Companies House help!

[Elegance grace]

Hi i have recently discovered that i am not registered with companies house,
i asked business link to help me set up and was informed that they had past on my details and paper work (which i paid for) when in fact no such thing has happened. So now i find myself not registered and own a small salon and carry out my own tax return and accounts.I decided to do the accounts by myself as i was really let down by an account who disappeared with my books for the better part of a year so decided to do it alone. However, the paper work i have downloaded to register the business is asking me if i am
1. privated limited by shares
2. private limited by guarantee
3. public company
can any one shed some light on this please, i have googled and searched on the Companies house site and can't find the answer. Any help would be most welcome.
thank you xx

 

[MrsHBeauty]

I have no idea how to set up a LTD company as I'm a sole trader, I don't think it would be worth my while to become a limited company although I'd like to have Ltd at the end of my business name lol, it'd probably be worth looking into another account to make sure it's all done right.

Good luck x

 

[Beansy]

My guess is that you would want to be limited by shares HOWEVER ! because you aren't clear, I would really encourage you to get some professional advice.
Do you really want to be a limited company? Are you aware that you have to have an accountant to submit your accounts to companies house? Are you familiar with corporation tax?

I know Business Link were changing but you should have local agencies who are there to support newly self employed.

You might want to see if any local accountants will provide you with a free consultation. This will help you decide whether a limited company status is right for your circumstances.


http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073865436

 

[Elegance grace]

hi thank you for posts
i simply went onto the companies house site and they directed me to the information sheet to down load. i'll have to look to see if there is a different form for sole traders as this is what im looking for. thankyou x

 

[Male Storme]

You do not register with Companies house when trading as a sole trader, only when you register a limited company.

Are you getting companies house mixed up with HMRC, who you would notify that you are trading?

 

[Lynne Baker]

Unless you have a particular reason why are going limited?
If you make more than 20k PROFIT pa then I would question the need to go limited.

 

[linzi]

I'm guessing as you're the single owner of the salon that you're registered as a sole trader, which is absolutely cool and completely valid.

You need not be registered with companies house to be in business; you need only register with them if you have set up a LTD company which, as a single owner, I doubt you have. If you are a LTD company, then you must submit accounts to be audited and other such formalities. As a sole trader (the most simple set-up) then all you need to do is pay your NI contributions and keep receipts which will help you file your annual tax return. That's about all there is to it.

So, don't worry, as long as you're registered as self-employed with HMRC then you're fine, all legal and above-board

 

[Elegance grace]

Thank you all very much. I did panic a little as I was always told by business link that I needed to register with companies house even though I told them I simply wanted to be a sole trader. Thank you my worry has been resolved xx

 

[Mike16300]

Hi
For limited companies:-
You don't need to have audited accounts if you are a small business (less than £250,000).
You don't need an accountant.
You do need to file an annual return (costs £14)
You do need to file your accounts (profit and loss, balance sheets) etc. but you should be preparing these however you trade, to see if you are viable.

There are tax advantages in trading as a limited company if your profit is above the higher tax threshold. (can't quote it from memory, it's just been lowered in the budget).

You need to get some professional advice as to what is the best (more cash for you) way to trade, it will help if you have your actual or projected figures with you, turnover and profit etc.

Good luck