Both self employed...setting up our own company...do we register?

Question

Hi all,

My friend and I are both registered self employed as dancers to the inland revenue. We are now going into partnership to set up a dance agency....do we need to register the company name with anyone?

Answer 1

Same answer as your other question.

Good luck

Answer 2

Hi

Firstly you need to be aware that sole trader, partnership and company are different beasts so you need to be clear not to confuse them.

If you are already self employed, you will already be registered with the Revenue independently and will be filling in tax returns. This is a good start.

If you have set up a partnership, then yes you do need to tell the Revenue. http://www.hmrc.gov.uk/partnerships/ This is not about registering the name, simply about getting the fact that you are in partnership into the tax system. There is no mechanism for registering business names unless you use things like the patent act or trade mark legislation.

You will then have to do a set of partnership accounts and fill in an annual partnership tax return. This provides the numbers which then get transferred onto a new sheet on each of your personnal tax returns, from which your personal tax liabilities are calculated.

If you have a company, then the name is 'protected' in that no one else can have a company of the same name on the UK register.

Your accountant can help with this