Register Trading Name Uk

am i ok to trader?

Just to see if I’ve missed something out, I’m trying to start my own business and trying to sort out all the legalities. The business will not initially making much profit as it will just be a part time hobby type thing so I don’t want to be wasting money accountants and lawyer unless needed.
I’m based in the uk and will be trading/working from my home address which is a council property as I understand I can’t have this address as a registered office so I have found a service which offers me a bonds st address to use, for just over £100 the formation of the office and naming will cost roughly around £50. I under that I have to £1000 starting share where this go does or just in the business account.

I know you are not allowed a registered office in a council property, but I am not sure if you are allowed to trade from a council property either.

You need to check the HM Revenue & Customs requirements – link below.

You should ensure that your limited company includes you getting a copy of the Articles of Association, some form of the statutory registers that you must keep (especially if this is your first company) and that either you are the subscriber to the company or the company supplies a duty paid stock transfer form (I know, but there are people out there selling companies who do not supply all they should!).

As to requirements you only need issue one share for £1, not the £1,000 you are talking about, The formation agents probably give £1,000 authorised share capital, but there is no compunction to issue (ie put that amount into the business).

Remember : A Limited company is a separate legal entity and all it’s finances should be separate from your personal finances, separate bank account, no mix and match of expenses etc.

With regards to an accountant, it depends on your accounting knowledge, if you have none or little, then a trip to an accountant or somebody familiar with accounting practices before you start trading will probably save you money in the long run. They will be able to tell you what expenses you can claim and save tax.

You have to account for all sales and expenses and keep records accordingly. At the end of each financial year you have 10 months to file accounts with Companies House and you have to supply Customs & Excise with a copy too. Now you see why starting in the right manner is so important.

HTH.

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