Points You Should Have Knowledge Of Business Registration Philippines

How come I register my offer?
The key reason to register your enterprise is to reduce the chances of any nasty surprises from HMRC – if you’ve not registered and never paid the right amount in taxes, you could be hit using a hefty fine and a backdated bill for your full amount you owe.


You might also need to sign up for many varieties of trading activity. For instance, in case your business sells alcohol or you wish to operate as a street vendor, you’ll have to have a specific license before you can legally trade.

If you plan on employing any members of staff, you’ll must register being an employer with HMRC. And don’t forget that you’ll should also remove employer’s insurance, because this is a legitimate requirement for any business with one or more employee.

And although there’s more admin involved, many reasons exist why you might want to register your business like a limited company with Companies House. If you’re looking to build a brand, registering this way means it is possible to reserve and protect your business. Operating like a limited company also reduces your personal financial liability, should things make a mistake.

If you’re unsure about what is needed of your business, it’s worth speaking to a financial advisor for guidance.

Is my hobby a company?
There’s ordinarily a blurred line in terms of differentiating between a hobby and a business. To put it differently, if you’re trying to sell your hobby or side hustle, then you’ll must register like a business with HMRC, in case you do business from home and don’t have business premises.

You need to register when:

Any trading or professional business activity happens
Services or goods are bought or sold
Salary is taken and profit is manufactured
Any merchandise is bought to market and make a profit
Any interest rates are earned
You’ll definitely need to register your small business in case you start employing staff or looking at business insurance, so it is sensible to acquire this sorted at the earliest opportunity. Once all the admin is sorted, you can then move your small business premises or start conducting interviews to battle staff.

However, you won’t should register your small business with HMRC if you’re earning under ?1,000 per tax year from a business.
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