{"id":163465,"date":"2024-03-05T08:26:27","date_gmt":"2024-03-05T08:26:27","guid":{"rendered":"http:\/\/chrisw92.sg-host.com\/?p=163465"},"modified":"2024-06-25T15:33:41","modified_gmt":"2024-06-25T14:33:41","slug":"when-do-you-have-to-register-a-business","status":"publish","type":"post","link":"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business","title":{"rendered":"How To Register A Business: Do I Have To?"},"content":{"rendered":"<div class='booster-block booster-read-block'><\/div><p><strong>If you currently, or aim to, own a business in the UK, it&#8217;s imperative to learn the different business structures open to you and whether you need to register that business officially.<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">RealBusiness has put together an article, to ensure we can help business owners stay ahead of UK Government regulations and make informed decisions about when, or if, to register a business, whether you\u2019re a sole trader or a limited company.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-684fe29607b1c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-684fe29607b1c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#What_Are_The_Different_Business_Structures_Available\" >What Are The Different Business Structures Available?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Sole_Trader_Versus_Separate_Legal_Entity\" >Sole Trader Versus Separate Legal Entity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#When_Must_A_Business_Owner_Register_With_HMRC\" >When Must A Business Owner Register With HMRC?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Tips_For_Registering_Your_Business_With_HMRC\" >Tips For Registering Your Business With HMRC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#When_Is_The_Absolute_Cut-Off_For_Registering_Your_Business\" >When Is The Absolute Cut-Off For Registering Your Business?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#When_Do_You_Register_A_Business_To_Become_A_Limited_Company_Via_Companies_House\" >When Do You Register A Business To Become A Limited Company Via Companies House?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Tips_For_Registering_With_Companies_House\" >Tips For Registering With Companies House<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#When_Is_The_Cut-Off_Date_For_Registering_With_Companies_House\" >When Is The Cut-Off Date For Registering With Companies House?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#What_If_Sole_Traders_Want_To_Register_Their_Business_On_The_Companies_House_Register\" >What If Sole Traders Want To Register Their Business On The Companies House Register?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Responsibilities_Of_A_Registered_Business_In_The_UK\" >Responsibilities Of A Registered Business In The UK<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#When_Do_I_Need_To_Register_My_Business_For_National_Insurance_Contributions\" >When Do I Need To Register My Business For National Insurance Contributions?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Do_I_Need_A_National_Insurance_Number\" >Do I Need A National Insurance Number?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/realbusiness.co.uk\/when-do-you-have-to-register-a-business\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"What_Are_The_Different_Business_Structures_Available\"><\/span><b>What Are The Different Business Structures Available?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The following is a quick rundown of the different business structures available in the UK:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sole Trader &#8211; <\/b><span style=\"font-weight: 400;\">A Sole Trader business is the simplest available business structure. The main defining factor of this business structure is that the business owner is personally responsible for all business debts. They also must pay income tax on business profits and national insurance contributions through a self-assessment tax return form.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Limited Company <a href=\"https:\/\/realbusiness.co.uk\/should-you-set-up-a-separate-limited-company-for-your-new-venture\">&#8211; A limited company<\/a> is considered a separate legal entity from the business owner. This means that personal and business assets are separate, and the owner is not liable to pay any debts the company incurs. This limited liability of the business owner essentially protects them. They also pay corporation tax, which is much lower than normal taxes, and file company accounts with the company.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Partnership &#8211; <\/b><span style=\"font-weight: 400;\">A partnership is considered a business where two people share the title of business owner. Each pays their tax returns based on their share of the partnership profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited Liability Partnerships &#8211; <\/b><span style=\"font-weight: 400;\">An LLP combines the flexibility of a partnership, with the limited liability of a limited company. Each partner pays income tax on the share of their business profits and national insurance contributions.<\/span><\/li>\n<\/ul>\n<h3><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-191689 aligncenter lazyload\" style=\"font-size: 16px;\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-scaled.jpg\" alt=\"Online Registration of a Business\" width=\"929\" height=\"821\" \/><noscript><img decoding=\"async\" class=\"wp-image-191689 aligncenter lazyload\" style=\"font-size: 16px;\" src=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-scaled.jpg\" alt=\"Online Registration of a Business\" width=\"929\" height=\"821\" srcset=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-scaled.jpg 1200w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-300x265.jpg 300w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-1024x905.jpg 1024w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-1536x1357.jpg 1536w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_1049123015-min-2048x1809.jpg 2048w\" sizes=\"(max-width: 929px) 100vw, 929px\" \/><\/noscript><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Sole_Trader_Versus_Separate_Legal_Entity\"><\/span><b>Sole Trader Versus Separate Legal Entity<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are a multitude of pros and cons for both a limited company and a sole trader, especially when taking into account business sectors etc. That being said, typically, a business owner chooses to become a sole trader first, then convert to a limited company later &#8211; if applicable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is due to a limited company needing more accounting responsibilities, on top of a director and other staff. Plus, many business owners are typically not intimidated by being personally liable for losses at the advent of a business and are entitled to all business profits after tax.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_Must_A_Business_Owner_Register_With_HMRC\"><\/span><b>When Must A Business Owner Register With HMRC?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There is a fine, yet simple, line between a side income as a sole trader and a full-fledged business in the UK. For those curious, the following are the conditions by which you&#8217;ll need to register with HMRC:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you are making business profits of \u00a31000+ from your venture annually, you need to register.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">And that&#8217;s it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, when you decide to register a business in the UK, you have to choose between several forms of business structures.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tips_For_Registering_Your_Business_With_HMRC\"><\/span><b>Tips For Registering Your Business With HMRC<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Registering a business with HMRC is fairly easy. You need to register on their site and have your business and personal details on hand. It shouldn&#8217;t take longer than 1-2 hours, you&#8217;ll need to receive your UTR number and other details via post, which is what you need to finish the overall business registration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understand that once you register, you\u2019ll now be responsible for submitting self-assessment forms, and have to pay tax. Limited companies also need to register for corporation tax within three months of starting to trade.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_Is_The_Absolute_Cut-Off_For_Registering_Your_Business\"><\/span><b>When Is The Absolute Cut-Off For Registering Your Business?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The 5th of October after the end of your tax year is your cut-off date. This applies even if you&#8217;re self-employed and only just meet the criteria the day before, though you&#8217;d likely be given leeway for a day or two. Register a business as soon as you find you meet the criteria, and file a self-assessment tax return. If you think you&#8217;re coming close to becoming eligible, simply register early.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_Do_You_Register_A_Business_To_Become_A_Limited_Company_Via_Companies_House\"><\/span><b>When Do You Register A Business To Become A Limited Company Via Companies House?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The only time you need to register with Companies House is when you are a limited company or limited liability partnership. Sole traders need not register with Companies House.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Registering a business in the UK with Companies House is a fundamental part of being a limited company. A limited company has a certain level of public visibility that businesses don&#8217;t, as Companies House keeps a detailed record of all registered businesses and provides the public with downloadable information. Limited companies are considered to be more trustworthy as a result.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When registering a business as a limited company, maintain individual bank accounts and ensure legal compliance for your business assets.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tips_For_Registering_With_Companies_House\"><\/span><b>Tips For Registering With Companies House<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Registering with Companies House may be a little more tricky than registering with HMRC. While it is completely possible to do it yourself, many business owners pay third parties to handle all of the admin involved with registering on Companies House. You\u2019ll need to have information such as a <a href=\"https:\/\/realbusiness.co.uk\/buying-company-name\">unique company name<\/a>, director\u2019s details, an address etc. You can either register online or through the postal service. There are minimal fees involved that will need to be paid before your registration is official.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, with a limited company or limited liability partnership, your assets are protected and separated from your business assets.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"When_Is_The_Cut-Off_Date_For_Registering_With_Companies_House\"><\/span><b>When Is The Cut-Off Date For Registering W<\/b><b>ith Companies House?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Just like with registering with HMRC, you should register with Companies House as soon as possible. If you are a limited company or limited liability partnership, you&#8217;ll have to register with Companies House as soon as you&#8217;ve registered with the HMRC. Don&#8217;t leave it more than a few days after your HMRC registration has been completed if you don&#8217;t want to face any major fines.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_If_Sole_Traders_Want_To_Register_Their_Business_On_The_Companies_House_Register\"><\/span><b>What If Sole Traders Want To Register Their Business On The Companies House Register?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If sole traders want to register their business with Companies House, the only way in which they\u2019ll be able to do so is by changing over from a sole trader to a limited company. The process is fairly simple and is very similar to simply registering with Companies House as a limited company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a sole trader, one is personally responsible for any losses and debts incurred by the business.<\/span><\/p>\n<p><img decoding=\"async\" class=\"wp-image-191690 aligncenter lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-scaled.jpg\" alt=\"Registration options for a business\" width=\"1048\" height=\"697\" \/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-191690 aligncenter lazyload\" src=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-scaled.jpg\" alt=\"Registration options for a business\" width=\"1048\" height=\"697\" srcset=\"https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-scaled.jpg 1200w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-300x199.jpg 300w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-1024x681.jpg 1024w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-1536x1021.jpg 1536w, https:\/\/realbusiness.co.uk\/wp-content\/uploads\/2021\/05\/shutterstock_2170549303-min-2048x1362.jpg 2048w\" sizes=\"(max-width: 1048px) 100vw, 1048px\" \/><\/noscript><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Responsibilities_Of_A_Registered_Business_In_The_UK\"><\/span><b>Responsibilities Of A Registered Business In The UK<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Whether you opt to be a sole trader or limited company etc, you&#8217;re expected to immediately begin fulfilling your obligations, such as:<\/span><\/p>\n<p><b>Sole Traders<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Self Assessment Tax Return &#8211; <\/b><span style=\"font-weight: 400;\">You must file your tax annually to report business income and expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>National Insurance Contributions &#8211; <\/b><span style=\"font-weight: 400;\">Sole traders pay class 2 and class 4 National Insurance contributions based on profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business Records &#8211; <\/b><span style=\"font-weight: 400;\">Ensure you keep accurate records of business income and expenses.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Limited Companies<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Corporation Tax &#8211; <\/b><span style=\"font-weight: 400;\">A lowered tax based on company profit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Company Accounts &#8211; <\/b><span style=\"font-weight: 400;\">Annual company accounts must be prepared and filed with the company&#8217;s house.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">Confirmation Statement &#8211; <a href=\"https:\/\/realbusiness.co.uk\/confirmation-statement-overdue\">Annual confirmation statements<\/a> with companies house are required to ensure company information is up-to-date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Annual General Meeting &#8211;<\/b><span style=\"font-weight: 400;\"> If your company is not exempt, you must hold an AGM.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>PAYE &#8211; <\/b><span style=\"font-weight: 400;\">Owners must set up a PAYE scheme.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Partnerships And LLPs<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Partnership&#8217;s tax returns &#8211; <\/b><span style=\"font-weight: 400;\">Annually, partnerships must inform HMRC of a partnership&#8217;s profits.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/realbusiness.co.uk\/how-to-do-a-tax-return-for-a-small-business\"><b>Self-Assessment Tax <\/b>Return &#8211; Both partners must file self-assessment tax returns<\/a>.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NI Contributions- <\/b><span style=\"font-weight: 400;\">Partners both pay classes 2 and 4.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business Records &#8211; <\/b><span style=\"font-weight: 400;\">As always, keep accurate records of your income and expenses.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>General Responsibilities For All Businesses<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Business Bank Account &#8211; <\/b><span style=\"font-weight: 400;\">Maintain a separate bank account for your business finances.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Legal Compliance &#8211; <\/b><span style=\"font-weight: 400;\">Comply with all laws and regulations relating to your business sector.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Insurance &#8211; <\/b><span style=\"font-weight: 400;\">Appropriately insure business activities, such as public liability insurance.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_Do_I_Need_To_Register_My_Business_For_National_Insurance_Contributions\"><\/span><b>When Do I Need To Register My Business For National Insurance Contributions?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you register a new business, you will automatically be registered with the NICS. All payments will be made only when meeting the required threshold. Therefore, you&#8217;ll technically need to indirectly register for NICs as soon as you begin your journey as a self-employed person.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_I_Need_A_National_Insurance_Number\"><\/span><b>Do I Need A National Insurance Number?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. If you do not have one, you can apply for one as a government gateway user.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Small business owners can afford to go unregistered for a while, but it&#8217;s always better to ensure that you keep track of your annual income, and when you first organically see that you&#8217;ve met the threshold, we recommend making preparations immediately. You may also need to apply as an employer as soon as you start employing people.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understand that many procedures involve looking for your business address, company&#8217;s registered office address etc. that will cause roadblocks if you&#8217;re not already a registered company or business in the UK.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ensure that you are fully informed about when your business needs to be registered. Keeping organised and ensuring that your business is all above board will reduce the stress involved with running a business and help you avoid hefty fines in the future. If you&#8217;re ever unsure about what is required from your business in the UK, get in touch with a trusted financial advisor.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you currently, or aim to, own a business in the UK, it&#8217;s imperative to learn the different business structures open to you and whether you need to register that business officially. RealBusiness has put together an article, to ensure we can help business owners stay ahead of UK Government regulations and make informed decisions [&hellip;]<\/p>\n","protected":false},"author":26231,"featured_media":163466,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[2065],"tags":[6052,11925,11880,6628,5947],"class_list":["post-163465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-law-compliance","tag-companies-house","tag-may-p","tag-p-2021","tag-registration","tag-vat-law"],"views":12746,"_links":{"self":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/163465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/users\/26231"}],"replies":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/comments?post=163465"}],"version-history":[{"count":0,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/163465\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media\/163466"}],"wp:attachment":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media?parent=163465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/categories?post=163465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/tags?post=163465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}