Business Naming & Tax

[LB_EnterprisesUK]

Can anyone help me?

I am in the process of setting up a clothing label and I don't really understand the tax and register side of it. My ideas follow, and can anyone help me with it if it's not fully correct:

Register as a sole trader as it's just me, but I heard the name of the business then needs to have my name in it so then could I put it as (my brand name) trade name of (My full name) if that makes sense but then how would I register the brand name as I will also be getting the logo for the brand name trademarked so I think I need to register the brand name correct??

Also tax, I will be doing this along side my part time job, so how does tax would out with this. Doing a part time job along working as a sole trader.

Any information/help on this would be great as I am confused by the gov.uk website.

Many thanks!

 

[MyAccountantOnline]

Can anyone help me?

I am in the process of setting up a clothing label and I don't really understand the tax and register side of it. My ideas follow, and can anyone help me with it if it's not fully correct:

Register as a sole trader as it's just me, but I heard the name of the business then needs to have my name in it so then could I put it as (my brand name) trade name of (My full name) if that makes sense but then how would I register the brand name as I will also be getting the logo for the brand name trademarked so I think I need to register the brand name correct??

Also tax, I will be doing this along side my part time job, so how does tax would out with this. Doing a part time job along working as a sole trader.

Any information/help on this would be great as I am confused by the gov.uk website.

Many thanks!

It's really important to get the structure of your business right when you start, getting it wrong (generally by not taking proper professional advice) can be a such an expensive mistake. I sadly see this so often as an accountant working with new and small businesses.

People will so often set up a business and then 12 months down the line approach an accountant to sort out their accounts and tax affairs at which point they end up paying unnecessary tax.

What you need to do is take advice on is whether your business is best operated as a sole trade or a limited company. The factors you need to take into account aren't something you'd want to discuss on a public forum as a lot depends on your personal circumstances and the predicted business profits. Quite often for people running a business whilst working a limited company can be a big tax saving.

If you want to PM me I'd be happy to help.

 

[Scalloway]

How to register a trade mark

https://www.gov.uk/register-a-trademark

 

[LB_EnterprisesUK]

Hi, I am new to this so how do I send a PM? :/

 

[MyAccountantOnline]

Hi, I am new to this so how do I send a PM? :/

Click on the envelope at the top right of the screen and choose private message.

 

[D'mainGuy]

You can trade as whatever you like, as long as it's suitable, and you make it clear that you are x trading as y, where x is you, and y is the business entity.