How do you register your business?
If I bought a building with planning permission to be able to make it a hotel. Do I need to register it as a business? And what sort of people would I need to bring in, I know architect. But do I need a business advisor/accountant?
Small Business - 1 Answers
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Answer 1 :
There are several types of business. You are probably looking at a choice beween "sole trader' - ie, you working for you - or a 'limited company' - you working for the company which you own. In the first case, there is no need to register the business, but you need to make sure the tax man knows about your business within (iirc) 12 weeks of starting. In the second case, the company needs to be registered at Companies House. There are many firms that can do this within 24 hours for £50 - £100. Google "Company formations". Either way, an accountant would probably be able to make sure everything is done correctly and ensure you get all the allowances you are entitled to. Accountants fees are generally allowable against your tax bill.
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