I am about to start my own bookkeeping business, but a few advice would be appreciated here.
1, I am renting at the moment, do I need to inform my landlord about this? I will register as a sole trader only, so I assume that I dont need to register with company house, so do I still should let the landlord know? or is it irrelevant?
2. do I need to register my trading name? but its not a company tho, so just abit confused really
3. do I have to have a business account even i am only a sole trader?
1. A lot of this will depend on how you are running the business. Are you using your home as an office, or having clients in and out? Check your tenancy agreement. It should tell you what you can and can't do.
2. You don't need to register a trading name, and cannot register with companies house as a sole trader. Just need to let HMRC know within 3 months of starting trading.
3. Although you don't need a separate account, it is highly advisable. You should start as you mean to go on, it will be easier in the long run. Most banks offer a free period for business accounts, and some offer free for life, so check around.
Good luck
Kris
-- Edited by kjmcculloch on Thursday 28th of October 2010 10:59:04 AM
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Thanks for your reply, I will use the renting home as an office, but I wont have clients in and out, so I assume that should be okay, I have checked the tenancy agreement and it says not for business use. But if I dont have clients come here, will it be okay? I will only register this address with HMRC as needed.
Kris, hmrc now say you must register as self employed immediately, which of course is fairly unhelpful. I do think that probably hmrc staff are largely unaware of the change from 3 months though and new start ups would get away with it, just worth noting if clients are to avoid the £100 fine. Of course registering as self employed in this instance is actually registering to pay class 4 nics.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
