Compared to last year, the number of business registered is significant, at the halfway mark of 2017. So, in this epoch of digitalization, there is a rapid mushrooming of businesses, in just about every industry. Are you too planning to register your company? Then, roll down to check out the way out:
Firstly, Define the Type of Business You Want to Run
Decide on the type of Company you want to register, do you want to operate as a sole trader, or as a self-employed individual; it is the simplest method of business registration in the United Kingdom. As a sole trader, the owner is allowed to setup up an organisation under the individual’s own name or can choose any business company, however, on the whole, the company will be recognised as a business owned and operated by the owner. While, on the other hand, registering your company as a private limited firm allows the owner to have multiple members by share. The process of registering a company is a breeze; it can be done either done online or via mail. Here we’ve mentioned a few steps to register a business in the UK:
Register as a Sole Trader
Step1: You have to register your Income Tax and National Insurance data with HM Revenue and Customs. You can either register online on their website, via a phone on their helpline number or can inbox the complete filled CWF1 format HM Revenue and Customs official email address, which can be obtained online.
Step 2: After step 1, you need to have a National Insurance number, by contacting some firms, as it is very pivotal in your endeavour to get your register your business, and set-up an income tax profile with the government.
Step3: You have to notify the HM Revenue and Customs department when you commenced as a sole trader and keep in kind, you can’t register at an earlier time. Register on their official website for a quick response.
Step 4: Truly provide all the necessary data to register as a sole trader. For this, you will have to submit your personal credentials, National Insurance number, and the exact date of beginning a sole trader. Other data include information regarding the kind of business you run or fancy operating, your Unique Tax Reference if required, also information of your business partners, if there’s one.
Step 5: Submit register a business application, wait for the response from HM Revenue and Customs regarding the prospect of your application.
Register as a limited company
First of all, you need to fill out the IN01 form; this form allows you to register the company as a limited business. Then, submit a memorandum of association by presenting the list of your business partners. After this, you have to submit articles of association explaining the strategy, how you will operate your business, shareholders rights.
If you have read through the above steps, and pen down the same, you won’t find it a tough ask to register your business in the United Kingdom.