At the end of 2017, the UK was predicted to be the best country for business in 2018 by Forbes magazine. Praised for its strong economic climate and flourishing enterprise environment, the United Kingdom has established itself as a leading business nation.
As the UK’s business industry only continues to thrive and grow, it’s no surprise to see that millions of people across the globe are now looking to Britain as the go to place to build up and implement their business. If you’re looking to start a company within the UK, read on to discover everything you’ll need to know in order to turn your entrepreneurial idea into a reality.
Decide on the Legal Structure of Your Business
When taking the first steps towards setting up your business, it’s first important to decide which format your company will be taking. Whether you decide to become a sole trader or a limited company, your decision will impact your company’s standing, so it’s important to understand exactly which structure your company will take during the company formation process.
Register Your Business
As the department of the UK government that’s responsible for the payment of taxes, it’s important to firstly contact HMRC in order to register your company. By registering your business, you are able to provide legal proof of company ownership that is needed to open up banks accounts and other crucial tasks.
Set Up Your Tax & National Insurance
As a business owner, you will have a legal requirement to pay both business tax and national insurance. To check the amount that you will have to pay, visit gov.uk for more details regarding the payment classes you and your business will fall under.
Self assessment is a system utilised by HMRC to collect income tax and, as such, it is vital that every business ensures that they register and file their self assessment tax returns. This ensures that your business pays the correct money it owes to the government, and helps your company to run smoothly.
Get Business Insurance
Potentially one of the most important first steps, getting insurance cover is crucial for any and every UK-based company. Protecting your business from any accidents or incidents, it’s the safety net that every business needs if it wants to get off the ground.
Check Compliance Regulations
No matter how fantastic your business plan may be, if it fails to comply with UK law and legislation, your company will not be permitted to establish itself within Britain. Ensure that you don’t trip up at the starting blocks by checking that your business complies with all UK business regulations.
Organise Your Company Finances
As the bread and butter of the business world, finances and banking is what makes the world of a company go around. Make sure that you are on top of your money by setting up a company bank account and employing an accountant to take care of your monetary going ons.
By completing these steps you can ensure that you will establish both yourself and your company effortlessly into the UK business scene. If you’re looking to immigrate over to the UK for either business or personal reasons, why not reach out today to one of our friendly expert team and find out more about what we can do to help you.