business startup help

[Deluded]

hello.

Ive finally taken the plunge and decided to startup a little buisness from home.

I dont (at this stage) want to setup as a limited company and so looked into becoming a sole trader. I took the next step and registered on the inland revenue website as self employed (how I was told to register as a sole trader).

I recieved an email accepting the application but have since heard nothing else. Now, its only been 3 working days but i was expecting atleast a letter with some information on it or an information pack etc.

Now, what I want to know aswell is that how do I get a buisness number? I need to register as trade with a supplier or two and all require a buisness number. Is this something the IR will send me or so I need to register my business name with companies house to get a business number (although as a sole trader, I am not required to register with them...)

Any help much appreciated!

Thanks

[bigTee]

The revenue are very busy at the mo taking money off people as they do just after Christmas every year. (although they owe me this year )

i'd give it a week or two.

[Deluded]

I expected they would take a while really. Will they actually send me a pack or just a letter? Will it have my business information on it?

Also, should I want to change my business name, or want to trade under a different name, what do I do?

[County]

Deluded said:

hello.

Ive finally taken the plunge and decided to startup a little buisness from home.

I dont (at this stage) want to setup as a limited company and so looked into becoming a sole trader. I took the next step and registered on the inland revenue website as self employed (how I was told to register as a sole trader).

I recieved an email accepting the application but have since heard nothing else. Now, its only been 3 working days but i was expecting atleast a letter with some information on it or an information pack etc.

Now, what I want to know aswell is that how do I get a buisness number? I need to register as trade with a supplier or two and all require a buisness number. Is this something the IR will send me or so I need to register my business name with companies house to get a business number (although as a sole trader, I am not required to register with them...)

Any help much appreciated!

Thanks

As the above poster says, just give it a few more weeks.

When you say business number, i take it you mean "Company Registration Number"? In which case you wont have one unless you go "Limited Liability".

The only number you will get is a UTR (Unique Tax Reference)

Cheers

Lee

[Athlon]

I did not register anything as a sole trader, I have loads of trade accounts, get a business bank account, that is all you need, then enjoy your first year! Bit of a shock when the first tax bill arrives and you figure they want 18 months money from you even though you have only worked 12

As long as you have registered with the tax dudes you will be fine.

[Athlon]

Oh BTW, check out the local tax office, they have some great free courses explaining how they are going to take your profit away!

[Simpo Two]

> Business Forum?

[Deluded]

Thanks for the info.

So say I wanted to trade under name, for example, deludeds doors and windows (or not...), so I need to register this name with companies house or can I just use it? obviously the bank account would be deluded trading as deludeds doors and windows etc.

Are there any good websites out there that explain this? all the ones ive seen dont seem to answer little things like this, just tell you things that you need to do, and even then they are sketchy!

Thanks

[Deluded]

I didnt even know there was a business forum. Dont tend to venture that far down

[Athlon]

I just use the name, it is not registered although my wife did check first.

[bigTee]

Deluded said:

Thanks for the info.

So say I wanted to trade under name, for example, deludeds doors and windows (or not...), so I need to register this name with companies house or can I just use it? obviously the bank account would be deluded trading as deludeds doors and windows etc.

Are there any good websites out there that explain this? all the ones ive seen dont seem to answer little things like this, just tell you things that you need to do, and even then they are sketchy!

Thanks

Just tell the tax man and don't worry about anything else until you reach 67k in the first year.

Then you need to tell the VAT man!!

I would go and see an accountant if i were you for some advise on sole traders and Ltd co's.

You need to decide what you want to do.

Edited by bigTee on Thursday 15th January 19:58

[Deluded]

i know what I want to do and its unlikely to make over 67k per year as its just a little thing on the side of my current job (or atleast it will be for the time being!).

As for telling the tax man, how? I have registered as self employed on the IR website and told them my business name. Would that be enough or will the IR letter I get explain a bit more?

Thanks

[Nolar Dog]

HMRC give loads of good start up advice on their website.

HTH

[Steamer]

bigTee said:

Deluded said:

Thanks for the info.

So say I wanted to trade under name, for example, deludeds doors and windows (or not...), so I need to register this name with companies house or can I just use it? obviously the bank account would be deluded trading as deludeds doors and windows etc.

Are there any good websites out there that explain this? all the ones ive seen dont seem to answer little things like this, just tell you things that you need to do, and even then they are sketchy!

Thanks

Just tell the tax man and don't worry about anything else until you reach 67k in the first year.

Then you need to tell the VAT man!!
...

Tell the VAT man anyway - you dont have to turn over 50 or 60K to be VAT registered, you can choose to be VAT reg. anyway.

There are perks, and it also makes you look a bit more professional to your clients.

VAT returns are easy.

[touching cloth]

Steamer said:

bigTee said:

Deluded said:

Thanks for the info.

So say I wanted to trade under name, for example, deludeds doors and windows (or not...), so I need to register this name with companies house or can I just use it? obviously the bank account would be deluded trading as deludeds doors and windows etc.

Are there any good websites out there that explain this? all the ones ive seen dont seem to answer little things like this, just tell you things that you need to do, and even then they are sketchy!

Thanks

Just tell the tax man and don't worry about anything else until you reach 67k in the first year.

Then you need to tell the VAT man!!
...

Tell the VAT man anyway - you dont have to turn over 50 or 60K to be VAT registered, you can choose to be VAT reg. anyway.

There are perks, and it also makes you look a bit more professional to your clients.

VAT returns are easy.

Not if he is selling to people who can't reclaim the VAT like end consumers, by not registering he may be far more competitive on price/make better profit just by not having to charge it, especially if a lot of his competitors are.

[Steamer]

touching cloth said:

Steamer said:

bigTee said:

Deluded said:

Thanks for the info.

So say I wanted to trade under name, for example, deludeds doors and windows (or not...), so I need to register this name with companies house or can I just use it? obviously the bank account would be deluded trading as deludeds doors and windows etc.

Are there any good websites out there that explain this? all the ones ive seen dont seem to answer little things like this, just tell you things that you need to do, and even then they are sketchy!

Thanks

Just tell the tax man and don't worry about anything else until you reach 67k in the first year.

Then you need to tell the VAT man!!
...

Tell the VAT man anyway - you dont have to turn over 50 or 60K to be VAT registered, you can choose to be VAT reg. anyway.

There are perks, and it also makes you look a bit more professional to your clients.

VAT returns are easy.

Not if he is selling to people who can't reclaim the VAT like end consumers, by not registering he may be far more competitive on price/make better profit just by not having to charge it, especially if a lot of his competitors are.

Sorry didnt read the OP - however if he is buying from a VAT reg. supplier in the first place its worth looking into.