Sole Trader - can i register my name with Companies house

[BeckyBarnFresh]

Afternoon,

Ive been happily trading for 10 years + and am a sole trader - my turnover is below the VAT threshold.

I am often (usually when seeking potential finance) stopped by not having my company registered with Companies House - I am obviously registered with HMRC and pay tax etc - can I register as a sole trader or would I have to be limited ??

Thanks in advance
Becky

 

[DontAsk]

No, you would need to be Ltd.

 

[BeckyBarnFresh]

No, you would need to be Ltd.

Thank you so much -

 

[Scalloway]

You can register a limited company and leave it dormant. You need to do a couple of simple filings each year to keep the name active.

 

[@aiteoconsulting]

You can register a limited company and leave it dormant. You need to do a couple of simple filings each year to keep the name active.

It wouldn't help with the original problem of trying to secure finance though.

 

[Mark T Jones]

as has been said, you can't register a sole trader, you would have to set up, and trade a limited company to overcome your problem

The issue you are facing is either a system one (ie the system can't find you)

Or a regulatory one - sole traders are protected by consumer legislation- a lot of lenders are turning away from doing regulated deals

 

[paulears]

The clue is in the name ........ Companies House - if you want simply to protect a name, then assuming certain crietria are met some names can be trademarked, but most, like mine, can't. Strictly speaking if you set up your sole trader business with a name, and that name is in circulation, as in Google finds it, and probably it appears on your bank account, then prior use is evident, but in my case, for twenty years+ my sole trader business name is very similar to a Ltd company, much bigger than me. I came first, but we happily exist together as we do quite different things - When somebody phones and tells me they want to duplicate last years advert, I stop them, and redirect their enquiry - they do the same when somebody wants a radio for a boat!

 

[matlob]

You may find that switching to being limited saves you some tax. It's not as beneficial as it was but depending on the type of business and income it may be.
Also if you are B2B a flat vat rate scheme can also save money. Totally depends on the business though

 

[DoolallyTap]

In the UK it is very simple and easy to start.
You can buy a Ltd Company off the shelf for about £15, change the name and away you go.

You say -- I am often (usually when seeking potential finance) stopped

How often do you need finance? What level of finance? Soletrader or Ltd Co, for any serious finance you will need security.

 

[paulears]

Seriously? Borrowing money is surely not a good reason to start up a company? If it was best for your business, would your accountant have not advised it before? The days of exchange and mart buying company names and changing the details sort of died out once on-line registrations rolled out. £12.99+VAT gets you one, including th £10 Companys House fee - spot where this is going? That gets you up and running with a domant company. Theyre not free to run, of course and while not that onorous, are for the OP completely pointless - because credit history would be zero, and company assetts zero. At least as a sole trader you do have history and accounts - lenders are only interested in your status, as a risk to offset borrowing. would they lend against a dormant £15 company? I think the answer is obvious.

 

[Gecko001]

Your business trading name can be protected by getting it trademarked without changing your status as a sole trader. Also note that a sole trader can register for VAT and can have employees.

If banks are refusing you loans because you are not a Ltd Comapny, then you are probably going to the wrong banks.