Start your business

Overview

Before you start trading, decide what you will offer, who your customers are and how you will fund the business. Your legal and tax responsibilities depend on how the business is set up.

Plan your business

A business plan can help you test an idea and set out your expected costs, income and goals. Research your customers, competitors and the licences or permissions that may apply to your activity.

Keep records of your costs from the start. You may need them when preparing accounts or tax returns.

Choose a business structure

You can operate as a sole trader, through a partnership, or through a limited company. Each option has different rules for ownership, responsibility, tax and reporting.

Get professional advice if you are unsure which structure is suitable for your circumstances.

Register your business

Register with the relevant authorities before the deadline that applies to your business type. Limited companies must also provide company details and maintain statutory records.

Use your legal business name and keep your registration details up to date.

Prepare to trade

Set up a way to keep financial records, issue invoices and pay suppliers. Check whether you need insurance, data-protection arrangements, a business bank account, or sector-specific approvals.

If you employ staff, you must meet employer duties before their first payday.