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Some questions about setting up a business

theguywithnousername [Edit] [Delete] 15 replies 00:38, 22 May '12

a) Do I need to register with Companies House?

b) If I put my home address as my business address (which it is but only in so far as I'd work from home but not actually see any clients etc. here), would that mean I'd suddenly get taxed as though my flat was a business premises?

c) Does it matter if there's only 1 nominal share at the moment?

d) Anything else I need to know?

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  • This is the sort of thread I'll need to bump in the morning isn't it?

    theguywithnousername | 22 May '12, 00:41 | X
    • Yes.

      theguywithnousername @theguywithnousername | 22 May '12, 11:35 | X
  • a) no

    b) no
    c) no
    d) no

    Probably.

    Companies House is specifically for Limited companies. Your home will remain a home, but consider whether you'll need to amend your insurance, or mortgage/tenancy (but in reality, just no). What do shares have to do with anything? All of this is just iirc afaik etc and could easily be massively wrong. But a bump's a bump, eh? And my wrongness might compel someone to come up with a proper answer.

    TheWza | 22 May '12, 14:00 | X
  • http://www.businesslink.gov.uk/static/html/layer-26.html

    thegoodmrbrodie | 22 May '12, 14:12 | X
    TheWza this'd this
  • Why a Ltd company?

    Could you be a sole trader? Generally a cheaper way to do it with less red tape. Be 'Ltd' doesn't offer as much protection as you might think.

    NoahVale | 22 May '12, 14:15 | X
  • Check with the council about running a business from home

    I seem to remember a neighbour getting hassle because of this.

    slavestate | 22 May '12, 14:16 | X
    • Good shout

      Normally only an issue it 'lowers the tone' of the neighbourhood - extra noise, comings-and-goings at all hours. If it's a knocking shop you might be out of luck.

      NoahVale @slavestate | 22 May '12, 14:21 | X
      • *if it

        NoahVale @NoahVale | 22 May '12, 14:21 | X
  • what TheWza said

    also www.businesslink.gov.uk has loads of info that might be useful

    shes_so_high | 22 May '12, 14:29 | X
  • Assuming that your 1 nominal share means that you have already set up a limited company than...

    a) yes
    b) no
    c) no
    d) probably

    What is the company for? Are you going to be using it for working freelance or similar?

    I have my limited company registered at my home address no problem (aside from doubling your junk mail). If you plan on using your company ongoing it might be worth appointing an accountant to take care of the admin for you as it can be quite tiresome. I use these guys:

    www.sjdaccountancy.com

    pentargo | 22 May '12, 14:51 | X
    • It's for my freelance writing and teaching work - primarily the latter.

      If it all kicked off, it might be I ultimately employed more people but that's a long way off. I'd never meet clients at home and would do all my work out and about.

      theguywithnousername @pentargo | 22 May '12, 15:07 | X
      • Should be relatively straightforward in that case

        As I say, the only downside is the admin. Although if you don't meet the VAT threshold this is significantly reduced. One tip on VAT, register for the flat rate scheme as soon as you become obliged to pay it, it will save you time and £££s. Overall, I would always recommend getting an accountant unless you fancy spending an afternoon each month on paperwork.

        The pros include a slightly better tax position if you structure it properly. Certain expenses can be met by the company rather than you, serving as a deduction against the company's income. You can pay yourself partly or fully in dividends rather than a salary, which are not subject to NI (although you will pay both employee and employer's NI on any salary you might end up paying yourself). Pension contributions are beneficial both to you and the company.

        In terms of additional staff, my girlfriend invoices some freelance invoice work through my company which is pretty convenient.

        pentargo @theguywithnousername | 22 May '12, 15:18 | X
        • Cheers

          Thanks for that.

          theguywithnousername @pentargo | 22 May '12, 22:32 | X
  • do your best to avoid the taxman. fiddle the books, never claim a wage and you'll be laughing.

    freddiehubbard | 22 May '12, 22:38 | X
  • i'm a bit busy to offer in-depth advice here...

    but i'll gladly arrange for my PA to contact you as soon as she's put her knickers back on.

    forzaborza | 22 May '12, 23:11 | X
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