How to set up and run a small business

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The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.

There is minimal paperwork to take care of, and you don’t have to pay any company formation costs. However, you do need to formally register as self employed with HMRC, and assume responsibility to pay your own income tax and National Insurance liabilities.

Here are the steps you must take to if you want to become self employed, plus the other aspects you will also need to consider when working for yourself: Continue…

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One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.

You can even become a sole trader (another term for self-employed) whilst working as an employee for someone else, so you can test the water and see if you’re suited to working for yourself.

Here are 5 things you need to do when you decide to go self employed: Continue…

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Becoming a sole trader is the simplest way to get your new business off the ground.

Once you have told HMRC of your intention to become self employed, you can start trading immediately, subject to any industry-specific licences you might need.

As a sole trader, you will have complete control over your business and finances. You can adapt quickly to any changes in your business, without having to concern yourself with a great deal of bureaucracy.
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If two or more people wish to go into business together, and don’t wish to set up a limited company, a partnership offers a simple way to get started; it is similar in many ways to going the sole trader route for an individual.
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What is a sole trader?

January 29, 2013

There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of starting and running a business.

In this guide, we take a look at what exactly a sole trader is, the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
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Before deciding to become self-employed, it’s a good idea to think through the implications of working for yourself…
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Many small businesses are partnerships. Yet circumstances and ambitions change, partners fall out or die. Without a good partnership agreement things can get acrimonious. Here’s how to protect yourself from the start.
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What is a co-operative?

June 28, 2010

Is there a better way of doing business? Is there a more ethical and sustainable business model that is less focused on the short-term chase for shareholder profit? The answer could well lie with the co-operative business model.
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