I want to advertise my services and offer consultancy to care providers. I've got the company name, know the business plan etc. But I'm confused!!
I'm keeping my full time job so its just a few hours on the side. Do i need to register the business as a sole trader? Or can I just register the business name at Companies House? I like the name so I don't want anyone to nick it!!
At what stage can I open up a company bank account?
What month do I tell Inland Revenue about how much I earned?
2006-10-19 05:16:07 · 8 answers · asked by Smiler 5 in Business & Finance ➔ Small Business
20th Oct - I've just registered as self employed with the Inland Revenue! Given them the name I was thinking of using as a trading name.
What do I need to do next? Thanks
2006-10-20 04:10:11 · update #1
For a few hours on the side it is best to seriously think over actually registering for a new company. The director of a company has legal responsibilities and it may not result cost effective in this case.
If you do decide to register the name, this will only ensure your company name is registered and unique at the Companies House. As a trade name or trademark it is not the responsibility of the Companies House to register this.
A company account can be opened the moment the company is opened. If it is a registered company then typically a bank will request to see the orginal incorporation certificate. Please consult with your bank first to find out the exact documentation they require.
Upon the Inland Revenue finding out you have a company they will send a request for information form. This begins the process to arrange your Corporate Tax details. Tax would be due after the year end about 4-7 months after that.
If you remain as a sole trader, your tax will be due on your tax return in Sept/Jan respectfully as if you were a self-employed person.
2006-10-19 06:14:31 · answer #1 · answered by H S 2 · 0⤊ 0⤋
You need to register the business as a sole proprietorship. You also need to report to the IRS at tax time. You should open up a company bank account when you start making the cash. Also make sure that you are keeping meticulous books. Poor management is the number one reason why businesses fail. So be very careful with your money.
2006-10-19 07:13:45 · answer #2 · answered by Medical and Business Information 5 · 0⤊ 0⤋
Hi go onto the companies house web site to check if the name you have choosen is not been used if not you can register it and hold it for i think it's a year. For your bank account you will need the companies register number which will be given to you when you register your company. When your company is about to go live you need to let the Inland Rev know.
If as you say you will carry on with your normal job you will have to let the inland rev know as your tax will have to be adjusted.
You can be self employed at the same time as being employed.
2006-10-19 05:38:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need to register ASAP with the Inland revenue.
You need a business bank account straight away too.
Do things right, from the start and you won't fall foul of the Crown services.
2006-10-19 23:36:38 · answer #4 · answered by Phlodgeybodge 5 · 0⤊ 0⤋
You can register yourself as a sole trader and also register the name at companies house as long as no one else is using it already. You can open the bank account as soon as you like. When you register the company you will have to tell the tax man then and they will send you forms to fill in to calculate the tax you need to pay when the time is right.
2006-10-19 06:02:31 · answer #5 · answered by Michael B 3 · 0⤊ 0⤋
Sounds like you have thought this out a little. You should probably go ahead and register your company name and you should definately open a company bank account at the start up so taht the finances are seperate.
2006-10-19 05:27:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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2006-10-19 07:08:28 · answer #7 · answered by Adsense$Profits? 3 · 0⤊ 2⤋
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2016-03-18 21:50:20 · answer #8 · answered by ? 4 · 0⤊ 0⤋