Decided on a name, what next?
- Thread starter kim.ro18
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bev1962
Member
Hi, you now need to go and see an accountant to register your business and start date. They do it all for you.Hope this helps:biggrin:
I never paid an accountant to do anything I just got advice from someone. Depending on how unique your name is it might be worth registering it as a ltd company but leaving it dormant (I did this, and did get advice re the rules of doing so) but there's no reason you cannot just register yourself as self employed so you can avoid all the nonsense of corporation tax etc and just simply keep a record of your incoming/outgoing monies, literally everything you but for your business and then read up what you can claim for out of this. By that I mean you can offset your expenses ie earn £1000, but paid out £500, so you only pay tax on the remaining £500.
Oh and get a logo, website, fb page, do a leaflet drop, free advertising & promote promote promote!!!
Might not be what you wanted to know but it might be helpful to someone lol
Loving everything nails
Oh and get a logo, website, fb page, do a leaflet drop, free advertising & promote promote promote!!!
Might not be what you wanted to know but it might be helpful to someone lol
Loving everything nails
Verve Designs
TAFNO Extensionize
If you're a sole-trader then you can call yourself whatever you like (within reason!) - and the only people you need to tell are your potential clients!
You don't need to register the name per se.
Good luck with it. It's less scary than you think! ...don't overcomplicate things would be my general advice.
You don't need to register the name per se.
Good luck with it. It's less scary than you think! ...don't overcomplicate things would be my general advice.
Thanks ladies, what if my name for my salon/mobile is used by someone else?, not that ive seen it, but how can I stop anyone else using it, or checking I'm not tipping off someone else?, or can 2 buisness have the same name?
Also do I have to start paying tax on d dry thing, or is there a threshold etc
Also do I have to start paying tax on d dry thing, or is there a threshold etc
polkadotnails
Member
It is perfectly legitimate for you to have the same name as another business so long as you are not trying to pass yourself off as the other business.
Practically it would not be ideal to have the same name as another business within close proximity to yourself as you would not want people confusing the two.
I "think" the only way to legally prevent someone else from using your name is to trademark it, which is quite costly.
Yes there is a threshold before you start paying tax. The current personal tax allowance is £8,105 so this is how much profit you can make before you have to pay any tax.
HTH x
Practically it would not be ideal to have the same name as another business within close proximity to yourself as you would not want people confusing the two.
I "think" the only way to legally prevent someone else from using your name is to trademark it, which is quite costly.
Yes there is a threshold before you start paying tax. The current personal tax allowance is £8,105 so this is how much profit you can make before you have to pay any tax.
HTH x
Oh, that's very much, so. Uh you need to know, but I want to be all legit.
So if I inform inland revenue I have a buisness, will they want tax straight off, ie monthly or is it a case that I declare end of tax year,and save tax up to pay., also how does it work when you can claim things under your buisness name, ie products, supplies?
So if I inform inland revenue I have a buisness, will they want tax straight off, ie monthly or is it a case that I declare end of tax year,and save tax up to pay., also how does it work when you can claim things under your buisness name, ie products, supplies?
Keli59
Well-Known Member
Best thing to do is go onto the HMRC website and take a look if you are wanting to go down the self employed route. Registering is easy and all that you will need to pay now is your NI Class 2 contributions (they will instruct you once you receive all the paperwork from them).
Your tax isn't calculated until the end of the tax year (generally 5th April, but you can change this), then you file your self assessment by the following January.
You need to keep a record of all your incomings and outgoings and these are offset and you pay tax on the profit (after your tax free amount is taken into consideration, if you have another job).
If you contacted HMRC they are really helpful.
Good luck :biggrin:
Your tax isn't calculated until the end of the tax year (generally 5th April, but you can change this), then you file your self assessment by the following January.
You need to keep a record of all your incomings and outgoings and these are offset and you pay tax on the profit (after your tax free amount is taken into consideration, if you have another job).
If you contacted HMRC they are really helpful.
Good luck :biggrin:
Keli59
Well-Known Member
Sorry forgot to say, if you are registering self employed your business name is you, therefore, anything you buy, keep receipts and record them.
:biggrin:
