When you first set up your business there are a number of things that you need to ensure that you do, depending on the type of business that you are establishing. It is important that you do these as soon as possible before you and any staff that you have settle down and start completing your daily tasks and greeting your visitors from their comfortable positions in the Reception Chairs like the ones you can find at www.bestbuy-officechairs.co.uk/reception-chairs/ and start to build your own business empire.
Sole Traders – if you decide to set your business up as a sole trader you need to make sure that you register for a self assessment tax form in order to file your tax return each year.
Limited Companies and Partnerships – these need to be registered directly with companies house as well as you notifying HMRC that you are registering as self-employed if this is the way that you are going to manage your company.
All other items will apply to all forms of companies.
You should apply for any licenses and permits that may be applicable for your kind of business and ensure that you have these displayed where necessary. Insurance is also necessary and this may take the form of public liability, professional indemnity and directors liability. Again this will depend on your business structure and the way in which you conduct your business and the products and services that you offer.
Depending on whether you work from home or a business premises you will also need to consider any health and safety and fire regulations that you need to make sure that you adhere to. All businesses will also have to ensure that they are appropriately complying with the new GDPR regulations that came into force in recent years. You do not want to find yourself on the wrong side of these regulations as the fines are pretty hefty.
If you choose to employee staff or even pay yourself via payroll scheme you will need to let HMRC know that you are an employer and will need to use accounting software in order to file your wage returns directly with HMRC. You will also be responsible for paying any tax or NI that is due and also enrolling them into a pension scheme should this be applicable based on the number of hours they work and the pay that they receive.