What do I need to start a business?

Question

What forms and paperwork do I need to start a business in the UK?

It's not that I don't have an idea of what sort of business, market etc

I'd just like to know what legal/ required paperwork / bank stuff, needs to be filled out for a small company.

Answer 1

This is where you will get lots of amateurs talking about 'business plan'.

You need to decide if you are to be as sole trader, partnership or limited company.

If you are to have a partner you should have an agrerement drawn up by a solicitor defining your shared rewards and responsibilities.

If you are to trade as a limited company you can buy one ready made for and have the director(s) and company secretary's responsibilties and and shares transferred to you and another person. You only need one director but if you have one then he or she cannot also be Company Secretary. You have to decide how mucjh you want to risk and have your share capital registered but you can do that up to the end of your first full accounti8ng year.

You should contact the VAT office and ask for booklets and a registration form if your turnover is expected to be sufficient and if you want to be VAT registered.

If the company is Limited it needs to have an independant bank account by law.

If you are a sole trader or partnership banks prefer you to have a separate bank account.

If you will employ staff you need PAYE and NI deduction sheets and you need to register with the Inland Revenue for PAYE and NI.

If you employ staff you need employers liability insurance and for some types of work public liability insurance.

You need premises, a lease, buildings and contents insurance.

Answer 2

It depends on what kind of business, i.e ltd co. partnership, sole trader etc.
A ltd company can be bought ready made, a partnership should have a legal contract drawn up in case of disagreements. A sole trader simply requires that you pay your taxes.
There may be all sorts of other things like insurance etc.
Best thing to do is contact your bank and ask for their business package which should include a cd rom, business plan and tons of info. I believe hsbc actually list all types of business and will send you an example of how each is run.

Answer 3

All depends what type of business that you wish to start up. I am considering starting up my own catering trailer business. It's relatively low-risk, low-cost to start up and essentially I only need to contact my local council for a trader's permit. VAT is exempt on businesses turning over £60,000 a year or less (roughly £1000 a week). If I progress with my idea of buying a catering trailer, I will only need a trader's permit from the local council and my stock!! As I am unlikely to exceed £1000 a week - at least at this stage.

Hope this helps!

Answer 4

What business are you thinking of starting up? You need to do all the research etc first to make sure its going to pay you?
I work from home with my own business I have websites too which is great. (They work for you when you can't) All the research etc has been done for me so I don't have to out and find it. Basically I can just focus on making money.

If you want to have a quick peek at my website if this takes your fancy then go to http://www.i.want2bwealthy.com

I have been doing mine now for 2 years and making a good income from it. Its a really flexible business and I really enjoy what I do.

Good luck with your business venture!

Answer 5

Nothing.

You have lots of options…

Companies outsource work these days. Offer secretarial services and keep accounting and payroll records for them on your home computer. Write promotional materials for them. Learn how to design websites for your local businesses on your computer.

Offer your services as an interior decorator. Lot’s of people don’t have a clue when it comes to decorating, furnishing, and organizing their own home. Keep before and after pictures of those big transformations; that’s for your next sales pitch.

Make things people want, or cook up a delicacy that your neighbors might be wild about. Double your dinner recipe and make a deal with neighbors. They pick up a home cooked meal from you once a week.

Do home upkeep or gardening for your neighbors. Grow fresh herbs and organic produce for your neighbors. Grow and sell exotic plants.

Today’s digital cameras make photography quite easy and inexpensive, so become your neighborhood photographer. Set up a little area with a drop cloth for background and you’re in business for portraits. The secret to great photography? Click, click, click… take dozens of pictures and delete most of them, to keep ONLY the real winners. Your customers will be impressed and tell their friends, and that’s free advertising!

Do sewing alterations for the neighbors. Let people know you can make their clothes fit like a custom tailored outfit.

Good at picking up treasures at yard sales? Maybe the antique business.

And finally, for a free and up-to-date eBook on starting your own business, check out “Go It Alone!” at http://newfreebooks.com

Answer 6

If you expect to stand a chance running your own Business, the first thing you need to do is learn how to find out things for yourself.

This means, for example, learning how to use Google to look up, for example, UK requirements for setting up a Business :-)

As an alternative, you can pay through-the-nose to some-one else to do it for you ...
... to help you in this matter, I estimate the average Solicitor will charge you about £3,000....
... so my quote will be £2,000 (a bargain really :-) )

Answer 7

GO to ,companieshouse.gov.uk and asked for
Company incorporation pack.