Essay on List Valuable Things For Start A Business
7 valuable things to know before starting a business
If you’re on the starting lines of launching a new business venture, you’ll know better than anyone there’s a lot to think about. So to help break it down, here are 7 things that the team at Business Mule thinks it would really pay to know...
1. You need to tell the taxman
If you’re leaving a permanent position of employment and setting up your own company, you’ll need to tell HMRC. Registering as a sole trader (that means you are solely responsible for the business, not that you have to work alone), is easy. Just visit HMRC’s website and follow the directions. The application is free and should take around 10 working days to process once submitted. As a self-employed worker, you will have to declare your earnings in a self-assessment tax return.
Setting up as a limited company is slightly more complicated. You’ll need to give your company a name and get it registered at Companies House. Online registrations take around 24 hours and will cost £15 which you can pay by debit card.
The name you choose for your company can’t be the same or too similar to one that’s already registered. If you are unsure, check the Companies House register first. The name of your company is also separate to its trade mark, which you will have to protect separately here, for a fee of £170.
2. Your personal bank may not be the best one for your business
If you’re looking for a business bank…