Running a private company has great benefits to the owner. One has utter control of all the proceedings of the company, monitors all the operations and to crown it off, he is his own boss. One can do whatever they want or even hire somebody to run it while you rest at home. However, in spite of many UK companies getting to this level, most do not. There are so many reasons leading to their failure. To start with, the most vital step is to have the company registered. VAT Registration
The registration application should be made to the official who has the jurisdiction of the region. One is expected to provide the details of the company. This includes names of trustees, the mode of succession, objective of the business, name of the business and so on. Registration fees are required and it is imperative that one makes the payments promptly. Getting the registration done legalizes the business and thereby, keeps it safe from fines or closure due to malpractice.
The registration for VAT is the second most important step to take. Some people opt or the voluntary registration. This is because of the benefits that this type of VAT registration carries. For one, one is assisted in the tax collection hence giving more credibility to the company. However, with this type of registration, one has to keep track of their business’s threshold. Profits made have to be reported within 30 days to HMRC. A fine is charged if there is any delay. Failure of making this registration has ended to the closure of most businesses by the UK Companies House.