Registering a business?

[ruthxxx]

Hi

I have finally found premises for my wedding dress business but I am unsure
if I have to register and if so how do I do it?

Sorry I am so naive!!!

Thanks

 

[Josh_Farmer]

You can run a store as a sole trader, and you dont need to be V.A.T registered unless your going to turn over more than the vat threshold, currently around £65,000

 

[ruthxxx]

Thanks, do I have to register with companies house or anything?

 

[dimitri1]

Hi
If you are self-employed, you need to register for NIC (3 months limit and a penalty failing that). Also, need to notify the HMRC for income tax by 5 October following the end of tax year in which you start trading.
If you are a limited company, similar deadlines with penalties to notify HMRC of trading commencement.
Need to register for VAT when turnover roughly within a month after reaching threshold or straight away if bought an already registered business or if reasons to believe that threshold will be exceeded within a month (e.g. large order).
Also, need to think about registering for self-assessment as a director, register as employer with HMRC as an employer if you employ yourself or others.
Also....
A competent accountant can come in handy if you are not sure what to do-their fess can be more than offset by helping to avoid non-compliance penalties let alone organise your affairs so as to save tax.

 

[JamesCartwright]

Thanks, do I have to register with companies house or anything?

You only register with Companies House if you're forming a limited company - otherwise you need to inform HMRC of self-employed status..

 

[ruthxxx]

Thanks all I will be self employed

I find these things so daunting :redface:

 

[GraemeL]

Hi

I have finally found premises for my wedding dress business but I am unsure
if I have to register and if so how do I do it?

Sorry I am so naive!!!

Thanks

Hello Ruth,

The answers that you are getting refer to a 'business'. Your question, as I read it, is asking if you need to do anything to register the property. Am I right or shall I keep my head down?

G

 

[ruthxxx]

Hi

The property is rented so I really don't know if I need to anything about that????

I did originally mean register the business

 

[James Copperwaite]

Check out Wisteria Formations

 

[GraemeL]

Hi

The property is rented so I really don't know if I need to anything about that????

I did originally mean register the business

Hello Ruth.

Depends on who is renting it. You personally or through your Ltd company should you have one. If it was me, at this point I would definitely be seeking legal advice. Committing to a lease is just that, a committment!

G

 

[WJP]

If you are self-employed, you need to register for NIC (3 months limit and a penalty failing that)

Correct me if I'm wrong, but I thought I read somewhere on UKBF that they'd got rid of the 3 month grace period for registering self-employed?

 

[MyAccountantOnline]

Correct me if I'm wrong, but I thought I read somewhere on UKBF that they'd got rid of the 3 month grace period for registering self-employed?

Yes that's correct you need to register as soon as you commence.

 

[MyAccountantOnline]

You can run a store as a sole trader, and you dont need to be V.A.T registered unless your going to turn over more than the vat threshold, currently around £65,000

£65k was the threshold back in 08-09 - it's now £73,000.

 

[MyAccountantOnline]

Hi

I have finally found premises for my wedding dress business but I am unsure
if I have to register and if so how do I do it?

Sorry I am so naive!!!

Thanks

This is a really good place to start - http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1081677261&type=CAMPAIGN&site=1000&furlname=taxhelp&furlparam=taxhelp&ref=http%3A//www.hmrc.gov.uk/businesses/tmastarting-up-in-business.shtml&domain=www.businesslink.gov.uk

 

[MyAccountantOnline]

It's easiest to register as self employed online here

 

[Josh_Farmer]

Thanks for pointing that out, i couldn't remember the exact figure