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|Original Message Added : 9 Jul 2010 - (Edited : 9 Jul 2010)|
I decided to set up on my own a couple of years ago but after spending too much time trying to think of a company name I just used my own name. I'm registered as self employed/sole trader with the HMRC but now I have a proper company name how do I go about changing this and registering it? Is it case of HMRC just changing the 'name' from mine to the one I now have and is it a quick process and are there any fees involved?
|Reply : 9 Jul 2010|
However, my experience might be relevant. I first registered with HMRC as self employed doing a variey of professional music work (I still am). When I created my business coaching company, I set up Jeremy Marchant Limited and traded under that name. When I decided that emotional intelligence at work was a better name, I simply defined it as a brand owned by JML and traded under that name. JML is still the legal entity, and that's the point.
Your company is a different legal entity from you. You can't change one into the other. You will have to continue filing a personal tax return, albeit part (all) of your income will be from the company. You will have to file returns for the company as well from its date of inception.
|Reply : 12 Jul 2010|
I don't think Jeremy knows what you're asking.
All you need to do is contact HMRC and inform them that you will now be known as Glen (last name) Trading As 'New Company Name'.
They will tell you if you need to do anything or sign anything. Generally they are very helpful people. If you need any more help or advice please feel free to contact me.
James R. Cook - Business & Personal Development Consultant
|Reply : 16 Jul 2010|
You are already registered with HMRC as a sole trader. The self employed section of the tax return requires you to give the business name if it is not your own. This does not need to be notified to HMRC before the tax return is submitted.
Jeremy refers to a "company" in the sense of a Limited Company which is a separate legal entity but a sole trader choosing to use a business name does not amount to a separate legal entity.
Registration of a business name for a sole trader is not compulsory but you should always check out a name before using it and there are plenty of businesses offering to check names out for you although this is relatively easy to deal with yourself. There could be downsides in using the name that you have chosen in that a business could have used a very similar name and gone bust for example or the name you want to use is too close to that of another trader who might take legal action to stop you using it and possibly claim damages. Registration of your business name can help to protect it by putting people off registering similar names. Many businesses will also protect a name by acquiring a dormant limited company simply to register the name at Companies House.
I hope your new business name works for you.