How to Make a Company Dormant in the UK: Step-by-Step Guide
Key Takeaways Making your company dormant in the UK requires notifying HMRC and Companies House that there are no significant transactions. Only very limited activities are permitted, such as paying Companies House fees or penalties—any other transactions will break dormant status. Failing to follow dormant filing rules can lead to fines, loss of good standing, […]
Stamp Duty on Share for Share Exchange: Step-by-Step UK Guide
Key Takeaways Stamp duty on a share for share exchange in the UK will not usually apply if you meet specific requirements, including Section 77 relief under the Finance Act 1986. Carefully assess whether your transaction causes a genuine change of ownership—this is a critical factor when seeking stamp duty relief on share exchanges. Errors […]
Can You Use a Personal Account for Business in the UK? Legal Guide
Key Takeaways In the UK, using a personal bank account for business activities can lead to HMRC scrutiny, VAT registration issues, and inaccurate record keeping. Sole traders may legally use a personal account, but opening a business bank account is strongly recommended for FCA compliance, simplified tax management, and a professional appearance. Limited companies are […]
Advantages and Disadvantages of Ltd Company UK: 2026 Guide
Key Takeaways Choosing the right business structure is crucial: The advantages and disadvantages of Ltd company formation in the UK can significantly affect your tax efficiency, liability, and future business growth. Limited liability company status shields your personal assets: If the business faces debts or legal claims, your own property is usually protected. 2026 corporation […]
What Does ‘Number of Dependents’ Mean? UK Law Explained
Key Takeaways In UK law, the “number of dependents” means the people you financially support—this affects tax, visa, and benefit applications. Who qualifies as a dependent depends on the context; you may need to include children, adult dependents, parents, or stepchildren depending on the form. Inaccurate declarations or missing proof can delay claims or lead […]
How to Set Up as a Sole Trader UK: Step-by-Step Legal Guide
Key Takeaways Setting up as a sole trader in the UK is simple if you follow each legal and tax step from the outset. Registering as a sole trader with HMRC is essential to avoid penalties, missed deadlines, and tax complications. You must apply for Self Assessment and obtain your Unique Taxpayer Reference (UTR) so […]
How to Close a Dormant Company UK: Step-by-Step Legal Guide
Key Takeaways Closing a dormant company in the UK requires following a specific legal process, starting with confirming eligibility for strike-off. Submitting an accurately completed DS01 form to Companies House is essential for dissolving a dormant company. You must notify HMRC, creditors, and other stakeholders before striking off to prevent disputes or objections. Failing to […]
Registering Company Name as a Sole Trader: Step-by-Step UK Guide
Key Takeaways You are not required to register a company name as a sole trader in the UK, but choosing a distinctive and compliant business name is critical for brand protection and avoiding legal disputes. Sole traders must follow strict UK business name rules—your name cannot imply limited company status (such as “Ltd”) or use […]
When Does Child Benefit Stop? UK Rules, Dates & Extensions [2026]
Key Takeaways Child benefit usually stops on 31 August after your child turns 16, unless they remain in approved full-time education or training. Child benefit can be extended until your child’s 20th birthday if they continue in non-advanced education or a recognised apprenticeship. If your child leaves education, marries, moves abroad, or passes away before […]
Asset Sale vs Share Sale UK: Key Differences, Tax & Templates
Key Takeaways The main difference between an asset sale and a share sale in the UK is that asset sales transfer selected business assets, while share sales transfer the entire company — including its assets and liabilities. The choice between asset sale and share sale has legal and tax consequences: it impacts Capital Gains Tax, […]
