There are many good reasons to set up your own business, including becoming your own boss and moving into a career that you are passionate about. With that in mind, there is no wonder that the number of people setting up new companies is on the rise with 396,000 being formed in the year to March 2011. This figure marks an increase of 9.4 per cent year on year and is the highest amount since the beginning of the recession.
If you want to start up your own business, you’ve probably already had your genius idea and are wondering what to do next. There are many things you need to consider when you start a business from hiring a company such as XLN Telecom to set up your business phone lines and internet to registering with HMRC. However, dont let the list of things to do put you off, just work through them one by one and see it as an exciting start to your new venture.
Firstly, make sure you register with HMRC for tax and national insurance purposes making sure you do this right away will ensure you do not receive any fines further down the line. If you are setting up as a sole trader, you will need to register as self-employed and if you are starting a company, you must register for corporation tax. If you are unsure which applies to you, HMRC will be only too happy to help. If you expect your sales to exceed £77,000 during your first 12 months, then you may have to register for VAT too. If you are not sure, you can wait until you have been trading for a year and register then.
If you are setting up a limited company, then you must also register your new venture at Companies House and you can find out more information about this at www.companieshouse.gov.uk. There is plenty of guidance on this site to help you complete this process. Meanwhile, you should find suitable business premises for your new company. If you except customers and clients to visit you, then choose a convenient location that they can reach easily. You will also need to furbish your premises with office or shop furniture and be sure that these comply with the relevant safety standards.
So you and your staff can contact customers and carry out your work, you will also need to set up telephone lines and an internet connection. Companies such as XLN Telecom cater specifically for businesses and will be able to offer better deals than BT and because starting a new business can be costly, every penny saved is a huge help. Now all you need to do is start marketing your business and making it a success.