Sorry you didn't find it useful. What did you want to know?

Yes, you will need to maintain a registered office address for the duration of your limited company.

@@business4beginners Do you think we will receive important mail the second year?

@@bassamusic You'll need to have something setup to receive statutory mail as a minimum. This is so HMRC and other Government departments can contact you regarding important matters such as legal or tax issues.

Good luck!

Sorry, could you clarify what you mean? Do you mean how do you register a company name? Or do you mean the 'trading as' name?

@@business4beginners No worries! 👍 I was basically referring to Trading name also known as just a operating/business name which is not the official name of an LTD. Do we've to get it registered somewhere just like we register a company name?

@@Mohammad65372 No need to register trading names unless you want to register it as a trade mark. Only the official business name needs registering.

​@@business4beginners Thank you for your time, Looking forward to more educational content.

@@Mohammad65372 No problem, good luck with your business!

It's not compulsory but you may find some services (such as a bank account) are more difficult if you opt for a package other than the non-residents one. I'd recommend talking to 1st Formations support to get their advice on your specific situation.

@@business4beginners I already have a bank account where I reside

@@WebSolven I'd still recommend checking with 1st Formations that the Professional package will suit your needs 👍

The type of business you want to run isn't so important, if you go for the non-residents package that will most likely cover what you need for any type of business.

Thanks, glad you found it useful!

That's something you'd need to ask the bank about.

@@business4beginners I did they said I had to do something at hmrc to notify them , but it's them who I changed the name with 😂

You complete an annual self-assessment each year, so you don't have to worry about monthly fluctuations - your liabilities are calculated based on your annual profits. You just have to make sure you put enough aside each month so you can cover your tax bill at the end of the year.

@@business4beginners so do u calculate each month is profit individually so u can put aside tax bill

@@A4m3d1 Yes, that's what I do. If you use accounting software it will usually having a running estimate of your tax due so you can keep an eye on whether you're saving enough.

@@business4beginners What accounting software do you recommend for this?

@@A4m3d1 We use FreeAgent but you can see all our recommendations and ratings here: www.business4beginners.co.uk/accounting-software-reviews-uk/

Easiest way is to use the flat rate use of home calculations: www.gov.uk/simpler-income-tax-simplified-expenses/working-from-home - otherwise there's a calculation you can do based on number of rooms in the house, how many hours you use them for business, etc. This is then used to claim a proportion of bills like council tax, utility bills, etc.

An excel sheet will work if you have a fairly simple setup, otherwise we'd recommend getting accounting software on a sole trader plan. We have recommendations here: www.business4beginners.co.uk/best-accounting-software-for-sole-traders/

We aren't really experts on visas I'm afraid. However there is an Innovator Founder visa you can check out: www.gov.uk/innovator-founder-visa

Nope, FreeAgent includes their Payroll features as part of your subscription - there are no additional fees to use it. Personally, we prefer to use FreeAgent for all our invoices - this way, it keeps all the financial reporting in one place and makes it quicker and easier to attach invoices when you're explaining transactions in the bank feed.

Fantastic, thank you so much for your kind words. I wish you the best of luck with your business venture!

These are good questions and should be directed at 1st Formations customer support to ensure you get the most accurate answer. However, some things like the Registered Office address have to be a UK address. You wouldn't need to continue using 1st formations for this but would need an alternative solution and would need to update your company details accordingly. In terms of mail forwarding, you usually will pay postage fees + a fixed amount per item, so yes it would be more expensive to forward to an address abroad. There are also digital options too, where your mail is scanned and sent to you as a PDF instead to remove the postage costs. I would strong recommend talking through the various options directly with 1st Formations.

@@business4beginners Thank you for your support. I have asked them on KZfaq but have not received a response yet. Maybe I should email them. Also, do you have any instructions for registering a Wise account and a PayPal account using UK company information?

@zuybello8106 Yes I'd definitely contact their support team via their website. It may be that the people managing the social media accounts aren't customer support agents. Sorry we don't have anything on Wise and PayPal accounts

Dividends don't reduce your Corporation Tax as they're not classed as an expense. This is why most will pay themselves partly in salary (which does come off your Corporation Tax bill) and partly in Dividends.

As we mention in the video, we have been using FreeAgent ourselves for 8+ years and our recommendation is based on our own experience during this time. We still use FreeAgent as our main accounting software to this day. We haven't been paid to produce the video but we do get a small commission should you choose to use our referral code (and you also get a 10% discount for life).

Could you clarify exactly what you mean by 'registered brand'? Do you mean a registered trademark? If so, you would at least need to update the registered owner of the trademark, if not revoke your rights to it completely. This page should help: www.gov.uk/update-or-surrender-trade-marks

Glad it was helpful!

If I've understood correctly I think you're saying that you are already employed elsewhere (by a company you don't own) and in the higher tax bracket, but alongside this you have your own limited company and you want to know the best way to extract profit from the company in addition to your normal PAYE salary? If so, there would likely be little point paying a salary from your limited company as you'll already be maxing out your allowance. The only benefit would be the salary would be an expense for your limited company and help to reduce corporation tax. However, in most situations like this, it's more efficient to pay a dividend instead of a salary. I'd recommend speaking to an accountant or tax specialist on this as they can look at your specific situation and earnings and give you qualified advice. However you structure it, if you have earnings that haven't been taxed through PAYE, you would need to submit a self-assessment each year to pay any tax due. Of course, another option, depending on your situation and long-term plan is not to pay yourself from your limited company at all. Instead you could choose to keep the money in a business savings account. This may be a good idea if you intend on switching to work on your company full time in the future as it will be more tax efficient to extract the profit once you are no longer earning enough to be in the higher tax bracket.

@@business4beginners Yes you understood my question and thanks for the advice 👍🏼 appreciate your time to reply

@@jonathanferry6604 No problem, glad I could help.

You can, providing you notify Companies House of any changes: www.gov.uk/make-changes-to-your-limited-company However, keep in mind that having 100 shares isn't necessarily a bad thing. In fact, I generally advise people to issue 100 shares as each share is equal to 1% of the company. This makes it easier if you decide to sell a share in your business in the future.

@@business4beginners Thank you 👍

Thanks, I'm glad you found it useful.

I don't see why not but I'd recommend asking FreeAgent support to confirm before purchasing.

If you already have your accounts in order, you'll need to record all the details on your tax return and get it submitted before the deadline. If you don't have your accounts sorted, that needs to be your first step so you know what income/expenditure to put on the return. That will involve going back through your bank accounts for all your business-related transactions. Our full article might help you www.business4beginners.co.uk/how-to-pay-tax-as-a-sole-trader/ and we have information on bookkeeping here: www.business4beginners.co.uk/basic-bookkeeping-beginners/ - if you prefer to use accounting software to do it (many allow you to submit your tax return via their software to make it easier) we have recommendations for sole trader software, here: www.business4beginners.co.uk/best-accounting-software-for-sole-traders/

Not really my area of expertise I'm afraid. You would need to consult with someone experienced with visas on this.

Yes - as long as the travel expenses were incurred solely for business reasons and weren't part of a normal commute to/from your business location.

@@business4beginners ok thank you do you offer any paid services in regards to using free agent

@@mattclassic1 We don't I'm afraid. What were you looking for help with?

@business4beginners well I've just started trading on ebay so I need a half decent software to log inventory and sales and to make it easier with self assessment it's ok im new to all this 👌

@@mattclassic1 I think FreeAgent might work for you but might be worth checking their knowledgebase (support.freeagent.com/hc/en-gb) first. If that doesn't help, speak to their customer support - I've always found them really helpful.

No problem, I'm glad it helped. Most people find it all very daunting the first time they start a business (myself included). However, once you get going you'll be fine! If it helps, we also created startuphive.co.uk to give a step-by-step process to follow. It's free to join.

We use FreeAgent ourselves, we have a review of them here: kzfaq.info/get/bejne/rZtilbKCnbLGm58.html

Have you reached out to their customer support about this?

You should use the 'limited' ending.

@@business4beginners I will resubmit the request for proof of address with the addition of Limited thx bro❤️

1) Technically yes, but 'CEO' is just a title. You can call yourself whatever you feel is appropriate. 2) You don't have to 'appoint' yourself as the CEO 3) No 4) This is when the owner takes money out of the business. This can be done via dividends or by using a directors loan account.

@@business4beginners Thank you! And Do you guys have an Article Regarding how to pay yourself salary, like a step by step tutorial?

@@Mohammad65372 Not step by step as such but a couple of articles that should help: www.business4beginners.co.uk/extract-profit-limited-company/ and www.business4beginners.co.uk/payroll-for-dummies/

@@business4beginners Now that's worth reading 🤩

@@Mohammad65372 Thanks! Glad it helped.

You're not paying monthly or in advance so this shouldn't matter. At the end of the tax year you simply look at overall income over the previous year and calculate the tax on the total of it all added up. This is why you'll want to keep clear records throughout the year to make working it out easier.

@@business4beginners ah so your income so if your a youtuber you check your yearly earnings and keep track of the money you made every month for 12 months. Then 20% is tax. And you simply pay that by JANUARY 31st.

@@fwplayz_0 Yes, pretty much bang on. So for example, the tax year ends on 5th April this year, so after this date you would calculate your earnings for the previous 12 months. Then you have until Jan 31st 2025 to submit your return. The records you keep are to help you work out the correct amount to pay, and to be able to prove you've paid the right amount 'IF' HMRC were to every want to check it. the amount of tax you'll pay won't be exactly 20% but for most people it ends up being around 20-25% depending on your personal tax allowance, national insurance contributions, etc.

@@business4beginners ah tganks

Yes you are self-employed but that doesn't mean you're a sole trader. We've explored the difference in this article: www.business4beginners.co.uk/difference-sole-trader-self-employed/

This, unfortunately, is one of the issues in the UK. You can be a company director before you're 18 but every limited company needs it's own bank account. Most banks won't allow under 18's on company bank accounts so it becomes a bit of a catch-22 situation. We have an article about it here: www.business4beginners.co.uk/how-to-start-a-business-under-18/ Unfortunately, there's no easy solution. You can try a few different banks as some of the smaller banks can be more flexible. If you're still struggling, asking someone over the age of 18 to be a director in the company and handle the financial side is one option. Or you might prefer to be a sole trader until you're 18. If you are a sole trader, you can use any bank account to trade - though you don't have the same legal protections as a limited company so it still has drawbacks.

I'm not sure on this one I'm afraid, please consult with your accountant.

If you manage to find the time to reply to this comment thank you and could you please help me understand what she means by claims whole price in accounts

You would be best off asking the accountant to explain exactly what she means. You cannot charge VAT on sales unless you're VAT registered but other businesses will still charge you VAT on purchases if they are registered. If you are VAT registered you can offset what you spend on VAT vs the VAT you charge your customers. However, if you're not VAT registered, there isn't a way (that I'm aware of) to 'reclaim' the VAT you pay. However, I'm not an accountant so you'd be best off asking a trained a professional.

I'm afraid I wouldn't know about that. You'd have to contact Wise - we don't have anything to do with them.

Yes so the name you register at Companies House will be your official company name and you'll need to use it on official documents and legal agreements. However, you can choose to 'trade as' an entirely different name so your customers know you as something else. For example, our registered company name is Cubed Media Ltd but we are 'trading as' Business4Beginners.

​​@@business4beginners İ would love to learn more about this in detail like for example, How to actually do it? Will I've to visit The Companies House website, to get a different trading name? And regarding Business Bank account, what name would that be under? Registered name or Trading? And all the invoices customers might get, again what name would that fall under? Btw i run a Shopify store. Mate! We would greatly appreciate if you could make a detailed video about this concept, because i haven't been able to find anything regarding this online.

@@Mohammad65372 Thanks, I'll see what we can do. In short, you need to use your official company on any official documents. That would include things like bank accounts and invoices. Your 'trading' name can be used for your website (though your website should still include your official name on pages like terms) and emails you send to customers.