While it’s true that anyone can start a company, there are many different ways in which to do it.  A mistake most people make today is they often go straight for limited status – something that not everyone needs to do.


That’s why at Firstax, we provide an advisory service to help you in forming your company in the way that benefits your business the most. Our team can prepare and submit all information that’s needed to Companies House on your behalf.  We can provide advice and a variety of additional services specifically tailored to meet small business and contractor accountancy needs.

What Can An Accountant Help With?

An accountant is an imperative part of any business, from sole trader to limited company – an accountant helps minimise your tax liability and makes sure your business is compliant with HMRC regulations.

The role, support and advice of an accountant doesn’t end there, at Firstax we provide numerous small business support services including; PAYE, VAT, end of year accounts, personal accounts, tax returns, capital gains, payroll services and small business startup support. Our small business startup service includes helping you form the right type of company, helping you keep track of your expenses, costs and be aware of your responsibilities and tax return deadlines.

Business Start-Up Services

Our hassle-free, flat-fee affordable monthly payment scheme provides practical, professional business startup and contractor accountancy services.

Not everyone has the time to work out figures and costs, that’s especially the case when it comes to a new startup. Firstax make life simple and your new tax and accountancy responsibilities easy to understand. At Firstax, we provide all levels of startup support. Ranging from full management of all your income, expenses and outgoings to simply managing paperwork for the end of year accounts and making sure your tax return is correct and submitted to the HMRC on time.

Small Business StartUps

When forming a new startup company in the UK, there is a lot to consider. It’s a fact, if you don’t start with the right structure, mindset and accounting measures – the chances are your new business may be another failed UK statistic.

On average, roughly two thirds of all UK startup small businesses and contractors fail within their first year.

The reason isnt because the UK is on it’s knees nor that the government make it impossible – they don’t. The reason so many small businesses and contractors fail within their first year is due to poor financial management – or lack thereof.

Believe it or not, there are countless individuals that are completely gunco, not giving a second thought to tax liabilities, too busy selling products, branding their logos and finding customers to give a second thought to expenses, costs and oh, yeah that other thing… tax!

When setting up any business, we always advise that you seek advice for any legal structure other than a sole trader.


Sole Trader

When you start working ‘for yourself’ you are legally classified as a self-employed sole trader. That means you’re an individual that runs your own business.

Private Company Limited by shares

Private Company Limited by shares – This is the defacto LTD company, and essentially what differs is that instead of being run by a person, the company is run by an organisation of appointees. The company has shares and the person in charge of running a company is a director.

Private Company Limited by guarantee

A company limited by guarantee is essentially similar to one limited by shares with the major difference being that the shareholders / director financially guarantee the company up to a certain amount.

Limited Liability Partnership

Partnerships are usually set up in industries where they are common such as legal firms, medical practices etc.

Publicly Traded Company

For companies that are traded on the stock market.

Non-profit / Unincorporated association

Firstax can help you with the formation of a company, to ensure it’s done correctly and to the benefit of your business.  For more information contact us today and you can have everything set up in no time.

Types of UK Company Setups

It’s important to also realise that all six legal structures have requirements in the form of book-keeping and financial records that you must submit to HMRC, so remember to set up a company when you’re ready.


Firstax can help you with the formation of a company, to ensure it’s done correctly and to the benefit of your business. We can help and support you throughout your company startup process and continue to provide practical accounting solutions that help your business run as efficiently and profitably as possible.

For more information contact us today and you can have everything set up in no time.

Form Your Company - £59.00!

Get started on the right foundations with Firstax

If you are a new business in Ayr, Prestwick, Glasgow, Edinburgh or Scotland and want to make the step from freelancer or sole trader to a limited company, let Firstax guide you in the right direction and support you all the way!

Start Today!

What Type of Business Should I Set Up?

Choosing the right type of business to form from the start, is important because each business needs to have the right type of legal structure. You can your business setup in future to a more suitable type, however does involve more costs and time.

The three most common types of businesses generally set up within the UK are; sole trader, limited company and limited liability partnership. There’s also other options available for social enterprises that are established to benefit the community.

Which type of company to set up really depends on your individual business, your goals and what stage of the business life cycle you’re on. Firstax can help you setup the right type of company for you and your business, and help you fully understand all tax and legal implications as well as all responsibilities involved.

Startup Advisory and Support

We know just how many things there there is to consider when starting a new business. We also know how daunting and vulnerable a new business can feel. We’re on hand for advice and reassurance whenever you feel uncertain or unsure. 

It’s important to remember that all businesses had to start somewhere. It’s also important to start with the right mindset, goals and know the value of your time! If you don’t value you’re time – nobody else will. Time is money and therefore, you need to work out the best way to charge your clients, whether that be per product, project, service or by the hour.

We’ve seen it so many times, startup small businesses and contractors, not being paid for the work they do – because they’ve not started with the right mindset and structure. Let Firstax provide you with the right advice, support, structure and setup.