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UG, Ltd and accounting

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Hi everyone,

 

I would be very grateful for your inputs. Here is my situation.

 

I am a management consultant based in Hamburg and want to start an online business. It will be an online marketplace and I am not expecting to make any profits in year 1, nor do I expect to make a lot of transactions during this period (mainly just paying people to build the site and some online advertising). So the transactions will be minimal for the accounting side of things.

Since there will be no profits made in year 1, keeping costs to an absolute minimum is of high importance for me.

 

The company: I am very much tempted to go down the LTD route in the UK, an UG will cost me around €500 and at the moment & all I need is a company name to be basically taken seriously by people I am contacting (globally), plus registering a limited company in the UK is rather fast. Is the LTD route in your opinion better than UG for someone who just needs a company? (let's ignore Brexit for now).

 

Tax: I am a tax resident in Germany. I have a day job and pay income tax already and will operate my company from here so the Ltd will be tax liable here. As I mentioned earlier the book entries will be minimum for year 1. I understand that an Ltd is treated like a UG or GmbH here? Do you think with the help of available software, it would be possible that one submits double accounts and the annual financial statement by themselves? I do have an MBA and am quite familiar with what they are but for obvious reasons, every accountant gives me horror stories of how much trouble I will get myself into.

 

I would be very grateful for your advice.

 

Thank you kindly

 

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