![]() ![]() One more point to consider: your home address won't carry the same level of prestige as a business address located in one of London's business or tech hubs. Furthermore, even if your address does meet the requirements, your landlord or home insurance may have included a clause in your contract that restricts you from using your home for business purposes. You also have to consider the legality: if your residential address is in Scotland, but you want to register your business in England, your address will not be accepted. Anybody can look up where you live, and you may end up with HMRC representatives, nuisance calls, and unexpected visitors at your residence. When you register your personal address for your business, it becomes publicly available. You don't have to select a virtual address subscription you already have a perfectly valid address! As long as you can receive business mail at your personal address, and if it's located in the same country your business is registered in, the HMRC and Companies House will accept it.īut just because it's easy doesn't mean it's the best move for your business. ![]() ![]() When setting up your business, the main benefit of using your real address is its simplicity. ![]() If you are using your home as your office, should you register that for your business, or would it be better to opt for a virtual address? Let's find out! But many startup owners haven't made it to that step yet. If you're leasing a dedicated office building that's registered as a business address, then you can certainly use that while setting up a bank account. Real Address vs Virtual Address for Business You might be able to pick up your post, get it scanned and emailed to you, or opt for same-day forwarding. The exact manner depends on the company that offers the service and the subscription type you purchase. Any official post that arrives at the virtual business address will be handled and forwarded to you. When you purchase a virtual business address subscription, you can register it with the HMRC as a sole trader or with Companies House as a limited company. Some services like Hoxton Mix offer virtual business addresses in prime areas of London, which will help establish your company's credibility. Read on to learn why using an online business address for a bank account is the best option for many entrepreneurs! What Is a Virtual Business Address?Ī virtual business address can be purchased from various companies for a subscription fee as part of the service, you'll get a virtual address that corresponds with a real office in the UK. If you don't have an office, you may be tempted to register your home address - but that can lead to all sorts of problems. When setting up a business bank account, you'll need to provide proof of your business address. Besides making your finances easier to keep track of, it also makes it easier to grow your business: if you want to expand your startup into a limited company, a business bank account will be mandatory. While the HMRC doesn't require sole traders to have a separate business bank account, doing so is a best practice for business owners. If you're an entrepreneur, mixing up your business and personal transactions can lead to muddled record keeping and confusing tax returns. ![]()
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