I am thinking of setting up a new, small UK company and was keen to know how much paperwork and administration was involved every year in running a limited company i.e. one registered with Companies House?
The business won't be very big. It will provide consultancy services to other businesses and should "only" involve about twenty payments going into and another fifteen going out of the business bank account every month.
I am already fed-up with adminstration in other parts of my life and so am concerned that the amount of red tape will keep me tied to my computer on Sunday evenings forevermore doing this and that!
HMRC will soon require quarterly filings, as well as the annual paperwork for them, and then there's calculating the income, every single expenditure, all the VAT etc.
I think for such a small company it'll be more efficient and quicker doing it myself than dealing with an external party - an accountant - all the time.
Very approximately, how many hours every month or year does all the admin with Companies House, HMRC etc. take? I appreciate it varies from business to business.
Your advice would be most welcome! Thank you.
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