Do you put your legal name or a business name on the invoice? Or both? I have a business name and trade under that and not my name.
@business4beginners18 күн бұрын
You'll need to include your legal name but you can also choose to add your business name too if it helps your customers recognise who the invoice is from.
@haarew833616 күн бұрын
@@business4beginners Thank you for your answer. If I am not yet registered as a sole trader (I am trading, because I do not make yet £1000) do I still have to put my legal name and business name? If I do not put legal name as a sole trader, is that illegal?
@business4beginners14 күн бұрын
@@haarew8336 Yes you need to include your name as a sole trader. You can see the full list of legal requirements here: www.gov.uk/invoicing-and-taking-payment-from-customers/invoices-what-they-must-include
@nexgenpcshopАй бұрын
If I'm a non-resident of the UK and I choose the Prestige package, what problems might I encounter in the future regarding the company?
@business4beginners28 күн бұрын
This is one that would be best answered by a specialist accountant or an expert in your resident country. Sorry I can't help.
@barandbeyond3763Ай бұрын
Explained nothing
@business4beginnersАй бұрын
Sorry you didn't find it useful. What did you want to know?
@bassamusicАй бұрын
Do I need a registered office address 2nd year?
@business4beginnersАй бұрын
Yes, you will need to maintain a registered office address for the duration of your limited company.
@bassamusicАй бұрын
@@business4beginners Do you think we will receive important mail the second year?
@business4beginnersАй бұрын
@@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.
@liutenant-blob_pond2 ай бұрын
Thanks,now I just gotta redo my business ideas
@business4beginners2 ай бұрын
Good luck!
@Mohammad653722 ай бұрын
Also As per Companies House, I see that the word UNITED KINGDOM isn't included in the list of sensitive words. Would I still need to provide some supporting evidence to use the word "UNITED KINGDOM" . ? Examples: UNITED KINGDOM BAKERY LTD UNITED KINGDOM PRINTING PRESS LTD UNITED KINGDOM NEWS LTD UNITED KINGDOM CERAMICS LTD UNITED KINGDOM PLANTING TRESS LTD UNITED KINGDOM WASHING AND CLEANING SERVICES LTD
@Mohammad653722 ай бұрын
Where & How do i register the Trading name?
@business4beginners2 ай бұрын
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?
@Mohammad653722 ай бұрын
@@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?
@business4beginners2 ай бұрын
@@Mohammad65372 No need to register trading names unless you want to register it as a trade mark. Only the official business name needs registering.
@Mohammad653722 ай бұрын
@@business4beginners Thank you for your time, Looking forward to more educational content.
@business4beginners2 ай бұрын
@@Mohammad65372 No problem, good luck with your business!
@WebSolven2 ай бұрын
being a non-resident planning to run a web design agency, I find that the Professional package is something im interested in. Is it compulsory for me to go for the Non-Resident package as I am a non resident or would the Professional Package work just fine?
@business4beginners2 ай бұрын
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.
@WebSolven2 ай бұрын
@@business4beginners I already have a bank account where I reside
@business4beginners2 ай бұрын
@@WebSolven I'd still recommend checking with 1st Formations that the Professional package will suit your needs 👍
@business4beginners2 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/demand-for-using-an-unlicensed-stock-image/
@usmantariq69753 ай бұрын
Best company registration package ,for non resident digital marketing agencies?
@business4beginners3 ай бұрын
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.
@barandbeyond37633 ай бұрын
Not bad, good stuff mate. Christmas parties was one I wasn’t sure on! Nice one
@business4beginners3 ай бұрын
Thanks, glad you found it useful!
@business4beginners3 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/converting-an-llp-to-a-uk-limited-company/
@cinspain084 ай бұрын
I've changed my company name but when setting up a bank account it still shows the old one on their forms
@business4beginners4 ай бұрын
That's something you'd need to ask the bank about.
@cinspain084 ай бұрын
@@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 😂
@business4beginners4 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/how-to-buy-a-business-in-the-uk/
@business4beginners4 ай бұрын
📌 Full Guide - Get All 15 Suggestions: www.business4beginners.co.uk/top-sustainability-certifications/
@A4m3d14 ай бұрын
What if you’re making £60,000, one month then £30,000, then £10,000 it’s just not fixed profit. Can I calculate tax and ni tax for every time I make profit that month
@business4beginners4 ай бұрын
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.
@A4m3d14 ай бұрын
@@business4beginners so do u calculate each month is profit individually so u can put aside tax bill
@business4beginners4 ай бұрын
@@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.
@A4m3d14 ай бұрын
@@business4beginners What accounting software do you recommend for this?
@business4beginners4 ай бұрын
@@A4m3d1 We use FreeAgent but you can see all our recommendations and ratings here: www.business4beginners.co.uk/accounting-software-reviews-uk/
@KARNOL___34k4 ай бұрын
www.youtube.com/@KARNOL___1k
@business4beginners5 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/using-dormant-companies/
@cinspain085 ай бұрын
The information is good but how do you claim back for using one room in your house as an office for example , like council tax etc
@business4beginners5 ай бұрын
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.
@cinspain085 ай бұрын
So where's the best place to keep track of all your incoming and outgoing, just an excel sheet etc ?
@business4beginners5 ай бұрын
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/
@giuseppebonelli5 ай бұрын
Good moorning I have got a question for you, If I incorporate a Company in UK but I am not resident what kind of visa Do I Need for go to the UK?
@business4beginners5 ай бұрын
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
@MarkHepburn-be2rx5 ай бұрын
Do you have to pay more for payroll and is it better to send invoices through the bank app or free agent itself?
@business4beginners5 ай бұрын
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.
@elliesmithyoga6 ай бұрын
Exactly what I needed. Just submitted as a non-UK resident and now waiting to hear back if successful or not. Thank you so much for this and all the other videos. I'd have gotten myself in a right state without them.
@business4beginners5 ай бұрын
Fantastic, thank you so much for your kind words. I wish you the best of luck with your business venture!
@business4beginners6 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/running-a-uk-limited-company-from-abroad/
@zuybello81066 ай бұрын
I am considering using the Non-Residents Package. I know that this package includes three free services: Registered Office Address, Service Address, and Business Address. I want to inquire about what happens after the initial year of free usage for these three addresses. If I choose not to renew, which address will I be required to provide? As a non-UK citizen, can I use my country of residence as the Forwarding Address? If so, are there any additional costs associated with mail delivery to an address in my country of residence? Thank you!
@business4beginners6 ай бұрын
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.
@zuybello81066 ай бұрын
@@business4beginners Thank you for your support. I have asked them on KZbin 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?
@business4beginners6 ай бұрын
@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
@Mohammad653726 ай бұрын
For example: İm the only Director, I've 15k in profits, can i take all of 15k out as Dividends? And Just Pay Divinded Tax and not Corporation tax?
@business4beginners6 ай бұрын
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.
@coolmonkey6196 ай бұрын
Are you getting paid by free agent
@business4beginners6 ай бұрын
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).
@teamuae8066 ай бұрын
"Good morning, I'm interested in closing my limited company along with its registered brand. While I'm familiar with the process of closing a limited company, I'm uncertain about the implications for the brand. If I close the company, will the brand automatically be closed as well? If not, could you please advise me on the procedure for closing a registered brand in the UK?"
@business4beginners6 ай бұрын
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
@business4beginners6 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/start-business-as-heating-engineer/
@yen8026 ай бұрын
Yes, a lifesaver for a foreigner looking to create a company in the UK. I'm glad I searched for this online, or I might have run into trouble with natural control and shareholding issues.👍👍😅😂
@business4beginners6 ай бұрын
Glad it was helpful!
@jonathanferry66046 ай бұрын
Hello, looking for some further advice please. I’m already employed and in the higher tax bracket. Would I still out myself as the ltd company director? Also, What would be the best way to pay myself any and do I just have to fill in an end of year tax return to declare those extra earnings on top of my salary? Thanks
@business4beginners6 ай бұрын
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.
@jonathanferry66046 ай бұрын
@@business4beginners Yes you understood my question and thanks for the advice 👍🏼 appreciate your time to reply
@business4beginners6 ай бұрын
@@jonathanferry6604 No problem, glad I could help.
@user-mj4xp7wi3p7 ай бұрын
I stupidly added 100 shares in a ltd company @ 00.01. Theres only me in the company ,Can i get rid of these.
@business4beginners7 ай бұрын
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.
@user-mj4xp7wi3p7 ай бұрын
@@business4beginners Thank you 👍
@FilipLjungberg7 ай бұрын
This is very helpful
@business4beginners7 ай бұрын
Thanks, I'm glad you found it useful.
@sammccarthy19817 ай бұрын
Can I use this if our customers are using coupa?
@business4beginners7 ай бұрын
I don't see why not but I'd recommend asking FreeAgent support to confirm before purchasing.
@business4beginners7 ай бұрын
📌 Full Guide: www.business4beginners.co.uk/when-to-register-business-with-hmrc/
@SuccessfulSpectrum7 ай бұрын
It’s the 31st in few days, I just found out now I need to submit a tax return, what should I do I don’t want a fine.
@business4beginners7 ай бұрын
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/
@TheFuzy117 ай бұрын
👍🏾
@user-gf9bi2vs2i7 ай бұрын
Can I get a visa to the UK as an entrepreneurship, with my company?
@business4beginners7 ай бұрын
Not really my area of expertise I'm afraid. You would need to consult with someone experienced with visas on this.
@mattclassic17 ай бұрын
As a sole trader can you claim for travel expenses
@business4beginners7 ай бұрын
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.
@mattclassic17 ай бұрын
@@business4beginners ok thank you do you offer any paid services in regards to using free agent
@business4beginners7 ай бұрын
@@mattclassic1 We don't I'm afraid. What were you looking for help with?
@mattclassic17 ай бұрын
@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 👌
@business4beginners7 ай бұрын
@@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.
@Mpharm177 ай бұрын
Thankyou for a short and snappy explanation. Best wishes. Im new to this and very nervous as a startup business
@business4beginners7 ай бұрын
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.
@mattclassic17 ай бұрын
Do you know any good accounting software
@business4beginners7 ай бұрын
We use FreeAgent ourselves, we have a review of them here: kzbin.info/www/bejne/rWaVk4KHbbGVoc0
@-Amaterasu18 ай бұрын
When i made all this they asked to pay for business adress three time 26 * 3 known that i choosed package includ adress
@business4beginners8 ай бұрын
Have you reached out to their customer support about this?
@user-mb9ft6nu5g8 ай бұрын
When the residence address is requested to be documented and the residence documentation is requested to include the name of the company, should I put the company name with or without the ending “limited”?
@business4beginners8 ай бұрын
You should use the 'limited' ending.
@user-mb9ft6nu5g8 ай бұрын
@@business4beginners I will resubmit the request for proof of address with the addition of Limited thx bro❤️
@Mohammad653728 ай бұрын
Asking as an NON RESIDENT 1.) Do you automatically become the CEO if you're the only Director in an LTD? 2.) If not, then how and from where do you appoint yourself as the CEO? 3.) Is appointing yourself as a CEO even necessary? 4.) And What's a Owners Withdrawal?
@business4beginners8 ай бұрын
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.
@Mohammad653728 ай бұрын
@@business4beginners Thank you! And Do you guys have an Article Regarding how to pay yourself salary, like a step by step tutorial?
@business4beginners8 ай бұрын
@@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/
@Mohammad653728 ай бұрын
@@business4beginners Now that's worth reading 🤩
@business4beginners8 ай бұрын
@@Mohammad65372 Thanks! Glad it helped.
@fwplayz_08 ай бұрын
What if you dont know how much u make? Like 1 month its 2k then 3k
@business4beginners8 ай бұрын
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.
@fwplayz_08 ай бұрын
@@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.
@business4beginners8 ай бұрын
@@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.
@fwplayz_08 ай бұрын
@@business4beginners ah tganks
@NoneNone-ko9cd8 ай бұрын
Are you considered self employed if you're a CEO in your own LTD?
@business4beginners8 ай бұрын
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/
@user-gf9bi2vs2i8 ай бұрын
Thanks for your help earlier. I'm 17 and I've successfully created a company in the UK. However, I'm confused about how to create a business bank account since most banks require you to be 18. Can you assist me with this issue?
@business4beginners8 ай бұрын
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.
@dianwijaya16048 ай бұрын
Hi, I want to ask, when making a transfer, for example a transfer from a bank in the US to a foreign country such as Indonesia, are we required to input the VAT code, IFM code and TAX code? I was asked to input this transaction code
@business4beginners8 ай бұрын
I'm not sure on this one I'm afraid, please consult with your accountant.
@FunnyPuppys8 ай бұрын
Hi this video is so helpful thank you very quick very informative. So I started a a shopify store I showed my friend my store and the first thing he said was are the prices with or without VAT. I asked my accountant and she informed me to not register until I hit a certain amount of sales which I believe was 85k. My accountant told me he can claim whole price in accounts and get the VAT back that way unless he’s buying 85k of stuff off me which he isn’t.
@FunnyPuppys8 ай бұрын
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
@business4beginners8 ай бұрын
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.