If using your home address for your limited company

[ctg]

I am currently starting a new business from my home address.
I need to know if anything goes wrong in my business or anyone tries to sue me for infringement etc
is my home a company asset?
And could we lose our family home?

 

[Ian J]

No unless you give personal guarantees

 

[ctg]

Thank you Ian J. for your quick reply

 

[Mr D]

You and your limited company are separate. Someone has a problem with the company they take it up with the company. You aren't trading, the company is trading.

Using home address is pretty common.

 

[ctg]

Thank you Mr D.

 

[bazzais]

No your house or more importantly its contents are safe unless its secured on a loan made to the business/yourself to run the business.

This is where becoming a Ltd company comes in as appropriate - it has its own debts. If you were running as a sole trader in busniess and fell into debt and it went to crown court - they could come into your house and take your assets

 

[Chris Ashdown]

A Major problem is that many business transactions like leases and overdrafts require you to sign a PG these days, a take it or leave it situation, even some companies before you get a credit account

If you don't want your house to show most accountants will be happy to have their office as the registered address for a small fee

 

[Alan]

Generally I think it is best to change your registered address to your accountants - that way formal notifications from HMRC and Companies house go straight to them and you don't risk not sending them on. Thats what I have always done anyway.

 

[Mr D]

Generally I think it is best to change your registered address to your accountants - that way formal notifications from HMRC and Companies house go straight to them and you don't risk not sending them on. Thats what I have always done anyway.

Great so long as post does get forwarded.
As people occasionally find that doesn't always happen.

 

[DavidWH]

Whilst what above is correct.

anyone tries to sue me for infringement

It is possible to pierce the corporate veil... and make personally liable.

Here's a link to an infringement of copyright by a Ltd company, where the judgment was secured against the directors personally.

http://www.epuk.org/news/aerial-photographer-s-damages-claim-achieves-record-height

 

[MEAVO]

If you'd like to protect your privacy and don't want mail going to an accountant (perhaps you don't have one yet) then you can also use a standard mail forwarding service. I've had good experiences with https://www.registeredaddress.co.uk

 

[Lisa Thomas]

You can use your home address but it can cause a lot of stress if the Company has debts and bailiffs will turn up at your home. Best to use a service address instead.

 

[DontAsk]

Generally I think it is best to change your registered address to your accountants - that way formal notifications from HMRC and Companies house go straight to them and you don't risk not sending them on. Thats what I have always done anyway.

IME all such notifications go to both accountants and the registered address. Accountant usually follows up with an e-mail saying "we have received such and such...". Maybe something to do with delegating online access to the accountant.

 

[faisalhaji]

My advice is to use a virtual address and work from home and anywhere else. It costs no more than £30 a month.
Bear in mind you will need to market your business and you home will eventually be associated with your business whenever people look for your address or post code.