Do i need to register my business when I start up?

2 Answers

1. Hi Ian,

   
   

   There are a number of legal structures for a business and not all of them require you to register with Companies House. Sole traders or partnerships operate on the basis of self employments and do not require registration. A Limited Company or a Limited Liability Partnership does. There are, as you might expect advantages and disadvantages to each structure. What you should choose will depend of your situation and will need to take into consideration things like the size of your business in terms of turnover and employees. There is a good overview on the BusinessLink site.

   
   

   For most start-ups of one or two people, self employment is the least complicated and most efficient way to start-up. Make sure you keep everything above board with HMRC and the structure can always be changed later as the business dictates

   
   

   Phin

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   Answered by Phineas Wenlock, May 2010   -  Contact this person (Edited on 2010-05-21 09:16:42)

2. Hi Ian,

   
   

   If you are going to start off as a sole trader, you only need to open a business account and contact the Inland Revenue to let them know you have started a business, after about approximately six weeks they will issue you with a UTR (Unique Tax Reference Number), hand that to your accountant and face the world with your business and I wish you all the success and happiness you can possibly achieve.

   
   

   Once you have traded for a little while and you feel confident in you endeavours, then ask your accountant to make your company a Limited Company for which you would need another director and a secretary, and if you really hit big time then talk to me, we will float your company on the stock market.

   
   

   
   

   All the best.

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   Answered by Qamar Hussain, August 2010   -  Contact this person