How to change from sole trader to limited company

Are you operating as a sole trader and would like to know how to convert to a limited company? In this video, we explain the process involved, explore whether it is worthwhile doing, and highlight the cost of setting up and maintaining a limited company. Links: 1st Formations - Information required to set up a company https://www.1stformations.co.uk/compa... 1st Formations - Company formation packages from just £52.99 https://www.1stformations.co.uk/compa... 1st Formations - All Inclusive Package https://www.1stformations.co.uk/packa... 1ST Formations - Confirmation Statement Service https://www.1stformations.co.uk/confi... HMRC - Register for Corporation Tax online https://www.gov.uk/corporation-tax HMRC - Tell HMRC that you are stopping self-employment https://www.gov.uk/stop-being-self-em... Chapters: 0:00 Intro 1:18 Step 1 – Register a limited company 3:12 Step 2 - Tell HMRC that you have decided to stop being a sole trader 4:50 Step 3 - Transfer your sole trader business to the new company 6:02 Step 4 - Set up a business bank account in your company name 7:11 Step 5 - Notify all stakeholders about the change of business structure 8:06 Step 6 - Register your limited company for tax and PAYE 9:42 How much does it cost to set up and maintain a limited company? 11:50 Is it worthwhile converting from sole trader to limited company? About 1st Formations: 1st Formations is the UK’s leading company formation agent. Founded in 2014, we have formed over 1 million companies and assisted many thousands of clients to grow their business with expert advice on limited companies, reporting requirements, and corporate governance. Website: https://www.1stformations.co.uk/ Blog: https://www.1stformations.co.uk/blog/ Facebook:   / 1stformations   Instagram:   / 1stformationsofficial   LinkedIn:   / 1st-formations   Twitter:   / 1stformations   #1stFormations #soletrader #limitedcompany #companyformation