Changing name of business

[leeroy711]

Anyone changed the name of there business before? Is it easy to do and how do you go about it? Cheers guys /emoticons/smile.png

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[Hunty]

Are you Ltd or sole trader?

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[Dave B]

Sole trader it is easy

You just change the name

Inform hmrc on your next tax return

Job done

I am doing it at the moment as am going in a different direction with the business and it's about time to change

No idea about ltd

 

[leeroy711]

Yeah I'm sole trader. So I can change the name now daveyboy and just inform hmrc next time I do my tax return? Don't need to do anything else? That's what I'm doing too mate want something that will stand out on the side of the van more too

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[Dave B]

As far as i know with hmrc you can keep your old name and just add trading as (insert name)

 

[Alec]

Sole Trader works under his own name. Ltd company works under a given name & you are an employee..

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[luca]

I'm changing to Ltd in April, infact I already own it so gonna start it then but not changing any of my branding to include ltd as you can still be X- ltd trading as blah blahblah... so I assume you can have a few company names trading under the one ltd.

not sure if that's entirely relevant as your sole trader but I was pleased when my accountant told me so may ease other people's stress... changing all branding and print would of been a massive extra cost.

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[A.K WINDOWS]

What's the idea in going Ltd over sole trader I don't like the sound of it

 

[Alec]

If your limited you would have to include this under branding. Reason been is Limited means your not personally liable the limited company is & this is the security of been limited. a sole trader is personally liable...

 

[Alec]

What's the idea in going Ltd over sole trader I don't like the sound of it

Pay less tax and don't have to pay upfront either..

 

[A.K WINDOWS]

Pay less tax and don't have to pay upfront either..

You get corporation tax so how's that less?

 

[Alec]

You get corporation tax so how's that less?

Corporation tax is less than personal matey as you can pay yourself a flat wage of £200pw then a dividend which works out cheaper, also NI is less & your not paying tax upfront like sole traders do..

 

[A.K WINDOWS]

Pay less tax and don't have to pay upfront either..

You get corporation tax so how's that less?

Corporation tax is less than personal matey as you can pay yourself a flat wage of £200pw then a dividend which works out cheaper, also NI is less & your not paying tax upfront like sole traders do..

Yeah I get that mate but all this paying ya sen min wage I don't then giving your sen a loan don't make sense to how do you gonknnif you want 400 one week for a holiday or something you take a loan from your business but how do you declare.that?

 

[Alec]

You get corporation tax so how's that less?


Yeah I get that mate but all this paying ya sen min wage I don't then giving your sen a loan don't make sense to how do you gonknnif you want 400 one week for a holiday or something you take a loan from your business but how do you declare.that?

I'm no accountant & it was many years back when I had a limited company. It's not a loan, it do t have to be minimum wage either.. from a tax point of view your better of limited, however, this would depend on expected earned income & wether your going to declare the lot to the inland revenue. If your going to earn say 30K plus & declare every penny then limited maybe better..

 

[A.K WINDOWS]

Yeah but there's no avoiding tax no matter what u do is there.I couldnt care less about tax, I tax myself every month so don't miss it or have to find it ..you have to pay tax on profits in your bank account won't you ?

 

[Cristian]

It's 20% on your company profits

 

[Alec]

View attachment 13572 It's 20% on your company profits

In a limited company you pay tax on what you draw.. If you see a top accountant he will help you to pay the minimum. Sole trader is dif you pay tax on profit regardless..

 

[luca]

If your limited you would have to include this under branding. Reason been is Limited means your not personally liable the limited company is & this is the security of been limited. a sole trader is personally liable...

I think there's cloudy areas here... I'm simple clean... I own simple Clean ltd... my vans, receipts etc could stay as simple Clean as it would just be a company that simple Clean ltd is trading as... (I may have to add simpleclean ltd trading as... in small somewhere) but wouldn't have to rebrand totally... the rest is right as I understand it?!

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[Hawke]

Corporation tax is less than personal matey as you can pay yourself a flat wage of £200pw then a dividend which works out cheaper, also NI is less & your not paying tax upfront like sole traders do..

Tax on Dividends is cheaper and there is no personal liability on the Director although they may still be pursued by creditors.

However, need to pick you up on the fact that no-one pays tax upfront. Although many people don't take the time to understand Self Assesment.

 

[Matt Clarke]

I went Ltd a few years ago after moving into more property maintenance side as accountant said if I damage a property as sole trader I could be sued and lose my house. As Ltd it's only the company gets sued. Also you do pay less tax but my accountant fees went up as he had to do more 'work'. After a couple of years went back to sole trader as the maintenance side wasn't cost effective running round doing quotes getting prices for materials trying to earn the same as just windys. So now I do mainly windys and maintenance stuff for repeat not the suing type of custy

 

[A.K WINDOWS]

Just can't see the point if your a windy...if your into building work then I see it.

It's a piece of **** been a sole trader I'll stay like that