Business Startup

The process of becoming self-employed can be daunting, but with the right guidance it is possible to set up your business as soon as possible. The first step is to ensure you are legally allowed to operate your business. This can be done by finding out if you are permitted to work in your home country and then applying for a license/registration from the appropriate authorities in the United Kingdom.

Yes, anyone of any nationality can start a business in the UK. You do not need to live in the UK. The only requirement is that the company must be registered with a UK address. This serves the liability and information correspondence, not the legitimation of the company property. Foreign nationals can easily purchase an address to register their company in the UK.

The cost varies from business to business, but according to research the average price to start a business in the UK is £ 22,756 – and that is only in the first year. This figure does not take into account the creation of your product or the purchase of furniture. And HP shares the cost: £ 6,259 in attorneys’ fees.

If you are considering how to start a business in the UK then you will also need to find out what legal requirements are required of you before you set up a company or partnership. There are several different legal forms you need to fill out to establish your company. The main forms are: the Articles of Association, Registration of Business, Registration of Company, Trade Marks, Certificate of Incorporation, and Company Number and Registration. These forms need to be filled out carefully so you do not miss any important details. At Advantax Accountants we’ll do all these legal things for you.

You must be honest with your business; You want to know if things have evolved from a hobby to a business. Do not try to fool HMRC by saying that you are not trading. If you don’t register your business with HMRC, you could be subject to a standard fine that could cost you up to 100% of the tax still owed. Once you start trading, register for tax and make sure you complete your return on time.

If you want to use someone else’s trademark. You should get permission to use it by buying the rights from them or getting their permission to use it. Using someone’s trademark, patent, copyright or design without their permission is known as ‘IP infringement’ and could lead to a fine, prison or both.