New business questions business name , taxes e.t.c

top1900

Hi I have a few questions regarding new business name, taxes e.t.c

I have been working for firms for years in the building services , like plastering ,plumbing,tiling,heating,painting, so I would like to go out on my own , so be gentle with me as some of my questions might seem really silly and obvious

I would like to start up my own business as I have been made redundant and would like to give it a go as a sole trader

I have looked at the hmrc website but this confuses me more.

1 on hmrc tax paperwork and tax returns can I put my name as joe bloggs but have a business names like jb tiling , jb plastering, jb plumbing and heating.

You may ask why have more than 1 business name but on tradesman websites that customers use to find tradesman, I would like separate names as a lot of customers think jack of all trades and master of none.

2 If not are you allowed more than 1 business name on the tax forms are you allowed to be called your own joe bloggs on tax forms and have a business name jb building services for leaflets and business cards e,t,c

3 Business accounts can be expensive can I call my company jb building services and use a new personal bank account as my normal name joe bloggs as there will not be volumes of transactions going through it as i'm starting out , or is it whatever your business name is you have to have a bank account saying the same thing ?

4 If my name is joe bloggs and my business name is the same joe bloggs would I get tax reliefs on van insurance and road tax , laptop , a second mobile phone ?

5 What ever business name I choose be it my own name of joe bloggs or joe bloggs building services , do I have to register this name anywhere ? if so where and how much does it cost ? any ideas anyone ?

6 Tax returns year ends 4 april each year , if I put in my tax return in august 2014 for year ending april 4 2014 would I pay the tax in august 2014 or is it later on you pay it or pay it 2 times a year ?

Thanks for taking the time reading this , thanks for any replies

podperson

1. You can have a business name as a sole trader so it would go down as 'Joe Bloggs trading as JB Heating' etc. If you want to have several trading names then you would need to check with hmrc whether you would need to complete more than tax return for them. Sometimes they do request this but if it's similar businesses with low turnover to start with then they may allow you to just put all on one.

2. You can put what you like on business cards etc.

3. If you are a sole trader then there's no legal obligation for a business banking account but check the terms and conditions on your one and it's advisable to keep it separate from personal transactions.

4. You can claim certain things as business expenses but you won't be able to claim tax back unless you're VAT registered.

5. If you're a sole trader you don't need to 'register' your company name anywhere, just inform hmrc of your self employed status.

You used to either pay your tax in a lump sum when you submitted your self assessment or could make payments through the year to spread it out more and then pay any difference at the end. I wouldn't like to swear by that though as been a while since I did self assessment and they do like to change things Also check for your NI contributons.

Good luck with it.

LittleVoice

top1900 wrote: »

Hi I have a few questions regarding new business name, taxes e.t.c

I have been working for firms for years in the building services , like plastering ,plumbing,tiling,heating,painting, so I would like to go out on my own , so be gentle with me as some of my questions might seem really silly and obvious

I would like to start up my own business as I have been made redundant and would like to give it a go as a sole trader

I have looked at the hmrc website but this confuses me more.

1 on hmrc tax paperwork and tax returns can I put my name as joe bloggs but have a business names like jb tiling , jb plastering, jb plumbing and heating.

You may ask why have more than 1 business name but on tradesman websites that customers use to find tradesman, I would like separate names as a lot of customers think jack of all trades and master of none.

2 If not are you allowed more than 1 business name on the tax forms are you allowed to be called your own joe bloggs on tax forms and have a business name jb building services for leaflets and business cards e,t,c

3 Business accounts can be expensive can I call my company jb building services and use a new personal bank account as my normal name joe bloggs as there will not be volumes of transactions going through it as i'm starting out , or is it whatever your business name is you have to have a bank account saying the same thing ?

4 If my name is joe bloggs and my business name is the same joe bloggs would I get tax reliefs on van insurance and road tax , laptop , a second mobile phone ?

5 What ever business name I choose be it my own name of joe bloggs or joe bloggs building services , do I have to register this name anywhere ? if so where and how much does it cost ? any ideas anyone ?

6 Tax returns year ends 4 april each year , if I put in my tax return in august 2014 for year ending april 4 2014 would I pay the tax in august 2014 or is it later on you pay it or pay it 2 times a year ?

Thanks for taking the time reading this , thanks for any replies

1 You can operate under as many business names as you like. As a sole trader the tax return is about your income/profits, not one return for each individual business.

2 On your business stationery you would need to write "Joe Bloggs trading as JB whatever".

3 Your business bank account would also be designated like that, though cheques payable to JB whatever (without the Joe Bloggs part) would be accepted. You would need to make arrangements with your bank about accepting cheques made out to different "arms" of your business into just one account. They may not want to do that, in which case having separate names may not be helpful.

Banks have a clause in their terms and conditions for personal accounts which preclude your using them for business purposes. Especially given the idea of using something other than just your name as the business name, you would be rather stuck there.

4 The costs you mention are expenses of your business and as such are deductible from your business income. You pay tax on your profits, not your turnover.

5 No need to register your trading name. Do not pay to be put on a register - these are private enterprises, not official government sites.

6 Tax year ends 5 April each year.

Savvy_Sue

top1900 wrote: »

You may ask why have more than 1 business name but on tradesman websites that customers use to find tradesman, I would like separate names as a lot of customers think jack of all trades and master of none.

Not necessarily: I'm always very happy to find someone who can do all my little jobs! Something like JB Home Trades or JB Domestic Building Services maybe?

See, I think you need ONE business card with ONE name on it, showing all the trades you can offer. Imagine you're down the pub and someone is interested in your tiling, you don't want to be fishing through your wallet to get the 'right' card out for them!

DCodd

Is this domestic works or commercial works? If commercial and you have been or are going to be registered under the CIS then be carefull with names for your business.

A contractor can only pay the name of the person who is registered with HMRC if they are a sole trader unless you register as your name and trading as ****. Even then I have had problems with HMRC saying the person is not registered as they didn't have the trading as name officially registerd.

top1900

Hi thanks for the replies everyone it gives me great help in deciding what to do , I will be working for private customers and no site work ,