To find out more, you can either watch our video or read about it below.
What are the first steps to take?
The main body that needs notifying straight away is HMRC, whether it be for taxes, National Insurance Contribution or VAT.
If you are setting up a Sole Trader or a Partnership, then you must notify HMRC by registering online. This will have to be done before the 5th October following the end of the tax year in which the business has started.
If you are registering as a Limited Company, then Companies House will notify HMRC for you. HMRC will then send your newly formed company a form that must be completed and returned within three months.
Is there anyone else I need to notify?
Depending on what type of business you have decided to set up, there are possibly several people that you should inform.
If you have decided to set your business up from home, then firstly you may have to notify the local council. There you will be assessed on whether you’re required to pay any business rates.
You may need to notify your mortgage company, or at least just check that your mortgage allows a business to operate from the mortgage premises.
If you rent your property, then you may just want to check your contract as some tenancy agreements prohibit running a business from home. Sometimes it can just be a matter of courtesy to let your landlord know about what you’re planning on doing.
Then, lastly, check your house and contents insurance companies. You can then check to see if they can offer you any cover for the business assets so that everything is protected.
We hope you have found this useful. If you’d like to know more, please get in touch. We’d love to help.