I'm currently living in the UK and I'm a complete noob at CPA although I'm really interested in starting out in the CPA business hence I need some help with the business decisions. I'm really not sure which type of a business I should register, either a LTD or LLP. Which type would be best suitable for a beginner in CPA? The company will of course be in my friends name because I'm not old enough at the moment. Most important I cannot afford an accountant so I will have to do all the book filling and tax keeping all by myself and I'm not to sure how to go around that. Apart from this I do have the money to register the company and get a private address. Once the company is registered and for example 2 months later we decide to shut off the company because for example we aren't successful? Can you actually shut the company down after such a short period? Would this affect me in any way? So would anyone be able to give any good advice for a CPA comapny in the UK?? All advice welcome!!!
you dont need form a company to start with. Just join a few networks and get on with it. As for keeping the books, get 2 large manila type envlopes together. On 1 write in big letters expenses and on the other income. Whatever you spend, print a reciept and put in envolpe 1. Whaterver payments u recieve print it up put in envelope 2. If your realy anal you could further organise into months and put a rubber band round the papers. when you make 30 grand pay an accountant a few $$$ for advise and to set you up.
Thanks, these are some great tips. Of course I will get an accountant when I reach 30K, it's just that I probably will reach a maximum of 10K at least for my first year but then again it all depends on how well I can handle IM. About the business, the main reason for me wanting to either get an LLP or LTD is because of the fact that a CPA or Affiliate company will look at me from a more professional way therefore giving me higher chances of acceptance. But I guess that as long as I have a nice website with a good marketing name and my own domain email I should have just as good chances of getting accepted as if I had a company. But should I stay as an Individual or go for a Sole Trader? I would actually prefer to be a sole trader but then again how does the tax and everything work? In order to become a Sole Trader the only thing I would need to do is notify HM Revenue & Customs that I'm self employed hence if I would want a company name how would I go about registering one? PS. The first post on this thread doesn't make to much sense, well it's not the way I really wanted to write it but what can I say when I was half sleeping while writing it.
