Business name... do i need to register it?
- Thread starter louise
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angelxdevil
Geeky Sac Waxer
Hi again Louise
I wanted to know the answer to this question too.
companies house maybe the best place to have a look. They should have a website but for the life of me can't remember.
Also from day one keep receipts etc regarding the business, good for the accountant x
Be careful though as there are companies out there who are bogus and they ask for a lot of money too. People who are unaware, pay money to these fraudulent (cant spell today) companies.
Hope this has helped x
I wanted to know the answer to this question too.
companies house maybe the best place to have a look. They should have a website but for the life of me can't remember.
Also from day one keep receipts etc regarding the business, good for the accountant x
Be careful though as there are companies out there who are bogus and they ask for a lot of money too. People who are unaware, pay money to these fraudulent (cant spell today) companies.
Hope this has helped x
lynda green
Well-Known Member
you don't need to regester with companies house unless you are going to be vat requested (and you probably wont be for a wile!)
just phone up the tax office and they will set you up and send you through some info on being self enyploied(cant spell that word for the life of me sorry !!)
hth
lynda x
just phone up the tax office and they will set you up and send you through some info on being self enyploied(cant spell that word for the life of me sorry !!)
hth
lynda x
angelxdevil
Geeky Sac Waxer
think she meant vat registered x
lynda green
Well-Known Member
Oppsssss yes i did ! sorry ... thank love x
Northern Nails
Well-Known Member
You need t be earning over 54K i think to be VAT registered although anyone can be but there is a fee. It has benefits to those who pay higher tax as they are able to claim it back. the inland revenue will set you straight and are very helpful. Have a look at there website.
Also, another thing. As you will be keeping client records as long as they are not stored on a computer you do not have to register under the data protection act.. There has been reports of bogus callers/letters requesting large amounts of money saying you need to be registered. So Beware of them!!!
But don't take my word as gospel....the best advice i can give you is contact the inland revenue and keep good records of all transactions/purchases etc.
Why don't you make an appointment with a small business advisor at your bank they should be able to give you some information also.
I obtained a grant from Linkstart...so see what is on offer in your area. If you are under 25 you can qualify for the princes trust.
HTH
Also, another thing. As you will be keeping client records as long as they are not stored on a computer you do not have to register under the data protection act.. There has been reports of bogus callers/letters requesting large amounts of money saying you need to be registered. So Beware of them!!!
But don't take my word as gospel....the best advice i can give you is contact the inland revenue and keep good records of all transactions/purchases etc.
Why don't you make an appointment with a small business advisor at your bank they should be able to give you some information also.
I obtained a grant from Linkstart...so see what is on offer in your area. If you are under 25 you can qualify for the princes trust.
HTH
perfect10kb
Well-Known Member
Hi Louse,
You have to inform the tax office that you are self employed within 6 months of starting a business.. They will then sent a tax return for you to fill in each year .As for your business name you do not need to register with companies house unless yo become a limited company ( which you will not do !!!).Do check that the name you choose however is NOT registered to a limited company because you will not be able to use that name
Forget about VAt . That is compulsory for companies that turnover more than 54k per annum.(not likely I don't think in your case) You can register for vat voluntarily (there is no fee) but you would not really want to go down that route . Althought you would be able to claim back vat you paid on purchases it also means that you have to charge vat (17.5%) on all your sales.
Make sure you keep simple recordswith reciepts of everything you buy (even if its only a pencil) and also keep records of all your income . The tax return form will be very simple to fill in . For turnover below 15k per annum all you have to fill in is three parts . Sales,purchases and net profit.
Hope this helps
Kind Regards
Karen
Light Elegance UK
You have to inform the tax office that you are self employed within 6 months of starting a business.. They will then sent a tax return for you to fill in each year .As for your business name you do not need to register with companies house unless yo become a limited company ( which you will not do !!!).Do check that the name you choose however is NOT registered to a limited company because you will not be able to use that name
Forget about VAt . That is compulsory for companies that turnover more than 54k per annum.(not likely I don't think in your case) You can register for vat voluntarily (there is no fee) but you would not really want to go down that route . Althought you would be able to claim back vat you paid on purchases it also means that you have to charge vat (17.5%) on all your sales.
Make sure you keep simple recordswith reciepts of everything you buy (even if its only a pencil) and also keep records of all your income . The tax return form will be very simple to fill in . For turnover below 15k per annum all you have to fill in is three parts . Sales,purchases and net profit.
Hope this helps
Kind Regards
Karen
Light Elegance UK
I don`t mean to contradict but I`ve just been told you need to register within 3 months or face a fine of £100.
The princes trust offer grants up to the age of 31 too, I`ve just looked into that and I`m waaaaaaaay over that limit, just my luck!
You only need to register the name with Companies house if you`re going to be a limited company or if you want to make sure no one else uses the same name as you but its a bit fickle and you can get round that so its not got a lot going for registering your name really unless you have to
The princes trust offer grants up to the age of 31 too, I`ve just looked into that and I`m waaaaaaaay over that limit, just my luck!
You only need to register the name with Companies house if you`re going to be a limited company or if you want to make sure no one else uses the same name as you but its a bit fickle and you can get round that so its not got a lot going for registering your name really unless you have to
perfect10kb
Well-Known Member
Hi Debs,
My apologies . Yes you are right it is three months not 6 as I said . Sorry was having a 'senior' moment
Karen
My apologies . Yes you are right it is three months not 6 as I said . Sorry was having a 'senior' moment
Karen
ooh now that I can relate to............I can confess to having either a blonde or senior moment every day, I don`t dye my hair blonde for any other reason!perfect10kb said:Hi Debs,
My apologies . Yes you are right it is three months not 6 as I said . Sorry was having a 'senior' moment
Karen
Sal
Well-Known Member
Hi Louise
I thoroughly recommend that you contact Business Link in your area (they have a main website http://www.businesslink.gov.uk/bdotg/action/layer?r.s=m&topicId=1073858805&furlparam=startingup&tc=startingup ).
I've just been to business link in Leeds this afternoon and I attended the free course called "Is self employment right for you".
It was excellent - it was 3 hours and covered briefly all you need to be aware of when thinking of setting up on your own. I'm not the sharpest tool in the box :lol: but I managed to follow everything that was said. I'm going to go on 2 more of their courses "Business Planning" and "Controlling your finances" (which covers tax, VAT, national insurance etc in more detail).
Business link offer lots of help and guidance. The courses are free so what have you got to lose???
I feel so much more confident now as I have a better understanding of what I need to do to set up as a mobile tech.
Good luck !
xxxxxxxxxx
I thoroughly recommend that you contact Business Link in your area (they have a main website http://www.businesslink.gov.uk/bdotg/action/layer?r.s=m&topicId=1073858805&furlparam=startingup&tc=startingup ).
I've just been to business link in Leeds this afternoon and I attended the free course called "Is self employment right for you".
It was excellent - it was 3 hours and covered briefly all you need to be aware of when thinking of setting up on your own. I'm not the sharpest tool in the box :lol: but I managed to follow everything that was said. I'm going to go on 2 more of their courses "Business Planning" and "Controlling your finances" (which covers tax, VAT, national insurance etc in more detail).
Business link offer lots of help and guidance. The courses are free so what have you got to lose???
I feel so much more confident now as I have a better understanding of what I need to do to set up as a mobile tech.
Good luck !
xxxxxxxxxx
