Registering a business in the UK help

[19scott90]

Hello fellow small business forum users

I am currently in the process of writing a business plan and I have a few questions which I am hoping one, or a few (the more the merrier), of you may be able to answer for me:

I am wondering when / should an individual register there business at HMRC and what are the benefits?

I was also wondering if someone could explain when Corporation Tax becomes applicable to a business?

Any help would be greatly appreciated!

Regards Scott

[vangogh]

Welcome to the forum Scott. I'm sorry your question has gone unanswered. I can't answer specifically about the U.K. as I'm in the U.S., but I can offer some general thoughts.

I'm finding some information on the HMRC site. This article talks about your first steps registering (http://www.hmrc.gov.uk/selfemployed/register-selfemp.htm) and suggests registering as soon as possible. The article mentions a potential penalty if you don't and it looks like you can apply to not have to pay certain things if your business doesn't expect to make much income the first year.

I also found this guide on when you need to register for VAT (http://www.hmrc.gov.uk/vat/start/register/when-to-register.htm). It also explains when you don't need to register.

Sorry again it's taken so long to get a reply. Hopefully you see this and hopefully it's helpful.