How do I register a company in the UK?by Vijay Shah Business Manager
Before start a company in UK, you
must choose a structure for your business. Most common business structures in
UK are -
- Sole Trader
- Limited Companies
Registration in UK
If you are a Sole Trader, you need to register as "Self-Employed". This means that you are working for yourself, not for someone else. The easiest way to start a business in the UK is to become a "Sole trader". To become a Sole Trader, you must have
- a National Insurance (NI) number
- Register for Self assessment with HMRC.
- Trade name under your own name or choose a business name.
Note - You will need to register for self-assessment tax,
which means you or your accountant calculate your own tax.
Formation in UK
You can set up a private limited company to run your
business in the UK. You must appoint people to run the company that is called
“Directors” and register it with Companies House. You can register your company
as Private Company Limited by Shares or Private Company Limited by Guarantee.
As a director of the company, you are also an employee.
This means that personal income and business income are separate when it comes
to paying tax.
To set up a limited company you must:
- have a name and address for the company
- register with Companies House
- have at least 1 director
- have at least 1 shareholder
- have articles of association (agreed rules about running the company)
- set up your company for Corporation Tax
Setup a Business Partnership
In a partnership, you and your partner or partners
personally share responsibility for your business.
With a business partnership you need to:
- register for self-assessment tax
- name your business according to certain rules
- run the business as an individual
- share profits between partners
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Created on Jan 15th 2020 06:44. Viewed 279 times.