Becoming a registered company

[Zedlor]

Hi, I'm new to these forums and I don't know if this is the right place for this but so I apologise if it is...and if it's a stupid topic to begin with!

Basically, I own gamespundit.com (which is currently down, and has been for a while, due to backend issues, webmaster taking passwords and changing them for the login but I needn't concern anyone with that here) which is a website that just provides news, reviews, previews and the like for video games. I wrote articles and had some volunteers who too wrote them and I had adverts generating some income and I had one advert put on the website that managed to net me £100.

However, I have been thinking about registered companies and if I would be eligible. I've done a quick Google search but I wanted some more specific answers to me by people who (hopefully ) know what they're talking about. I am studying business studies at AS currently (I'm 17) and this is my exam time now (don't worry, I'm on one of these "breaks" that this revision timetable has allotted me ) so I don't know if that will play a part in this but would it be possible to make Games Pundit a registered company? From looking around a bit I don't know if, to become one, I have to provide some service or product to consumers to be eligible?

Additionally, if I was to become a registered company would this mean that I would be exempt from VAT (in this country, anyway) or is that for LTD/plc's? That's not the main point of this BTW, it's just I wanted to perhaps add some more value to Games Pundit and perhaps strengthen my future possibilities with employment or university applications, etc..

I hope this is a genuine question and not something completely pathetic, heh! Thanks for reading

 

[Ozzy]

My first response is "Why?" because as I read your post I don't see any really valid reasons to register a limited company as part of Games Pundit. At a push I could say it would secure/protect the Limited company name (I haven't checked if it is available), but if you do register the company you need to remember that each year you need to file an Annual Return and also a set of Accounts. You have to do this whether you trade or not.
For the sort of volume of business you seem to be doing through the website I wouldn't consider trading it through a limited company as that would be extra work for no benefit.

Bottom line is I don't see any benefit in registering a limited company for yourself unless you simply want to secure the company name with the website, but that wouldn't add much value if that is what your object is. Focus more on generating visitor traffic and advertising revenue.

Richard Osborne // @RichardOsborne

 

[Zedlor]

Yes, securing my name is one thing I would like to do...what options do I have? If I registered it would it become Games Pundit Ltd.?

See, I thought at one time of adding some type of shop to it to kind of give the website some USP - news, competitions and previews with the ability to purchase the games, but I don't know if that's really...a good idea anymore. I'm also thinking about shifting it to primarily PC games, but again it's just another idea.

It doesn't help that I was banned by AdSense for the stupid reason that one user decided to spam the adverts which got the website banned. I appealed but of course they wouldn't believe me, easy story to make up in their eyes.

 

[ScotComp]

Yes, securing my name is one thing I would like to do...what options do I have? If I registered it would it become Games Pundit Ltd.?

See, I thought at one time of adding some type of shop to it to kind of give the website some USP - news, competitions and previews with the ability to purchase the games, but I don't know if that's really...a good idea anymore. I'm also thinking about shifting it to primarily PC games, but again it's just another idea.

It doesn't help that I was banned by AdSense for the stupid reason that one user decided to spam the adverts which got the website banned. I appealed but of course they wouldn't believe me, easy story to make up in their eyes.

Registering as a LTD company won't protect your name, yes it might stop someone taking Games Pundit Ltd but it doesn't protect your trading name. Ideally you need a trademark registered which can cost a lot.

You aren't exempt from VAT If you're a Ltd/PLC, you're exempt from VAT if you're VAT Registered which is usually only done by companies that earn over around 70K (can't remember the exact amount) there are advantages to voluntarily registering for it earlier but it's not something you just jump into, you'd need to sit down and work out your finances.

If you were VAT Exempt you'd still need to collect VAT from your customers and pay it directly to HMRC.

Ltd companies also involve a lot more accountancy work and there are advantages to them such as the financial protection you get from it being a separate legal entity and on how much tax you pay back but from what you're saying neither of these advantages would affect you.

Stick to being Self Employed, get yourself down to your local Business Gateway events and learn more about how businesses work, accountancy and the different legal aspects behind certain routes for businesses. Due to your age you might be eligible for your own business advisor who will show you where to take your business.