Starting up your business in the UK

Whether buying a franchise, setting up a family business or developing your own business idea, starting a new business in the UK is both exciting and challenging and the SBBC is here to help you with the relevant information and professional advice.

Here are the most importat decisions you have to take before opening a business in the UK:

• Decide on the best type and legal form of a business you want to set up

To put your business on a proper footing with HM Revenue & Customs (HMRC) and other authorities, you need to make sure that it has the right legal structure. It's worth thinking carefully about which structure best suits the way that you do business, as this will affect:

• the tax and National Insurance that you pay
• the records and accounts that you have to keep
• your financial liability if the business runs into trouble
• the ways your business can raise money
• the way management decisions are made about the business

SBBC has relevant experience from working with many types of partners in the UK and can help you find the best legal form for your business. Find out more on the conditions of setting up business with different legal structures here.

•  VAT registration
  

If you expect your VATable turnover for the next 12 months to be more than £67,000, you must register for VAT, if you take over a VAT-registered business as a going concern, if you are selling goods into the UK from another country in the European Union (EU) and exceed the 'distance selling threshold' or if you acquire goods from other countries in the EU totalling more than £67,000 in a year and do not intend to use those goods to make VATable supplies. Find out more here.

• Legal advice 

For specific accounting or legal issues it is advisable to contact a reliable professional. SBBC with its extensive network of contacts can help you do it.

There are numerous sources of information on the things you need to keep in mind when starting up a business in the UK. The most relevant if you are starting up are:

Business Link 

British Chamber of Commerce 

British Franchise Association 

www.startups.co.uk 

www.clearlybusiness.com