What is a Service Address?

• What is a Virtual Office
• Benefits of a VIrtual Office
• How to choose the right virtual office

If you change your company's registered office address, you must inform Companies House. You can do so online, or by sending form AD01 to Companies House by post. Once the change is approved, Companies House will then notify HMRC.

Do note that the change will only be official once Companies House has registered it. Additionally, your new registered office address must be in the same part of the UK that the company was incorporated.

Renting permanent physical office space is an expense many self-employed entrepreneurs simply cannot justify.

In fact, as Forbes recently observed, some of the biggest challenges of being a solopreneur are a direct result of this lack of personal space. And yet, overcoming these challenges is more straightforward than you might think.

In nearly every case, a virtual office will meet all of your needs at a fraction of the expense.

Let's look at those needs in detail so we can tick them off the list.

As a freelancer, contractor, or small business, it is typical to start with the simple structure of operating as a Sole Trader.

While taxes and other administrative work may be relatively easy when you are a Sole Trader, as your volume of business goes up, there are more and more reasons to take on the task of becoming a Limited Company.

For instance:

• A Limited Company protects your personal assets. If you are found liable in a lawsuit, only your business assets are at risk.
• A Limited Company is usually more tax efficient than being a Sole Trader.
• Once you have your name chosen as a Limited Company registered through Companies House, no one else can take your company name.

Luckily, running a Limited Company doesn't have to be exceedingly complex, though following a set plan will help to keep the complexity to a minimum.

To register a business as a sole trader, you need to:

• Register as self-employed with HMRC
• Choose a business name
  

Once you've registered, you need to fulfil your responsibilities as a sole trader. These include:

• Keeping records of your sales and expenses
• Submitting a Self Assessment tax return each year
• Paying income tax and National Insurance Contributions
  

To set up a limited company, you need to:

• Decide what type of limited company you need
• Choose a business name
• Choose how to set up your limited company
• Complete the company formation process
• Open a business bank account
• Inform your stakeholders
• Get your VAT registration or transfer sorted out
• Set up your payroll
• Update your company details
• Get your books sorted out
  

To set up a business partnership, you need to:

• Choose a business name
• Choose a ‚Äònominated partner'
• Register with HMRC

The drawbacks to setting up a limited company include:

• There are additional filing and reporting requirements to adhere to.
• Reduced privacy
  

• What is a Limited Company
• 10 step process for setting up a Limited Company

While there isn't a legal or formal definition of the term, personal service companies (PSC) refer to limited companies that are owned by a contractor, who is also the only shareholder and sole director. In some instances, the company may also be owned by a very small group of individuals.

To set up a limited company, you need to take the following steps:

• Decide what kind of limited company you need
• Choose a business name
• Choose how to set up your limited company
• Complete the company formation process
• Open a business bank account
• Inform your stakeholders
• Get your VAT registration or transfer sorted out
• Set up your payroll

There are a couple of ways to go about registering a limited company:

• Register directly through Companies House
• Go through a third party: An accountant or company formation service can help you process your application, significantly lessening your admin burden. Beyond the application, a good third-party service can also provide accounting advice, help you fulfil your filing obligations and assist with other admin tasks.
  

We've included further details in our guide on setting up a limited company.

If you change your company's registered office address, you must inform Companies House. You can do so online, or by sending form AD01 to Companies House by post. Once the change is approved, Companies House will then notify HMRC.

Do note that the change will only be official once Companies House has registered it. Additionally, your new registered office address must be in the same part of the UK that the company was incorporated.

Registering a company is a one off cost of £12 and done through Companies House. However, there are a few different ways that you can get this fee waved with other business services that you need.

We'll walk you through how to register your company for free and the perks that you'll get with each.

A service address is an address which can be used as an alternative to a residential address for the purpose of receiving post.

As its name suggests, a registered office address is the address which your company is registered at Companies House. It is shown on the public record, and official mail is sent to this address. When you purchase Forma's virtual office package, you can use our Central London business address as your registered company address.

A trading address is where your customers, banks or suppliers send you correspondence. It can differ from the company's registered address, and doesn't have to be public information.

There is no clear cut time as to when you should start working through your own limited company. With other routes available-such as operating as a sole trader, or working through an umbrella company-it is always worth weighing up what is best for you and your circumstances.

With that being said, if you plan to work as an independent contractor for the foreseeable future, opening your own limited company at the early stages can maximise your opportunities for reaping the benefits of having your own company straight away.

The advantages to setting up a limited company are:

• Owners aren't fully liable
• Tax savings
• Using a limited company structure lends credibility to your business
  

If you're just starting a business, meeting with clients can be tough. Chances are you don't have the luxury of a company-owned conference room that offers a natural spot to engage and be productive.

As a result, many freelancers and entrepreneurs branch out to coffee shops.

But is that really a better choice? Places like Starbucks and Costa tend to be crowded, causing you to fight for a spot-and even when you find one, the lack of privacy can make it difficult to hold a substantial conversation.

That matters, whether you're trying to meet with clients, interview potential new employees, or engage in any other formal business meeting. You might even get a coffee for free but everything else, though, tends to be difficult to manage.

Fortunately, that's not your only option. With the right planning process in place, you can find more professional and productive places to hold business meetings that don't require you to rent office space long-term.

Consider these six alternatives for your plans instead.

If you're looking to the future with the hopes of beginning a journey running your own startup, chances are you're feeling some mixture of excitement, trepidation, and uncertainty when it comes to the finer details of your plan.

Starting your own business is an immensely fulfilling process and an excellent means to flex your creative muscles, but there's a lot of humdrum of business behind the process of turning a vision into a dream.

One of the most important (and one of the earliest) decisions in this process will centre around your business's formation. You'll have to select which type of business structure best suits your goals for the future.

While the choice may sound easy, you'll be well-served by giving the decision ample consideration. The business structure you select will have measurable implications on the way you make money and do business. It'll impact:

• How much tax you pay
• Your degree of personal liability should the business fail
• How much administrative work is involved in the business (both before it comes to fruition and over the course of its life)
• Your ability to finance and fund your efforts

If you make the wrong selection when it comes time to choose a business structure, you could be faced with a myriad of complications in the future.

Paying professionals for guidance and advice once things go wrong is costly and, for many, an embarrassing affair-performing research well in advance will ensure you're making the best choice for your company and that you can avoid losing out on money or pride later on.