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Posted Wed, 16 Aug 2023 12:06:23 GMT by Gerry More
OK, a little background first. I plan on setting up a new business as sole trader, but need to have confirmation that I trade under a business name to be able to get the Merchant Account I need for online payments. When I register as Sole Trader using a business name, is the business name shown on the HMRC confirmation letter sent once I register? I am aware that HRC does not actually register a formal business name for me. I mean along the lines of "[personal name] trading as [business name]" as opposed to a registered Ltd Company.
Posted Fri, 18 Aug 2023 09:24:22 GMT by HMRC Admin 25
Hi Gerry More,
The business name you would declare when registering for a Self Assessment Tax return, is used mainly to identify a different trade, where you have more than one self- employment trade and is for Self Assessment purposes only.
It is not registered in any way and as the letter advising you of your 10 digit UTR number is standardised, it will not show your business name, as the UTR number covers all sources of world-wide income, not just self- employment.
Expenditure  incurred on advertising to establish a market share for a new product or brand may be capital.
An asset of this type is normally developed from scratch in-house although it may occasionally be built up from the acquisition of a struggling brand name or the rights in an invention.
BIM35640 - Capital/revenue divide: intangible assets: expenditure developing a brand name
Thank you. 

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