For starting a new business in the UK, you need to get it registered first. The procedure starts with a selection of a structure you want to have in your registered business. Most common business structures in the UK includes limited companies, sole traders and partnerships. After deciding a business structure, you will get your Business registration UK through a process specified by the government. If you want to start a business as a sole trader you will have to get yourself registered as “self-employed”. Another thing to keep in mind while Business registration UK is that you have to live in the UK for completing registration process.
Here are some guidelines for registering a business in the UK according to structures.
Registration for a limited company:
For starting up a limited company in the UK, you need to have a private set up. This set up will include people who will run the business. These appointed people will be the directors of your organisation. After that, you need to register your business with Companies House. As you are starting this whole new set up, you will be the director and employee at the same time. Your business and personal income will be separated when it comes to paying tax.
For registering a limited company in the UK, you need to have following information:
- Name of a company
- Address of a company
- Registration with Companies House
- You must have one director and one shareholder
- Documents of association i.e. agreed on rules about company’s working process
- Setting up your business for corporation tax
Registration for sole traders:
Business registration UK for sole traders is the easiest way to start a business in the UK. Starting a new business as a sole trader will mean that you will be responsible for carrying out all the operations in your organisation. The process will start with the self-assessment tax registration that means you will be able to calculate your own tax. For registering as a sole trader, you need to have following information:
- A national insurance number
- Registration of self-assessment tax with HM Revenue and Customs (HMRC)
- Name of your business
Registration for partnership business:
In a partnership business, all the operations in an organisation are carried out by you and your partners. All partners share equal responsibilities in decision making and other procedures. For registering a partnership business in the UK, consider the following points:
- Choose a name according to the rules described by the government
- Register for self-assessment with HMRC
- Share equal or specified percentage of profits with partner
After choosing a business structure which best suits your requirement, start Business registration UK process by applying for a licence. The type of licence will depend on the type of business structure you decided to have. In the case of registering for an overseas company, you should have an address in the UK.