Before you watch your business idea blossom you need to tactically prepare and organize it in the most efficient way possible. How you start the formation of your company depends on several steps we will discuss shortly such as your type of business, the location of this endeavour and whether you enlist the help of employees to start the ball rolling.
Step 1 – Register your Business
Most businesses decide to register as a sole trader or a limited company in the UK. One key difference is a sole trader is accountable for money matters while a limited company the finances are split from personal. We have provided further details about these two popular business structures in our article ‘Sole Trader vs Limited Company: Short and Sweet’ you can visit the post now for more information. If Limited Companies is your desired route you can simply visit Companies999 and we will gratefully register your business quickly and easily plus provide the best package to suit all your business needs today!
For Non-UK residents, our personalised Non-Resident package will ensure you incorporate your company in the UK right now with a business bank account!
Step 2 – Follow the Rules
Depending on what your business is about you may have other responsibilities to take into consideration when starting a company in the UK. Make sure you check if you need licenses or permits for activities you undertake – you can do this by using a rather handy license finder tool here. There are some types of business insurance required by law: Employers Liability (EL) cover costs of compensating employees who become ill or injured through work and Commercial Motor if employees drive company vehicles. Other types of business insurance are optional such as Commercial Property, Liability and Cyber which all essentially cover you and your resources. There are additional rules that must also be obeyed if you sell goods online, import or export goods abroad and use or store personal information in the UK.
Step 3 – Consider your Workplace
Where you work is also important here so do check what your responsibilities are in the UK. If you are considering to run your business from home there are particular permissions, insurance, tax allowances, business rates and even health and safety just like any other official business. In contrast, you can rent somewhere to run your business from, and by law there are rules to follow regarding health and safety, repairs and maintenance but this will all depend on what is said in the lease. If you choose to rent or buy a property for your base of operations you may also have to pay business rates.
To save money, some small businesses can apply for a discount on business rates and some may in fact pay nothing, the following link can direct you to the guidelines of business rates relief. If your self-employed it is best to check if you can claim office, property and equipment as expenses for various running costs, there is a Self-Assessment helpline available here. This way you can use the bulk of your money in the launch of your company, for instance advertising across Google and social media is a competitive market.
Alternatively, you can save the stress and make the most of Companies999 virtual office services located in Birmingham City Centre Jewellery Quarter, this prestigious address will enhance the image of your company while you pay an economical price.
For Non-UK residents, our specially made Non-Resident package will equip you with our registered office service located in Birmingham City Centre, Jewellery Quarter. This popular address will not only boost your brand but also handle all your mail just for you. It is a legal requirement for all limited companies in the UK to be displayed on public registers.
Step 4 – Employ the Future
If you decide to take on people to help start up your business for example agency workers or freelancers you will in turn have some extra responsibilities in becoming an employer. The following are a list of responsibilities you will need to do if you take on your own employees for the first time in the UK including:
- Pay Scheme
- Employment Checks
- DBS Check – if applicable
- Employment Insurance
- Written Statement of Employment – if hiring for more than one month.
- HMRC Notification – up to four weeks before pay new staff.
- Workplace Pension
Once you have completed these four steps Companies999 can take care of the rest. Visit our website to start your company in the UK today and receive numerous free services including business bank account now. Click here and turn your dream into reality.