The Security Reset Word is a unique word to your organisation. This should be memorable and kept with your other security details. You will be asked for characters of this when contacting our support team. You cannot change this word after you have completed the inital company set up so please make sure it can be easily remembered.
A business partnership is a business run by an individual and their nominated partner who are jointly responsible for managing the partnerships tax returns and keeping business records. Find out more about HMRC's full definition of a business partnership here.
A sole trader is an individual who runs their own business and is soley responsible. You can employ staff however you run the business as an individual and are responsible for any losses or profits the busines makes. See HMRC's full definition of a sole trader here.
A limited company is an organisation that you can set up to run your business. These business finances are separate to personal finances & operates in it's own right. See HMRC's full definition of a Limited Company here.
Not for Profit Organisation
A Not for Profit Organisation is a registered charity who's profits go to a charitable purpose rather than the business itself. Find out more about HMRC's definition of a charity here.
Your company registration number. This is used to identify your limited company and verify that is it an entity registered with Companies House.
Date of Incorporation
This is the date your limited company was legally registered at Companies House.
The Standard Industrial Classification of Economic Activies (SIC) are used in the United Kingdom to classify business establishments by the type of activity they are engaged in. Find the full list of SIC Codes here.
VAT - Standard Registered
If your business' VAT taxable turnover is over £83,000 you must register for VAT. From this date you must charge the right amount of VAT, pay any VAT due to HMRC, submit VAT returns and keep records of your VAT. Find out more about VAT registration here.
VAT - Not Registered
If your business' VAT taxable turnover is under £83,000 you do not have to register for VAT. You must register when you go over the threshold, or know that you will.
VAT - Cash Accounting
With the Cash Accounting Scheme you pay VAT on sales when your customers pay you and you can reclaim VAT on your purchases once you have paid suppliers. To join the Cash Accounting Scheme your turn over must be £1.35 million or less. Find out more about the Cash Accounting Scheme here.
VAT - Flat Rate Scheme
With the VAT Flat Rate Scheme you pay a fixed rate of VAT to HMRC and can keep the different between what you charge customers and what you pay to HMRC. To join the Flat Rate Scheme your VAT turnover must be £150,000 or less. Find out more about the VAT Flat Rate Scheme here.