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Date: 2017-02-06

Set up a business

 What you need to do to set up depends on your type of business, where you work and whether you take people on to help.

Register your business

 

Most businesses register as a sole trader, limited company or partnership.

 

Sole traders

 

It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.

 

Find out more about being a sole trader and how to register.

 

Limited companies

 

If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities.

 

Some people get help from a professional, for example an accountant, but you can set up a company yourself.

 

Partnerships

 

A partnership is the simplest way for 2 or more people to run a business together.

 

You share responsibility for your business’s debts. You also have accounting responsibilities. Find out more about being in a partnership and how to register.

 

Rules for your type of business

 

You may have other responsibilities depending on what your business does.

 

Check if you need:

 

licences or permits, for example to play music, sell food or to trade in the street

 

insurance

 

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

 

Where you work

 

Check what your responsibilities are if you:

 

run your business from home

 

rent somewhere to run your business from

 

If you rent or buy a property, you may have to pay business rates. Small businesses can apply for a discount on business rates and some may pay nothing.

 

Check if you can claim office, property and equipment as expenses.

 

Taking on people to help

 

If you take on agency workers or freelancers you have some responsibilities, for example their health and safety.

 

Becoming an employer

 

There are things you’ll need to do if you take on your own employees. You’ll have more responsibilities, including:

 

running payroll

 

paying for their National Insurance - but you can claim an allowance to reduce your bill

 

providing workplace pensions to eligible staff


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