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by mail order or text message you must provide HMRC with specific information. They will need to kn

Time:2018-12-05 03:55mesothelioma | mesothelioma lawyers Website Click:

Start business small

By Ethan Andrews · November 28, 2018 ·
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For most small UK businesses, setting up is relatively quick and It’s entirely possible for you to set up a business in one day. In this article you’ll learn everything from A-Z, like how to register your business and the rules around employing people to work for you.

How to Register your business

The first thing you need to do is register the business with Her Majesty’s Revenue and Customs (HMRC). The good news is you can do this online regardless of whether you plan to become a sole trader, a partnership or a limited company.

If you plan to be a sole trader you’ll find it very easy to set up your new business, however, you should remember that you alone are responsible for the business’s debts.

If you’re looking to start a limited company all of the finances will be separate from your personal bank accounts. However, you will need to keep on top of a lot more management and reporting responsibilities that come with it. We suggest hiring an accountant to undertake this work for you to start with.

Finally, if you plan to set up a partnership you’ll find it’s the easiest way for two or more people to run a business. Each of you will share the responsibility for the business’s debts and you will also have accounting responsibilities too.

If you’re unsure on which is best for you, you can always read more in depth about the types of business registration on the UK Government Website.

How to Name your Business

A good business name can make or break your business. Many businesses make the mistake of sounding to generic or similar to other businesses in their industry, give your business a unique name so that it sticks in the mind of your potential customers. That being said, naming your business can be both fun and excruciating, for those less creative than others, if you’re finding it hard to come up with an original business name, you can use tools like BusinessNameGenerator.com for some suggestions.

What are your responsibilities as a Business Owner Licences

Depending on what type of business you’re running you may need a licence. If you intend to trade in the street or sell food you’ll need to apply for a licence.

Again, we recommend visiting the UK Gov website. They have a great step by step tool that will help you decide what licenses your business needs. Find out what license your business needs here.

Insurance

If your business has a physical premises, if you intend to employ people or if you want to offer services to members of the public, you’ll need insurance.

One type of insurance you may have to purchase is known as ‘Liability Insurance’. Lets take for example that you were to set up a gardening business. This type of insurance would cover you for a range of accidents, such as if you were chopping a tree down and it fell onto your customer’s house, broking the window. Having liability insurance ensures that the cost of  a replacement window will be covered. The last thing you want is to be out of pocket when your out to make money!

Some businesses need to have insurance by law. If you’re going to employ people you will need to have ‘Employer’s Liability Insurance’. Likewise, if you are going to be using vehicles as part of your business you will need ‘Commercial Vehicle Insurance’.

If you’re thinking of setting up a business whereby you give advice or offer skills or knowledge to other people as part of your work you may need ‘Professional Indemnity Insurance’. This type of insurance can help to protect you from claims for damage or loss that are made by your clients or a third party. Claims such as these are usually made if negligent advice or negligent services were offered.

What to know when Selling Products or Services online

If you plan to sell products or services online over the telephone, by mail order or text message you must provide HMRC with specific information. They will need to know your business name, address, contact details, product or service description, how people can pay and how you plan to deliver the goods or services.

Buying or Selling Goods

If you plan to buy goods from other countries or sell goods to them you will also need to let HMRC know. They will want to know what you plan to buy or sell, how goods are going to be paid for, and how you plan to deliver or take delivery of the goods.

Storing Personal Information

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