Company name

[MarkAdams1]

I'm currently developing a social network (about 60% complete) and have been advised to register the company name as soon as possible as well as trade mark the name.

My question is, if I register as a company then will I still pay tax being as I won't be making any money from the network? My intentions is to not monetize the network to start with and to build a solid member base and a good reputation.

Not only that, but I don't have a clue about filling taxes and paperwork annually so how much would an accountant cost to file these forms even though we don't earn?

Thanks in advance.

 

[ACJTechnology]

Definitely a good idea to register your company name. My company built a social network for a client last year. They notified HMRC that they had registered a company and were not yet trading. I believe they have to notify HMRC again when they do start trading, but don't quote me on that.

If in doubt I have personally found the guys at Companies House very helpful.

 

[MarkAdams1]

Thanks, greatly appreciated.

I think I will register the company today and get that side of things ready. It's one thing to cross off my list atleast.

 

[emediastudiosuk]

You will only need to pay corporation tax on profits. So if the social network isn't bringing in any money then no tax will be due.

If you start earning then you will pay corporation tax on profits and if you take a wage then you will also need to pay income tax/ni on it.

If you don't earn then it will be simple to tell HMRC/Companies House that company has no profits so you could probably do this yourself.

You should start recording your expenses though, as if you do make a profit in the future then you can offset the expenses against any tax you have to pay.

I have used SJD accountancy in the past and also Crunch - they were both good but it could be cheaper if you record your own expenses in something like clearbooks and then find an accountant.

This year I used cheaperaccountant.com and they were cheap and did everything I needed. - they just don't send you email reminders like the others.

Once you get the hang of running the company then you will get used to the obligations needed.

 

[CSnotepad Virtual PAs]

Definitely a good idea to register your company name. My company built a social network for a client last year. They notified HMRC that they had registered a company and were not yet trading. I believe they have to notify HMRC again when they do start trading, but don't quote me on that.

If in doubt I have personally found the guys at Companies House very helpful.

I completely agree that Companies House are very helpful. We've always had any queries easily resolved by them so definitely worth calling them