Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 29th May 2015
Understandably, when it comes to naming your Limited Company, it can be a daunting prospect. It’s comparable to choosing a name for your first child – you want to get it right and you hope no-one is going to judge you badly for it. At least with babies you can find inspiration from the family tree, but as company names need to be unique this method isn’t an option. Unfortunately they don’t publish books called ‘Top 100 Limited Company Name Ideas’.
However to start off in the right direction, there are some hard and fast rules which need to be obeyed:
Even if naming your business seems little more than a formality, it’s useful to choose a name that fits you, the service you offer and the industry you work in.
If you still haven’t been struck by divine inspiration, here are our top tips on getting the name right for your company:
Clothing shops have changing rooms and a 28 day returns policy for a reason – people have a habit of changing their minds about things. The same goes with company names. If you think you’ve decided on a name or whittled some options into a shortlist, it’s a good idea to ask friends and family for their opinion. When brainstorming, think about how you’ll talk about your work and whether your business name will be a prominent part of your branding, on your website, business cards and other marketing collateral. Visualising using the name will help you decide whether it’s a goer or not.
Your company name needs to be included on all business communications. If you’re not happy to print it on a letterhead or emblazon it on pens, it’s probably not the business name for you.
Sometimes, simple is best. Long-winded company names are easily forgotten and they’re really hard to fit on business cards. Of course, you can always just go with your own name – but if it’s Smith or Jones, this might cause more problems than it solves.
Before registering your company, check that the URLs are available and snap them up quickly. Also make sure that when written as one strand it’s still understandable. Having a promotional website for your Limited Company can help to demonstrate that you fall outside of IR35, because you are in business on your own accord.
It’s wise to search your company name idea for two reasons. Firstly, it’ll show whether there are any companies with the same or similar name. Secondly, it’ll give you a good idea of the kind of competition you’ll have for search rankings once you’ve set up a website. If a company with a similar name provides a similar service, it might be worth reconsidering the name you’ve picked in order to avoid confusing people looking for you online.
Although at the moment you might consider your one-man-band as a small fish in a big pond, it could be that in five years’ time your finances are telling a very different story. Sure, you’re currently a freelancer or contractor trading as a limited company in order to save some money. But in the future, it could be really beneficial having a strong and recognisable brand name ready-to-go.
You may decide you want to capitalise on a current trend, but bear in mind that this could make your company look dated or out-of-touch in a year’s time. Twerking and double denim won’t be cool forever and although fashions often make a comeback, you don’t want to be the person who has to wait ten years for their company name to be topical again.
Of course, if you do suddenly decide in a few years down the line that you hate your company name? You can always change it for a small filing fee. Nike was originally known as Blue Ribbon Sports, Google used to be called BackRub and Xerox once traded as The Haloid Company (catchy, huh?). However bear in mind that once you’re established, this could be confusing for your clients and expensive for you to change all of your branded material. Perhaps avoid anything diamond-encrusted, just in case.
Take a look at our recent blogs below.
GDPR – the General Data Protection Regulation, comes into effect on 25th May and is the bigges...
Published: 24th May 2018
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
It is out with the old and in with the new when it comes to tax relief on childcare costs from April...
Published: 9th April 2018
The Boox accounting app has always been at the forefront of helping our clients understand their com...
Published: 26th March 2018
Spring has officially sprung and the start of the 2018/19 tax year is just around the corner –...
Published: 23rd March 2018
If your business is employing staff, you should already have a workplace pension in place, under the...
Published: 23rd March 2018
At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the...
Published: 15th March 2018
A dispute has erupted between the BBC and 170 of its presenters over their tax arrangements and thei...
Published: 12th March 2018
The rush for taxpayers to file their 2016-17 self-assessment tax return is over for another year, an...
Published: 27th February 2018
If you need a little help to find the right accountancy service, don’t worry.
Get in touch with our friendly team for a FREE service consultation.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.