What drives many to set out on their own and start their business? Well, there is of course no simple answer it could that being made redundant was the spur, it could be missing out on that promotion or it could be thinking that your hobby could be a money spinner.
Whatever the reason you decide that you want to give it a go and branch out on your own. So how do you go about it? What are your business options? Will I need to register a name?
All sensible and valid questions and ones that Accountants are regularly asked and the answer will depend on the circumstances of each startup. The simplest and easiest way to get going is to become self-employed, you don’t have to have a business name unless you want one, you probably do if you are aiming to be in retail. You need to notify HMRC and you should set up a business bank account, you don’t have too but believe me it is desirable for many many reasons. All of this your accountant can help you with as well as setting you up with the necessary bookkeeping requirements.
It may well be more appropriate to start a Limited Company and that means forming a company, sorting out the shareholders and the directors, setting up the company bank account, again notifying HMRC and once more all of this your Accountant can help you with.
Having the right business vehicle for your journey is crucial and the one place where you can get genuine impartial advice on which is best for you is from an Accountant.
By Tony Margaritelli