Registering a business name
Discussion
Hiya,
I'm setting up myself as an online retailer and as a partnership. We've filled out the forms to tell HMRC that we are self employed but its not imediately obvious how to register a business name when you are not going to be a limited company.
This site seems to fit the bill http://www.start.biz/home.htm
Is that the one to use? £60 + VAT is the charge I think.
Anything else that I should do while i'm in form filling mode?
Cheers in advance
I'm setting up myself as an online retailer and as a partnership. We've filled out the forms to tell HMRC that we are self employed but its not imediately obvious how to register a business name when you are not going to be a limited company.
This site seems to fit the bill http://www.start.biz/home.htm
Is that the one to use? £60 + VAT is the charge I think.
Anything else that I should do while i'm in form filling mode?
Cheers in advance
Remember, they are not an official organisation, so I really dont know what the £60 is for, I cannot see a benefit of registering there.
If you are looking for real protection for your business name or product, trade marking it is the way forward at £200.
That will give you full protection from others trying to register similar names to you, as they will reject names close to yours. It also provides you with proper legal protection from businesses using your name for a similar business.
If you are looking for real protection for your business name or product, trade marking it is the way forward at £200.
That will give you full protection from others trying to register similar names to you, as they will reject names close to yours. It also provides you with proper legal protection from businesses using your name for a similar business.
In the UK there is no formal requirement to register a business name. The only way to protect a name is to
a) set up a limited company with that name - but that really only blocks someone else starting up a limited company with the exact same name.
b) trade mark the name
c) obtain a court injunction against someone who is trying to pretend they are you by trading with your business name . The technical term for this type of behaviour is "passing off".
a) set up a limited company with that name - but that really only blocks someone else starting up a limited company with the exact same name.
b) trade mark the name
c) obtain a court injunction against someone who is trying to pretend they are you by trading with your business name . The technical term for this type of behaviour is "passing off".
the reason we want to do this is because some businesses ask for a company number because they want to make sure that they only get legitimate businesses dealing with them. I dont think we are ready to register as a limited company but we would like to make ourselves stand out compared to others who may be pretending to be a business to just get cheap parts.
Do we get any sort of official gumph from HMRC to prove we are not charlatans?
Do we get any sort of official gumph from HMRC to prove we are not charlatans?
A company number relates SPECIFICALLY to the registration number issued to all new LIMITED companies when they register at Companies House. Sole Traders or Partnerships are never issued with such numbers.
From a tax point of view, an individual who has to complete a Self Assessment tax return form is issued with a UTR number (Uniform Tax Reference) which is used for his/her ID with HMRC. These are issued to ANY individual who complete SA returns, whether they are running businesses or not - so they are not business related per se.
A business which registers for VAT will be given a VAT refernce number.
A business which employs staff will need to register for PAYE and will receive a PAYE reference number.
All these numbers are separate and fulfill different functions for the business regarding their dealings with the state.
From a tax point of view, an individual who has to complete a Self Assessment tax return form is issued with a UTR number (Uniform Tax Reference) which is used for his/her ID with HMRC. These are issued to ANY individual who complete SA returns, whether they are running businesses or not - so they are not business related per se.
A business which registers for VAT will be given a VAT refernce number.
A business which employs staff will need to register for PAYE and will receive a PAYE reference number.
All these numbers are separate and fulfill different functions for the business regarding their dealings with the state.
Eric is right- professional fees are far higher for a limited company (why is that Eric, if you are small enough not to need auditing?)
In my experience a lot of SMEs who deal with other SMEs prefer sole/trader or partnerships because they can recover money a lot easlier. Ltd Co can often go bust and then just re-appear (subject to certain bits of paper and provisos)
In my experience a lot of SMEs who deal with other SMEs prefer sole/trader or partnerships because they can recover money a lot easlier. Ltd Co can often go bust and then just re-appear (subject to certain bits of paper and provisos)
Although most small companies make use of the audit exemptions available, Ltd Co accounts are still very complex compared to a similar sized sole trader/partnership. The format of the accounts must comply with the requirements of the Companies Act regarding layout and disclosures. In addition, their are stricter disclosure requirements set out by the professional accounting bodies.
A set of accounts for a small "non-audit" company often reaches 11 to 14 pages in length. A sole trader's accounts of a similar size would probably not exceed 4 pages.
On top of the accounts, the tax work required is more complex too. The company needs to subnit its own Corporation Tax return (and related computations.
Most companies have to set up for PAYE merely to ensure that directors' remuneration, Benefits in Kind and Expense Payments and Claims are properly disclosed to the Revenue. Most sole traders/partnerships do not need to run payroll unless they take on additional staff.
Finally, it is pretty likely that the client will still want the accountant to complete the personal Self Assessment tax returns of the company directors.
All these extra layers of complexity will increase the professional fees charged.
A set of accounts for a small "non-audit" company often reaches 11 to 14 pages in length. A sole trader's accounts of a similar size would probably not exceed 4 pages.
On top of the accounts, the tax work required is more complex too. The company needs to subnit its own Corporation Tax return (and related computations.
Most companies have to set up for PAYE merely to ensure that directors' remuneration, Benefits in Kind and Expense Payments and Claims are properly disclosed to the Revenue. Most sole traders/partnerships do not need to run payroll unless they take on additional staff.
Finally, it is pretty likely that the client will still want the accountant to complete the personal Self Assessment tax returns of the company directors.
All these extra layers of complexity will increase the professional fees charged.
Batfink said:
Hiya,
I'm setting up myself as an online retailer and as a partnership. We've filled out the forms to tell HMRC that we are self employed but its not imediately obvious how to register a business name when you are not going to be a limited company.
This site seems to fit the bill http://www.start.biz/home.htm
Is that the one to use? £60 + VAT is the charge I think.
Anything else that I should do while i'm in form filling mode?
Cheers in advance
I can't see what you are paying for with this web site? They seem to want £60 for you just to fill in their web site as it doesn't automatically include a companies house registration. I'm setting up myself as an online retailer and as a partnership. We've filled out the forms to tell HMRC that we are self employed but its not imediately obvious how to register a business name when you are not going to be a limited company.
This site seems to fit the bill http://www.start.biz/home.htm
Is that the one to use? £60 + VAT is the charge I think.
Anything else that I should do while i'm in form filling mode?
Cheers in advance
Gassing Station | Business | Top of Page | What's New | My Stuff