Companies house sole trader business name
While you’re not obligated to register with Companies House, there are other legal and administrative aspects you should be aware of as a sole trader:Business Name: If you’re using a business name that isn’t your own, you may need to register it as a “trading name” with HMRC. National Insurance: You’ll be responsible for paying Class 2 and Class 4 National Insurance contributions. Records and Bookkeeping: Keep thorough records of your income and expenses, as you’ll need them for your tax return.
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6 FAQs about [Companies house sole trader business name]
Do sole traders need to register with Companies House?
As a sole trader you will need to register for Self Assessment so that HMRC know you’re self-employed, and so you can submit tax returns to declare your earnings. But do you need to register with Companies House? The quick answer is that no, a sole trader business does not need to register with Companies House in order to become self-employed.
Is a sole trader a company?
No. One of the biggest areas of confusion around sole trader businesses is exactly what they are. A company is a business that has been “incorporated” into a Limited Company and exists as a separate legal identity to the individuals involved in the company (the directors and shareholders). Can a sole trader have a business name? Yes.
How do I choose a business name for my sole trader business?
When deciding upon a business name for your sole trader business, you have a great degree of flexibility. You can trade using your own name or come up with a branded name that fits your business. Companies House and the trade mark register are useful for checking any names you have in mind to avoid duplication.
Can a sole trader have a business name?
HMRC will ask if the sole trader business also intends to have a “business name” or “trading style”, but this is not in order to register the business name and HMRC will not alert you if there are other businesses using the same name. The only proof that you will get that you have registered as a sole trader is a Unique Tax Reference (UTR) number.
Can a sole trader register a limited company?
Personal liability for debts. As a sole trader you are registering yourself as a self-employed individual. Therefore you, as an individual, are personally responsible for anything your new business does. This is one of the big downsides of registering as a sole trader. With a limited company it is the company that takes on contracts and loans.
Can a company name be a trading name?
If you follow the company names guidance and observe the restrictions, a company name can be anything you choose - as long as it’s not the same as or too similar to another name on the register. You can also trade using a different name to your registered name. This is known as a ‘business name’ or ‘trading name’. Trading names must not: