Unlock Online Signature Legitimacy for Startup Business Plans in the UK

How to eSign a document: online signature legitimacy for Startup Business Plan in United Kingdom

today we're going to be talking about how you can register your business on companies house so if you're a UK based business owner or indeed you have a business that you are looking to run in the UK and you are looking on basically how you can go about to register that business so that it has that recognition then we are going to be talking about that in today's video we're going to be talking about what exactly it means to register your business what's the benefits of registering your business or we are also going to be talking about what it means if you fail to register your business and some of the things you need to consider when looking to register a business here in the UK and by the way if this is your very first time here my name is Tess and I'm a UK based qualified accountant on this channel I share a lot of useful tips for those who are looking to start a business or really those who are running their businesses already here in the UK so if you would like to see more videos like this then do make sure you give this video a like make sure to subscribe to the channel and of course do make sure you turn on your notification Bell so that you are notified of regular videos that go live on a weekly basis so let's talk about what exactly it means to register your business here in the UK register your business here in the UK basically means that your business now has the legal recognition it needs to operate and trade as a business here in the UK now a lot of business owners when they're looking to register their business will often have a variety of different business structures that they can choose from now the most common structure that a lot of business owners will typically register their business under is of a limited company so one of the first benefits of registering your business as a limited company structure is the fact that you gain company protection this basically means that no other business can use your company name okay to trade however you must be aware that sole Traders may still very well use your business name to trade so there is a difference if there is another company out there that is looking to form another business structure they are not going to be able to use your company name so it obviously offers you a level of protection that's trading as a sole Trader will not so it is something to consider if you are looking to actually build your brand and establish your business name in the long term and you want to make sure that the name of that business is protected and that no other company is actually able to use that in the future now another benefit that you will receive if you are actually registering your business under the limited company structure in this instance is that you will actually benefit from having increased tax efficiency so what this means is that in the UK a lot of businesses okay particularly companies tend to pay corporation tax on their profits now if you were to register your business under the limited company structure it will basically mean that you will be able to pay tax on your profits of anything between 19 percent to 25 now if you compare this with actually registering as a sole Trader or running your business as a sole Trader rather you could be paying anything right up to 40 tax on your profit so automatically you can see that there is quite a massive difference in terms of how much tax you could potentially pay if you chose to register your business under the limited company structure versus actually running your business as a sole Trader benefit you want to consider when you're thinking about registering your business under the limited company structure is the fact that you actually tend to gain better branding and better recognition Okay for your business now think about this as a business owner it's likely that at some point in the future you might want to apply for Grants you might want to get you know small business loans and other types of credit facilities now if you chose to actually register your business as a company structure your business just has a better reputation it has a better branding so when you register it under the limited company structure and this way a lot of lenders are more likely to actually want to lend to you or at least be willing to lend to you compared to if you actually run that business as a sole Trader there's definitely one aspect that you want to consider if you are thinking of your business longevity and also you're thinking of funding as part of running your business the next benefit you want to consider is the fact that you have limited personal liability now what this basically means is if you were to actually have issues as part of running your business where you you know you run into trouble and you couldn't pay your business debts and things like that then your business would actually be held liable for the repayments of those debts and Loans whereas if you were to run your business as a sole Trader okay so I.E not registering it under any particular company structure then whatever debts that arise as part of running that business would essentially be in your name okay in your personal name and you would personally be held liable to pay those debts so essentially if you're looking to actually register a company you know to run your business I'd suggest that these are some of the things you should definitely consider when it comes to thinking about the benefits of you know going with a limited company structure versus actually just running your business as a sole Trader what happens if you fail to register your business if you fail to register your business you are essentially running your business as a sole Trader okay so it's not legally compulsory for you to register your business if you wanted to register it as a sole Trader okay so you could just get up and decide you wanted to start catering business from home maybe if you've just started the business and you're not quite sure where or how it's going to proceed in terms of longevity and in terms of this financial viability of that business a lot of business owners will typically start their first one or two years running their business as a sole Trader and then eventually they will then register it under a formal company structure to actually reap those benefits that I mentioned earlier on let's talk about some of the factors to consider before you actually register your business the first thing to consider is the business name and the activities so it's important for you to choose a business name that kind of goes with what sort of activities you're going to be carrying out okay so if you're gonna start a food business for instance it's important for you to choose a name that kind of goes hand in hand with what you're going to be doing if you're going to be running a construction business it's it's important for you to likewise choose a name that people can recognize actually falls within that particular industry okay the second thing you want to consider is obviously the type of structure that you want to go with okay so have you decided whether you want to form a limited company structure or whether you want to form a charity structure or whether in fact a partnership structure might be what is actually best for the type of business that you are looking to run so it's very important to think about these things and the third thing you want to think about before you actually register your business is to think about the tax benefits okay so tax benefits is very very important because at the end of the day the reason you are in business is to make money and increase your bottom line in most cases anyway so it's very important that you think about the tax benefits that you would obtain on registering your business say as a limited company structure the versus registering your business to run as a charity or as a partnership structure so in order for you to actually register your business as a limited company you basically want to go on golf.uk okay and basically search for setting up a limited company now I think that this is actually a great page for you to start with because it basically highlights all the different steps that you need to take from the start right to till the end so the first thing you're going to need to do is to obviously check whether indeed certain about limited company is right for you okay so I did mention earlier on about some of the things you need to consider before you actually choose a limited company as the structure for you or not the second thing you must do is to obviously then choose a name okay and I think it's very important that you check whether the name you want is actually available okay so you can do this before you actually then proceed to start the business registration itself to check whether that name is available and at step three you will then be asked to actually choose your relevant directors of the company and the company's secretary that in most cases can be you it really just depends on who it is you're looking to appoint as a royal run director or directors of the company and the next step you'll be taking through is to decide who your shareholders are and also what their level of significance control over your company will be okay and finally one of the final steps is that you will then need to prepare the documents agreeing how to run your company now you can find out more by clicking this particular link here where it talks about the memorandum and articles of Association actually select this when you're registering so the commonly sales can use the one that they have if you wanted to you know create one yourself you could also do that but in most cases I find that the one that's available as part of the company registration process is good enough for most people okay and then the next thing is you'll need to check what records you will be responsible for when it comes to actually registering your company okay it's very important that when you're registering a company you need to be aware of what your responsibility abilities and Duties are going to be as part of now running a business under a company structure and this is a great page the way it tells you of your accounting records so what particular Financial details you need to keep okay and how long you need to keep those records for so very very very important and once you've gone through all that information you can then finally register your company okay so here at the very bottom of the page where it says register your company with companies house you basically click on that and that will take you to this page and the cost for it is 12 pounds and your business can be registered usually within 24 hours okay and to start that process all you need to do is to click register now okay so when you actually complete this entire process you will usually get a confirmation by the email that you've chosen you'll get a confirmation regarding the fact that you've registered that business business and then usually within a week or so a week a week and a half you should get some letters in the post so be do be careful that the address that you'll put in there is the address that you're going to use as your registered office address when you are looking to actually register your business because this is the address that hmrc companies house and any other government registration will actually be sending you relevant you know letters and correspondence too so it's important that you're able to pick up those meals um to whatever address it is that you actually select so I hope you found this video very useful I do recommend highly recommend that you watch some of these videos that come up here to give you some more guidance regarding you know company structures and also some more tips regarding running a business and some of the things you need to think about