own website, where you will actually find a lot of useful information (but, in lots of different places, so you need to be willing to search across quite a few different places!)

It is also very easy to get lost in the bureaucracy: the varied paperwork, different forms, rules, and approval processes you have to go through. It can also be difficult to work out what things you can work on in situ, and what you cannot - to save on valuable time.

The above said, we hope you will have obtained some value from reading this guide. Hopefully, it will have made the arduous and often strenuous journey of starting a company, smoother sailing, and less of a roller-coaster than it needs to be!

This was our original intention – to POWER YOUR WAY THROUGH what, for many, can be a very uncomfortable and confusing experience!

Keep tax simple!

Finally, a word on Tax. Our advice on this area would be to not overcomplicate things. Tax is unavoidable, and as we are not as knowledgeable about tax as HMRC is, (we never will be, as they set the rules) – and because tax considertations, and available tax reliefs, are likely to always be an important element to an entrepreneurial endeavour, both for the founder, and any potential future investors – that, if you are unsure of anything to do with tax, then for further help or guidance, you contact HMRC for more infomration. This rules can be quirky, and don’t always make logical sense - but they are set in stone! Getting a second opinion from an experienced Accountant would also never hurt!

We now wish you well on what promises to be a very exciting journey!

Good luck!