Check your company name is available!
Got a great business name? Ready to order stationery and get your business branding off to a flying start?
STOP!
The UK company registry contains over 1.5 million registered companies, all with different names, so your business name is likely to be close to or similar to an existing name. The last thing you want is to spend your money on branding to find out your name is already taken. Use a free name checker, such as the one at Trusted Formations. This checks your proposed name against the Companies House database, and it will tell you within seconds if your company name is available.
Register your internet domain!
Your business is likely to need a website at some point, and a business email address shows the world you are serious about your business (e.g. Yourname@yourdomain.co.uk). If you’re competent in your choice of company registration packages, you will find company registration agents offer combined company name and domain registrations. For example, Trusted Formations submit a combined company and domain name registration for £24, including VAT. That’s excellent value for your business start-up’s first two critical elements.
Speak to an Accountant!
If you’re new to starting a business, you’ll need as much practical help and advice as you can get. Getting your business to begin upright is crucial to continued success. Many accountants offer an initial free consultation, usually lasting 30 minutes. This is an excellent opportunity to ask those questions you might want information about, such as the best business bank to deal with for your type of business, do you need to register for any taxes and how to plan your cash flow needs. Many formations agents can refer you to an accountant but as Trusted Formations is part of MTM LLP, a well-established accounting firm, they usually have someone available the same day who can spend time with you on any of these questions.
Check you have the proper structure for your company!
If your company is you, this will not be an issue. But, if you are setting up the business with others, you will need to consider who will be a director and who will have shares in the company. A quick call with an experienced formation agent like Trusted Formations can provide all the guidance you need from experts, so you get things off on the right foot. If your situation is more complex, they can advise on how best to structure your company and undertake this work for you. This is usually done “post-formation” and has the advantage you have a single point of contact and expertise at the end of the phone…
Are you trading?
If you intend to trade, you’ll need to consider tax registrations and banking. Formation agents often provide bank introductions for clients, and the bank will pick up your enquiry and then guide you through the ac
count opening process. This can be a great time saver as most of the process is then done online, and you won’t need to visit the bank in-branch until the account is ready to open, and they need to confirm your identity face to face.
Trading companies need to be registered for corporation tax. Businesses with an annual turnover above £85,000 need to register for VAT. If you’re employing anyone, you’ll need to register for PAYE. Because Trusted Formations is part of MTM LLP, they have experienced and knowledgeable accountants on hand to take care of any of these tax registrations for you. If you’re not particular about which tax registrations you need, give Trusted Formations a call, and they will be able to guide you.