Here is the information we’ve put together to answer questions we’ve received from sole traders.
I’m a sole trader. Do I need to register my business?
If you are operating as a sole trader, you don’t need to register with Companies House. You should register with HMRC, though, so that you are paying the right tax on your earnings.
Why should I register my company? Can’t I just pick a name and start trading?
Registering as a limited company limits the financial risk and protects your own assets (such as your house or car). As your business expands, you might find that it is preferable to register a limited company in order to protect yourself financially.
I’d like to reserve a company name. How does that work?
There is no need to reserve a company name. Registration is so quick and easy that there is no need to reserve a company name for future use. Just register it when you’re ready to start trading. Straightforward private limited companies can be registered online and incorporated within hours.
Isn’t is expensive and complicated to set up a company?
Not at all! It costs from £95 to register a limited company, there is just one form to fill in and the registration is often completed the same day! If you’re worried about the paperwork, ask about our company secretary service.
If you have any other questions, please contact us.