You’ll be in good company. The vast majority of the UK’s 5.8 million self-employed — 59% — are registered as sole traders. This stands to reason. Registering as a sole trader is easy and inexpensive to do, so it’s the ideal way to test the waters of self-employment.
One of the first and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under. So which business structure is best for you?
Aside from the sole trader route, the limited liability company is the most popular business structure to trade under in the UK.
Most new businesses are started from home. But with space at a premium and other pressures – such as COVID-19 – making households busier than ever, might buying a garden offer a solution for your startup?
If your new business needs staff straight away, then you may find choosing the right office space difficult. In this guide, we look at the benefits a serviced office could provide and give some tips on things to watch out for when you’re trying to find a serviced office. At Bytestart, we’ve worked at several […]
When setting up and running a company, you will have regular involvement with Companies House. In this article, we look at the main functions of Companies House and what obligations limited companies have.
The type of structure you use will depend on a number of factors unique to the business you want to start. In this article, we look at the main structures – sole trader, limited company, partnership and LLP and highlight the pros and cons of using each one.
If you are in business, or are starting up a new venture, and are providing any type of professional service to clients, you will need to look at taking out Professional Indemnity Insurance cover. Professional indemnity insurance, or PI insurance, as it’s often called, is an insurance policy that will protect you from claims made […]
Contractors and consultants provide professional advice and services to clients and as such, might well be liable for any mistakes or errors they may make in the course of their duties. As a result, contractors should take out insurance cover just in case something goes wrong. In many cases, clients will insist that a contractor […]
Financial crises are not like your average recession or corporate fraud. They involve firms and people overborrowing, usually to speculate on shares or real estate. They turn legitimate economic booms into gluttonies of lazy assumptions, hucksterism, and recklessness. Because they’re based on debt, the loss of confidence in one specific area of trouble quickly reverberates. […]
As with owning a car, you are legally required to take out certain insurances when running a business. If you don’t you can be fined heavily and could put your entire operation at risk. It’s also sensible to have some of the many optional business insurance policies available to cushion you from nasty shocks.
When it comes to buying or selling a business, the most important question you need to ask is – how much is it worth? There is no single formula that can be used to precisely value every private business. The seller will want to drive the price up, and potential buyers will want the opposite.
So far, 2020 has been a year to forget for those operating in a whole range of industries. But few have been harder hit than the travel sector. There is cautious optimism that the worst is behind us, but the industry faces changes that will linger for the long term, perhaps permanently.
Have you ever ended a presentation and wondered if your audience got the point or was convinced to invest in your venture? If you have, chances are you did not properly prepare your closing. Here, Vinette Hoffman-Jackson of Toastmasters International explains how to close your speech, pitch or presentation successfully.
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 for someone else, so you can test the water and see whether working for yourself suits you.
If two or more people wish to go into business together and don’t want 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.
Where do you stand legally if you have outstanding contracts that you cannot fulfil through no fault of your own, or have contracts with others for the supply of goods or services which they cannot fulfil? We asked Amanda Hamilton, Chief Executive of the NALP to outline the legal implications.
Becoming a sole trader is the simplest way to get your new business off the ground. You can start trading immediately, subject to any industry-specific licences or insurances you might be required to have.
VAT is something that many new business owners overlook. Many assume that it doesn’t apply to them – surely it’s just for the bigger businesses out there? That may be true most of the time, but VAT could still apply to your business so it’s important to know about it. If you’re either a sole […]
There are a variety of reasons why businesses or consultants may choose to operate via a limited company. For some, the protection limited liability offers is a key benefit. For others, the potential tax benefits are the main reason why they choose to be a limited company over a sole trader.
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. Here are the steps you must take to if you want to register as self employed, plus the other aspects you will also need to consider when working for […]
Running a small business can be a bit of a roller-coaster. Just when you think everything is going smoothly, an unexpected shock can hit your business and all of a sudden, your business is experiencing a very tough time. So how do you turn your business around when times are bad, and all seems lost? […]
In this concise guide, we explain which tax records small businesses (including the self employed and limited companies) should keep, and for how long – according to the prevailing HMRC rules.
Our comprehensive 2500-word guide on how to write a business plan serves as an outline for anyone who is thinking of starting their own business or improving an existing business.
If you are thinking of working as a freelancer or a contractor via your own limited company, you need to very quickly get a basic understanding of the IR35 rules.
In this article, we look at the business banking options you have, depending on whether you are a sole trader (self-employed), or operating via a limited company.
Small businesses, and the individuals who run them, are subject to a wide array of taxes – from Corporation Tax to National Insurance. Here is an overview of the main UK business taxes you will encounter as a business owner, together with links to our more in-depth guides.
National Insurance is a deduction from earnings, set up originally to fund various State benefits such as the NHS, the State pension and other welfare-related schemes.
The 6 steps you need to take to develop a coherent and realistic financial plan of your business
whatever your business idea is, here are 5 things you need to do before you make the leap and start your own business
It is virtually impossible to eradicate staff sickness absence. However, for small businesses, the costly nature of absenteeism can be extremely disruptive to the day to day running of the business.
Writing a business plan is an important step in the business start-up process. And, if you want to raise funding for your new business, you simply must produce an up-to-date business plan to show potential backers.
According to the Oil & Gas UK Workforce Report, there are around 280,000 people working offshore in the UK alone. If you’re interested in a career working offshore, whether it be on an oil rig or working, research vessel, or servicing and installing wind farms, here are eight things you’ll need to know before you […]
If you are setting up a limited company, you should think carefully when choosing your company name. Alongside the business reasons for choosing an appropriate name, there are also a number of official company naming rules you should be aware of.
The ISO 9001 certification is highly sought-after and becoming increasingly popular amongst businesses. To help you understand whether ISO 9001 is something your business would benefit from, we asked Sean Huggett of Evalian to explain what it’s about, and what’s needed to achieve it.
If you’re doing well enough that your business is growing rapidly you would expect your finances to be healthy. But that isn’t always the case. If your firm is expanding quickly, you could find that your cash flow becomes a problem, even though your business is profitable. It’s a unique financial situation where you are […]
Financial reports are standardised measures of a business’ financial health. They are a necessity for publicly traded companies, but this does not mean that they are only useful for large organisations. If you know what to look out for, these financial reports are great tools for businesses of all sizes, so Robin Booth of Brixx.com, […]
If you’re new to self-employment, setting up as a sole trader is the easiest way to go. The registration process is simple, there’s almost no paperwork involved, and you don’t have to pay any registration fees.
Whether you’re an established small business or a start-up about to launch your enterprise in a competitive market, one of the key ingredients you need to succeed is a unique selling point. Some would go further than that and say having a USP is the key to success, and is more important than anything else, […]