Overview of Business Structures
Before you register your business first think about how you want to organize the entity. You have to choose a structure for your new business. In the UK the most common structure categories are sole trader, UK limited company, or partnership. If you are self-employed, you should register as a sole trader. What this means is that you are working only for yourself and not for someone else. The UK requires that if you have a business in the country that you live there as well. However, if you decide to go through UK company formation, then there is no requirement to live in the UK. You can live abroad and still run a UK Limited Company.
How to Form a Company in the UK
Unlike many other countries where forming a company is a long and burdensome process, UK has very simplified company formation process. Most of the companies in UK are formed online. Although the process of registering a company in the UK is quite simple it’s still recommended to use company formation agents for cost and time saving. After you place an order on the website (you can form your UK company with Mill For Business you can get your company up and running in just 3 hours! Amazing, isn’t it?
When to Register Your Business
The best time to register your business is prior to opening your doors. Register the name of your business with Companies House. They will check to see if your business name is a duplicate. This way, you could ensure that your name is not registered to anyone else.
If you want to check a company name, then you can lead to Mill For Business again and they have instant company name search system which is harmonized with Companies House. Once you find out that company name is available you can go ahead with your UK company formation.
When you register your business, the reception will let you know if you should register any other business item such as a license. Additionally, no matter the business structure, you will need to register for a self-assessment with the HMRC
What if You Have Already Started Your Business
If you have already started your business, do not fret. Register your business as soon as is possible. It would not make any sense to trade under a business name but then have to relinquish it because another business is doing business under that name. Moreover, another reason to register the business expeditiously is to ensure that the correct tax structure is in place. This depends on how you organize your business. What if your trade requires a license to practice? It is in your best interest to make sure that this license is in place before you actually practice.
The preceding tips will help you register your new business. As a new business owner, you are undoubtedly excited by all of the prospects of working for yourself. However, you need to ensure that you register your business at the proper time and follow all of the proper procedures. You will then have other considerations such as setting up a bank account for your business and whether or not you should employ other people.
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