Registering a business?
- Thread starter ruthxxx
- Start date
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.
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.
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J
JamesCartwright
You only register with Companies House if you're forming a limited company - otherwise you need to inform HMRC of self-employed status..
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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
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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
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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?
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