You’ve taken the plunge! What should you do first to get your new business off the ground? Here are 5 steps to starting a new business.
- Choose a name. This can be more complicated than it sounds, especially if the name you want is already registered at Companies House, or if the domain name you want is already taken. If you plan to export, or work abroad, do check that your new business name doesn’t have alternative meanings in other languages.
- Decide on the structure of your business. You can change this later, but you’ll need to register as a sole trader, partnership, limited liability partnership or a limited company. These are come with different legal, financial and tax implications so talking that through with an accountant might save you a lot of time, money and effort later.
- Where will your business be based? If you’re working from home, would it be better to use your accountants address or a virtual office as your registered address?
- Register your business with Companies House, including the names of any Directors or a Company Secretary if appropriate. On receipt of a fee, they check the details and send you a letter of incorporation, which gives you a company number which you can use on your stationery and invoices.
- Register with HMRC so you can pay Income Tax, National Insurance, VAT or Corporation Tax as appropriate.
Professional advice at the start of your journey will help you make informed decisions and get your business off to a good start.
Why not talk to one of our AIMS accountants? We’re business owners just like you.
You can find your nearest AIMS accountant here.