Morning People, I'm sure someone must have handled this before. This one's actually for me rather than a client. My practice is a VAT registered limited company. It was an off the shelf company from back in 1990. Didn't come with a brilliant name but I never felt that I needed to change it. The ACCA have told me that once I'm in practice with them (a little way off yet) then it is not acceptable to have the word Associates in the name when I'm the only qualified person in the practice. I've been on the Companies house website and printed out the forms for a name change (NM01 and a special Resolution) and I think that I can do the VAT change online. PAYE is only giving me the option to add a trading name rather than change the company name and that's got me wondering if that would be a better approach than a name change. The other bits that I've not looked at yet are corporation tax and my companies bank accounts (assuming that if I go down the trading name route I need to open some new accounts in the trading name as both names would still exist). Any advice from anyone a bit more clued up on this would be greatly appreciated. Many thanks in advance, Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I have a friend who is ACCA qualified and from what I understand if you trade via a limited company you need to inform the ACCA of the incorporation details i.e. the company name, shareholders, directors etc. Its the company that would be registered with the ACCA (although you'd obviously have to hold a practising certificate yourself) and although you may use a trade name for your practice (which you'd also have to inform them of), its the name at Companies House the ACCA would have on their register. You are quite right they frown upon the term 'and associates' for sole-traders, so I think unless you change the company name you'd have problems somewhere down the line.
If you have problems changing the details with the PAYE office online I'd just give them a call. They're the one department that I don't mind phoning!
Its normally quite easy to change bank account details etc, but if you have any engagement letters with clients you will need to update any that you have in place.
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"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
sounds like it's the company name change route then.
I spoke with my bank a little while ago and they seem quite cool with the whole thing. Just need a copy of the change of details from companies house.
Think I just need to time everything for the least disruption. My companies house annual returns due later this month. My company year ends the end of Feb and then there's normal self assessment to think about for next January as employment would need two entries for the same employment if I changed things now.
Probably best (simplest) if I wait until April the 6th to change the company name. It will probably take that long to find a catchy name that someone hasn't beaten me to. Already played around with almost every imaginable play on my own name on webcheck to no avail!
On the engagement letters front I'm actually changing the way that I trade as up to now it's been on a contract basis directly to the banks but that source has pretty much dried up so I'm cranking up the bookkeeping side ready for starting my own accountancy practice when I can get a practicing certificate from the ACCA to replace the one I have from the ICB. (Still got to do my two years post qualification yet).
Thanks again for the advice Dustin,
All the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
