Register your business in the UK
Complete Guide to Set up a business in the UK
If you are looking for Small Business Accountants based in UK, Meer & Co. Accountants is your one-stop solution for bookkeeping, accounts, payroll, tax, business planning and advice.
Starting your own business requires careful planning, research and preparation. Here we will guide you to where you can find help and advice on starting and setting up a business. There is information on how to set up and register a company, and on the steps that you will need to take to turn your idea into a business.
When you start a business in the UK you must choose a structure for your business
Most businesses in the UK are:
- sole traders
- limited companies
The easiest way to start a business in the UK is to become a ‘sole trader’. This means that only you own the business and you can work alone or employ other people.
You will need to register for ‘self-assessment’ tax, which means you (or your accountant) calculate your own tax.
To become a sole trader you must:
- have a National Insurance (NI) number
- register for self-assessment with HM Revenue and Customs (HMRC)
- trade under your own name or choose a business name
You can set up a private limited company to run your business in the UK. You must appoint people to run the company (called ‘directors’) and register (or ‘incorporate’) it with Companies House.
As a director of the company, you are also an employee. This means that personal income and business income are separate when it comes to paying tax.
To set up a limited company you need to:
- have a name and address for the company
- register with Companies House
- have at least 1 director
- have at least 1 shareholder
- have articles of association (agreed rules about running the company)
- set up your company for Corporation Tax
In a partnership, you and your partner (or partners) personally share responsibility for your business.
With a business partnership you need to:
- register for self-assessment tax
- name your business according to certain rules
- run the business as an individual
- share profits between partners
There are also rules you must follow if you:
- sell goods online
- buy goods from abroad or sell goods abroad
- store or use personal information
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