Basics of company registration in the UK

by Admin Anoob

Are you planning to start a business on your own and make it totally legal in the UK? Probably you want to know more about company registration.

Why do you need a company?

You need to register your business and form a company because you want personal accounts to be separate from the business accounts. 

What is the structure of a company?

The company is like a different entity with its own income life and expenditure life. There are owners (or owner) and officials. The owners are shareholders and the officials are director and company secretary. The shareholders invest money and expect profit while the officials use the money according to the vision of the shareholders, keep record of each penny and lead the company to profit. If you are the only shareholder and you do all the work by yourself, you can be the shareholder, director and company secretary all by yourself. 

How to register a company?

Just go straight to the Government website and start the process. It will cost you £12 and will need an unique name not used by any other company. First you will have to create a Government Gateway ID and start the process. Once application is submitted, the registration will be complete within 24 hours. 

The next step is to register the company for Corporation Tax purpose with HMRC. You can do it at the end of the registration application. The whole process is much easier than the sound of it. Just keep an eye on your email inbox and respond promptly.

How does it work if you list your company with

It depends on what type of company you are. If you sell services, your name will be listed on Nattukaran and we don't have anything to do with the price you charge your customers. Therefore, the accounts will be a matter of your own company. You have to follow the government rules and manage the accounts on your own. But, if you list your products on Nattukaran and sell from this market place using our tools, your account will be part of our accounts.  Therefore, Nattukaran's account will cover your sales and expenditure that happened on the market place. When you draw your profit, your company has to add it to the accounts with your expenditure at Nattukaran (annual fee, commission etc...). If Nattukaran deducted any tax from the sales of your product, your accountant will explain how tax can be claimed back.

ഈ സംരംഭത്തിൽ ചേർന്നു നിങ്ങളുടെ വ്യാപാരം വളർത്തുവാൻ നിങ്ങളെ വിനയപുരസ്സരം സ്വാഗതം ചെയ്യുകയാണ്. ‘List your business’ എന്ന tab ഉപയോഗിച്ചാൽ നിങ്ങൾക്ക് സ്വയം പേരു ചേർക്കാവുന്നതാണ്. 

അടുത്തുള്ള നാട്ടുകാർ


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