How To Set Up A UK-based Business In 7 Steps - Make Money Online

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How To Set Up A UK-based Business In 7 Steps


 Launching a thriving startup in the United Kingdom may not be as tricky as would-be entrepreneurs like to imagine.


It is, in fact, faster, cheaper and less demanding than most newbies think as long as you've spent time studying the niceties of space you're looking to invade. Here, we'll learn about the practicalities of setting up a business. These simple steps could get you up and running in a short time:

1-Inform  HMRC you're getting self-employed

To ensure you're operating by the book, let Her Majesty's Revenue and Customs know that you are pursuing self-employment.

You can either do this through the internet, or by phone, and get registered as a sole proprietor. The wisest entrepreneurs complete the free online training by HMRC and get practical tips on keeping records, filing tax returns,  and the legal steps to take if they onboard.

2-Get insurance cover

To insure your business means you have covered it against risks like legal fees, accidents, ailments, and theft.  The type of protection to buy varies depending on the nature of your business and how you run it.

Use the online AXA business insurance wizard to help you put your finger on the forms of insurance you must have and the ones you should consider. Once you know what you need, compare your options for the best deal.

3-Brand your business - choose a name

For legal reasons, your startup's name must be unique. Search on Google and www.companieshouse.com to see if the name you've picked for business is available.

As soon as you've decided on what to call your brand, you can go ahead to buy the website domain name.


4-Open a business banking account

Because your business is a separate legal entity, you must set up a business bank account. Though it is not a legal requirement if you operate as a sole proprietor, it is highly recommended that you keep very detailed reports.


5-Compliance is key- get in line with the law.

Meet all regulations and standards, e.g., permits, health and safety, data protection, and any other rules that control your niche. Early research can get you through this process within a few hours or days.

6-Begin accounting for everything

Designate an accountant or develop a book-keeping system for your business. Be sure to record all your costs and sales. If you must do it alone, consider a short online accounting course to get an idea of what to do. Otherwise, it is best to outsource if you need to concentrate on other things.

7-Prepare your workspace

Look for adequate space in a strategic location if you are launching a physical store.  If you work from home, make sure you understand what factors into a home office before purchasing any equipment.
Also check for any regulations limiting or guiding the use of your house as a premise, e.g., any Capital Gains tax implications,  planning, and operational permissions.

Conclusion

All said and done; you can now launch your UK startup in the shortest time possible without dilly-dallying on the preparation process.

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the best merchant account has helped thousands of business owners save money and time.
How To Set Up A UK-based Business In 7 Steps  How To Set Up A UK-based Business In 7 Steps Reviewed by RAWAT on 4:08 AM Rating: 5