Thank you for this. Can I choose not to pay myself any compensation as a Director, and take all the money through dividends? (I cover all these roles alone)
@gladedigital2 сағат бұрын
Great summary. The only caveat I'd add to this is in relation to some benefits - for example, the definition changes when claiming Universal Credit. For the purposes of income, you're considered "self employed" by DWP for ANY business income as a sole director, minus your PAYE (which is considered a business expense and gets reported to DWP separately) and business expenses.
@davidhoyle2273 сағат бұрын
excellent. Quick and easy access to vital information , very well presented.
@CharleyTory5 сағат бұрын
This video is very informative and useful for me
@user-qt2iy2bj6g5 сағат бұрын
You explained this comprehensively and so well, thanks.
@paulinazych-bazarnicka43814 сағат бұрын
Excellent explnation. Thank you
@ipprp789820 сағат бұрын
What if I’m a sole director and have no other job but chose not to be paid a director salary at all? How would that affect the self assessment? As low income and can claim the benefit ?
@Mills241222 сағат бұрын
This was so useful and clarified my situation! Cheers!
@ruyaolaylar22 сағат бұрын
Good
@doctoryoussuf22 сағат бұрын
1st Formations is absolutely a great company who cares alot about its customers, help them in every matter and motivates them for good !!!
@SquashDigitalMarketing22 сағат бұрын
Great video!
@fs1104722 сағат бұрын
This is exactly what I was looking to clarify. Thanks for this informative video.
@shreifassal488023 сағат бұрын
Very nice informations
@ATEFBOUAFIF-ei5pw23 сағат бұрын
I am very happy to open a British limited company and dealing with " 1 st Formations " made everything easy for me to understand the procedures and transactions Thank you 1 st Formations. Thank you for all your services 1 st Formations.
@JelenaSimic-qn9ts23 сағат бұрын
Your videos and blogs are very informative and simple to understand. I couldn't say the same for HMRC and Goverment official site. They try so hard to be confusing as much as possible. However, fortunately, we have you. Thanks for all of your effort and time that you put into this videos and Shorts, as well. Cheerio!
@oleksandrvinichenko810423 сағат бұрын
Good video and very informative! Good Job!
@logical769723 сағат бұрын
Great info
@hamishmclay315923 сағат бұрын
That was interesting. I had thought with my minimal income through th business, my earnings fell below any need to contribute. Following my viewing of the video, I did check a couple of minor things out. The straightforward explanation made my checking out all the easier and did confirm for me that I was way below the threshold Tanks for your help guys.
@johncarpenter8651Күн бұрын
Great video, thanks
@Sarumanthewhite888Күн бұрын
Thank you, Nicholas, really good sharing! 🤝🤝🤝
@DavidEvans-b5b3 күн бұрын
Cool
@1stformations3 күн бұрын
Thank you for your kind comment! Have you checked out our other videos?
@zeeshanahmed4305 күн бұрын
Best explanation for layman
@1stformations3 күн бұрын
Thank you for your kind comment! Did you learn something you didn't know before?
@zeeshanahmed4303 күн бұрын
@@1stformations obviously, this video really helps me to plan my future ventures
@1stformationsКүн бұрын
@@zeeshanahmed430 That's fantastic to hear, Zeeshan!
@edizguney.9 күн бұрын
Thank you so much for the informations 🙏
@1stformations8 күн бұрын
Thank you for your kind comment. Which point did you resonate with most?
@KiswaTraders10 күн бұрын
Nice
@1stformations10 күн бұрын
Thank you for your kind comment.
@KiswaTraders10 күн бұрын
It was very helpful and informative.
@1stformations10 күн бұрын
Thank you for your kind support. Which point did you agree with most?
@paulinazych-bazarnicka43812 күн бұрын
Well explained. Privacy is important.
@1stformations10 күн бұрын
Absolutely, it is key! Do you currently use our Registered Office Address Service?
@sup280612 күн бұрын
Very well explained! Thank you for providing clarity on the matter.
@1stformations10 күн бұрын
You are very welcome! We're glad you enjoyed the video. Do you currently use our Registered Office Address Service?
@zedzmelee13 күн бұрын
Good video, nice to have support while doing something like starting a company.
@1stformations10 күн бұрын
Thank you for your kind comment. We're glad you find our videos helpful. Do you currently use our Registered Office Address Service?
@zedzmelee10 күн бұрын
@@1stformationsYes, a wise choice and one I'm very glad I made
@1stformations8 күн бұрын
@@zedzmelee We're glad you think so!
@LC1139-f6d13 күн бұрын
Hi, thanks for the video, I want to ask if you are the director of your own limited company, can you claim these expenses like council tax and mortgage etc. as company expenses and the same time claim from self assessment as your personal expenses?
@1stformations10 күн бұрын
Thank you for your kind comment. Unfortunately, as we are not regulated to provide accountancy advice, we cannot provide advice on specific scenarios. We would recommend contacting an accountant for further assistance. Please accept our apologies for any inconvenience caused.
@johncarpenter865113 күн бұрын
Great video, thanks
@1stformations10 күн бұрын
Thank you for your support, John. Is a central London address important to you?
@k8_lewis13 күн бұрын
Thank you for including this service in my recent package of company formation works with 1st Formations for the first year, and will continue to enjoy this opportunity to safeguard my company with privacy at a trusted, registered address.
@1stformations10 күн бұрын
Thank you for your kind comment. We're really glad you found our service trustworthy and that you benefited from the package inclusion. Was a London address important for you?
@wengxs14 күн бұрын
Great video, very helpful in helping me understand the establishment of the company!
@1stformations13 күн бұрын
We're so glad you like the video! Do you use our Registered Office Address Service?
@Grelo-Zhang14 күн бұрын
Choosing a residential address as the office location is more convenient, but I am concerned about privacy and the potential lack of customer trust compared to a traditional business address.
@1stformations13 күн бұрын
Thank you for your insight, Grelo. Many large companies have a Registered Office Address located somewhere they don't actively trade. Most importantly, the address needs to be somewhere you know you'll receive the mail straightaway. Our scan and email service offers peace of mind that even if you are not at your location, for example, if you are travelling, your mail will be received, and you will promptly receive an email with the scanned copy. Do you currently use our Registered Office Address Service?
@Grelo-Zhang13 күн бұрын
@@1stformations Yes, I am using your office address service, which is a good choice for me who just started my business.😉
@1stformations10 күн бұрын
@@Grelo-Zhang Fantastic to hear, Grelo!
@securityguardtrainingcanada14 күн бұрын
Great advice. As someone who travels frequently for long periods, I love the security provided by the mail forwarding option.
@1stformations13 күн бұрын
Thank you for your insight! A registered office address service can provide peace of mind when travelling. How often do you check your mail notifications when you are travelling?
@securityguardtrainingcanada11 күн бұрын
@@1stformations Every day when I connect to check email
@1stformations10 күн бұрын
@@securityguardtrainingcanada Nice! We're glad our service has made this easy to do!
@1stformations10 күн бұрын
@@securityguardtrainingcanada Nice! We're glad our service allows you to do this.
@selenastojinovic978314 күн бұрын
Hello, a excelent channel with a lot of useful information. Thanks a lot for the advice and help. I would like to have a commercial address, I would not want all customers to know exactly my personal address, how can I do that.
@1stformations13 күн бұрын
Thank you for your kind comment, Selena. You can use our Business Address Service - www.1stformations.co.uk/business-address-service/. With this service, you can provide your business contacts and third parties with a professional, non-residential correspondence address. Does this meet your requirements?
@WaqassKhalid14 күн бұрын
Privacy, Professional Image, Trust worthiness, Junk Mail all in my view fall under one umbrella and are not a deal breakers. The only thing I would care about is the flexibility. The office address should always remain same in order to better correspond with Govt. officials.
@1stformations13 күн бұрын
That's completely valid, Waqass. Depending on your circumstances, not everyone will find all the pros listed beneficial, although flexibility is a great one! Customers often ask us about important documents like their UTR number or letters from Companies House, and as all letters are scanned and emailed, they can easily access them whenever they wish. Do you view your mail via our email notifications or through your online portal?
@lornawade831314 күн бұрын
Great advice for business owners. This video explains very clearly the pros and cons of using your home address.
@1stformations13 күн бұрын
Thank you for your comment, Lorna. Are you using our Registered Office Address Service?
@Paul_Togbedji14 күн бұрын
It is very well explained and it is quite reasonable. Thank you very much for your work.
@1stformations13 күн бұрын
Thank you for your high praise, Paul. We're glad you found the explanation easy to follow. Are you using our Registered Office Address Service?
@Paul_Togbedji13 күн бұрын
Yes I'm using your Registration office address service, I even registered my offshore company with your agency.
@1stformations13 күн бұрын
@@Paul_Togbedji That's fantastic! Which pro did you agree with the most?
@Sarumanthewhite88814 күн бұрын
Thank you so much for this great video!
@1stformations14 күн бұрын
You're very welcome! Have you checked out any of our other videos?
@delsterwislon52214 күн бұрын
I will always use your company for my address as its so simple and all in one package.
@1stformations13 күн бұрын
Thank you for your comment, we appreciate your loyalty! Do you use any of our other services?
@FinansMentor7014 күн бұрын
Really smart an idea. Thanks...
@1stformations14 күн бұрын
Thank you for your kind comment. Is privacy important to you when choosing a registered office address?
@dilyssillah393314 күн бұрын
Well explained. The greatest one for me was the privacy and image… and talking of image, I like the bow tie! 😉
@1stformations13 күн бұрын
Thank you for complimenting Nicolas' bow tie; it's his favourite one! Image is certainly a big pro of the service - is a central London address important to you?
@JelenaSimic-qn9ts14 күн бұрын
Short, concise and right on point as always, and plus, I am learning pronunciation of new words. Thank you for being consistent in helping us in byte size lessons
@1stformations13 күн бұрын
Thank you for your continued support, Jelena. We're glad we were able to help expand your vocabulary! What is your favourite part about the Registered Office Address Service?
@delicijasapuni199513 күн бұрын
@@1stformations Sounds nobles, I feel safe and proud, and assured that I will never miss any letter or email. You covered everything.
@delicijasapuni199513 күн бұрын
@@1stformations it is me Jelena, just another account
@1stformations10 күн бұрын
@@delicijasapuni1995 That's fantastic to hear!
@frankzwecker212914 күн бұрын
6. Continuity: Your don´t have to change your business address when you or your offices/stores are moving.
@1stformations13 күн бұрын
Excellent addition, Frankz! This is certainly a great benefit so thank you for sharing. Have you been in this situation in the past?
@user-mk5cc3ve2h14 күн бұрын
I like it
@parksbookkeeping14 күн бұрын
And along with the privacy issue, anyone can turn up at anytime, day or night, to request to look at your accounts, if this is also being used as the SAIL address. So therefore not the best idea to use your home address if you don't want someone knocking at your front door at 2 am whilst you're asleep and they want to see how you did last year.
@1stformations13 күн бұрын
Thank you for your comment. This is a great point! Our Registered Office Address Service offers many people protection from unwanted visitors at their addresses. Do you think many people know the repercussions of having their home address on Companies House?
@giorgiarose653415 күн бұрын
I certainly wouldn't want customers to find out where I lived... great advice! Thanks, Nicholas!
@1stformations14 күн бұрын
Thank you Giorgia! Are you using our Registered Office Address Service?
@giorgiarose653414 күн бұрын
not currently, but I'm thinking about it!🤔
@1stformations13 күн бұрын
@@giorgiarose6534 Great choice! If you require any further information, please don't hesitate to contact us on 020 3897 2233 or via the live chat function on our website.
@juan1st15 күн бұрын
hello! I have a question about wise wanting a physical address in order to keep my USD account, idk what to do? it doesn't accepts my home address because my country isn't supported a also doesn't let me add the same first formations address
@juan1st16 күн бұрын
question for first formations: 1. If I have the "registered office address service" in the package that I got do I just wait? I incorporated my ltd company on 4 sept 2023, do I just wait for you guys to send me the email, and then send it to an accountant? Is there something else to do? I'm not trying to get any penalties. 2. When I go to "contact HMRC on the link that you showed me on the previous comment i do I go and click on the "Pay your Corporation Tax bill" link at the top, cuz I don't see a way to contact HMRC other then call from a phone and physical post. Thanks!
@1stformations16 күн бұрын
Thank you for your comment, Juan. 1. You should proactively register your company for corporation tax, you can find instructions on how to do so here: www.1stformations.co.uk/blog/corporation-tax-an-introduction/#:~:text=Companies%20must%20register%20with%20HMRC,Gateway%20user%20ID%20and%20password.. 2. Please use the "Ask HMRC online" option if you would like to speak to them on their live chat function.