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It’s imperative when dealing with new or old customers that we confirm the customer’s correct trading name and trading style.
Customer should be asked the full trading name and the trading style of their business.
The main types of trading company are as follows:
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- Ltd companies are privately owned and have a legal requirement to file audited accounts with Companies House every 18 months. All Ltd companies are recognised with a unique reference number that is supplied upon registering the company with Companies House. Companies House has a useful website www.companieshouse.gov.uk/info/ which can be used to confirm that you are selling to the correct customer. Please note that the address on this website might not match the address supplied by the customer. The legal requirement is to have a registered address at which the company can be contacted. This does not have to be the same as the trading address.
- Plc companies are publicly owned and have a legal requirement to file audited accounts with Companies House every 18 months. All Plc companies are recognised with a unique reference number that is supplied upon registering your company with Companies House. Companies House has a useful website www.companieshouse.gov.uk/info/ which can be used to confirm that you are selling to the correct customer. Please note that the address on this website might not match the address supplied by the customer. The legal requirement is to have a registered address at which the company can be contacted. This does not have to be the same as the trading address.
- Sole-trader means that the business is owned by the proprietor, it is a legal requirement that the proprietor’s name is noted an all-official business documentation e.g. Gary Brown T/A Brown's Antiques. If your customer confirms that he is a sole-trader, you need to ensure that you create the account with the proprietor's name followed by T/A and the full trading name and that you get the correct trading address for the business.
- Partnership are owned by a group of people. When setting up or maintaining a credit account for a partnership its important to get the correct trading name and the correct trading address.
- Charities have a legal commitment to register with the Charity Commission for England and Wales, they are issued with a unique Charity registration number the charity numbers can be checked at: http://www.charitycommission.gov.uk/registeredcharities/number.asp. Most charities are entitled to Vat exemption, you will need to request a copy of the charities Vat exemption certificate which will need to be filed with the order in the event that HM Customs and excise request a copy during a Vat audit.
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