We always write about company formations (after all, that’s what we do!) but today our team thought we would talk about a slightly different aspect of forming and registering your UK based business.
There are a variety of legal structures that you must adhere to when you embark on setting up and registering a UK business.
There are positives and negatives yet each legal policy and relevant guideline must be followed in order to register your company formally and in a legal manner that keeps you, your staff and your assets safe.
We have plenty of information on our website to help you make informed decisions based on your new company and how you wish to proceed and develop a young business through its first years.
Will you set up a Limited company? How about a business partnership? What about being a sole trader?
If you are ready to set up your business and wish to find a company name that has not already been used then follow this handy guide.
5 Things to do First
- Formally set up a company and get your business off to a flying start from the outset.
- Come up with a company structure and when you are forming a Limited Company, you will be required to register your new venture with Companies House. Also appointing a company Director and Secretary is important. As a sole trader you will need to register for self assessment so that you can record your taxable income and pay it when it’s due. You may need to find out if you need an additional licence to trade depending on your industry type.
- Find a business bank account that works for you. There is no point paying too much for an account that charges you per transaction or when you pay in cash or cheques – if you are doing this with small amounts on a regular basis, it can cost a small fortune and be detrimental to small businesses.
- Purchase your equipment and make sure that you shop smartly. Business equipment and tools should be relevant to your business and your processes and not be bought on a whim. There are small business loans to be found and they may well stretch if you need not just laptops, computers, peripherals and a smartphone, but also if your business will need a van.
- Finally, remember that the premises you work from can be your home, a home office, a shared hot desk at an innovative centre or rented/owned property depending on your investment budget. Don’t go overboard as you are not guaranteed the income that you may have predicted in your business plan. Don’t forget insurance both for your premises, your assets, and to protect your staff and clients.
If you need help with any part of the company formation process, then our expert team is on hand to help with advice and we can help to set up your business in just a few hours.