Starting a business is no easy task. There are a lot of things to consider when you’re starting a business, from the initial planning stages to the day-to-day tasks of running the company. One thing that many business owners don’t think about until it’s too late is their registered office.
This can be a costly mistake, as having the wrong registered office can lead to problems with HMRC and other government agencies. In this blog post, we will discuss the things you need to know about registered offices before starting your business.
Things To Know About Registered Office Before Starting A Business
If you are starting a business, the registered office is an important factor to consider when developing your business plan. Namely, it is a legal requirement to have a registered office address for your company, and it must be different from the business’s trading address.
This is because the registered office is where all official correspondences from HMRC and other government agencies will be sent. Of course, you can always get more information whether by talking to your accountant or researching online.
Additionally, it is important to note that the address of your registered office should be kept up-to-date at all times, so it is essential that you inform HMRC whenever there are changes.
It Should Be Located In The Same Country As A Company
This means that if you are a UK-registered business, then your registered office needs to be located in the UK. It is also important to make sure that you choose an address that is capable of receiving official mail, such as a PO Box or an office address.
If you choose to use a residential address, then it must be clearly marked on the company’s records that it is the registered office address – otherwise, HMRC may not accept it. On the other hand, if you do have an office address, it is important to ensure that there is someone available at all times to receive any official mail sent to the registered office.
Keep Your Contact Details Up-to-date
Keep your contact information updated at regular intervals to ensure that you don’t miss out on important opportunities. This includes your registered office address, contact telephone numbers, and email address.
It is essential that you inform HMRC of any changes to these details as soon as they happen so that they can update their records accordingly. If you do not update your contact details, then HMRC may assume that the address is no longer valid and send all their official correspondence to the wrong address.
This could result in a delay when trying to communicate with HMRC or other government agencies, which can be costly and time-consuming.
You May Decide To Change The Registered Office
It is possible to move the registered office of your business after it has been established. However, you must always inform HMRC and other government agencies when you do this. This is to ensure that all official mail is sent to the correct address.
If you do not inform them about the change, then any mail sent to the old address will not be received or answered in a timely manner. Furthermore, it is important to remember that you must always inform HMRC when a business ceases trading, as this will ensure that all of its records are up-to-date.
Choosing An Appropriate Registered Office Provider
When choosing a registered office provider, it is important to ensure that they are reliable and reputable. This means checking reviews online or asking friends and family for recommendations. Additionally, you should consider the cost of using their services.
Some registered office providers may offer additional services such as mail forwarding or virtual offices, which could be useful for businesses that do not have a physical office address.
Furthermore, it is important to ensure that the provider is able to keep your contact details up-to-date with HMRC and any other government agencies.
The Address Details Are Usually Public Records
This means that corporate transparency regulations require companies to make their registered office address available for public scrutiny.
This is because the registered office address is used by HMRC and other government agencies to communicate with the company, so it is important that this information can be easily accessed.
Additionally, it ensures that any creditors or suppliers are able to contact the business at its official address. And while it is not necessary to make the address publicly available, it is generally considered a good practice.
Your Home Address Can Be Your Registered Office Address
Although it is not the most common solution, you can use your home address as your registered office address. However, it is important to remember that if you do choose this option then all mail sent to the address will be publicly accessible.
Additionally, you should consider how comfortable you are with having your personal information available for public scrutiny. If you decide to use your home address then you must inform HMRC and other government agencies when the address changes, as this will ensure that all mail is sent to the correct address.
They Are Beneficial For Businesses That Do Not Have Physical Office Space
Or, on the contrary, require more privacy. For businesses that do not have a physical office space, having a registered office address can be beneficial. This is because it provides an official address for any correspondence from HMRC or other government agencies.
Additionally, it gives the business some legitimacy as the registered office allows potential customers and suppliers to contact the company using a professional email address and telephone number.
Furthermore, it can be useful for businesses that require a high degree of privacy as the registered office address does not typically contain any contact information about the business or its owners.
In conclusion, having a registered office is an important part of setting up and running a successful business. It is essential for allowing official correspondence from HMRC and other government agencies to be sent to the correct address.
Furthermore, it provides a professional image for potential customers and suppliers, as well as ensures that any mail associated with the business remains confidential. Therefore, it is important to carefully consider the various factors when choosing a registered office provider in order to ensure that your business runs smoothly.
