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.
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, […]
As a small business owner, your legal responsibilities when taking on staff can be somewhat daunting but with a little help you can soon get your head around what’s needed. One of your first duties as a new employer is to ensure you comply with employment contract law. To help you understand your legal obligations, […]
If you have set up in business via a limited company, there are a number of duties you will have – as well as legal and financial responsibilities – if you are a director of the company. This article explains who can be appointed as a director, and what your duties will be if you […]
Becoming self employed is a new and exciting chapter of life, but it does come with extra responsibilities. With so much to think about, we asked David Genders, author of The Daily Telegraph Tax Guide to explain the key financial and tax points you need to consider when going self-employed.
As a business owner, you will no doubt, face some of the common team challenges experienced by many businesses today. When you do face these problems, you will need to know how to overcome them if you want your team to deliver.
Welcome to Bytestart’s Start-Up Guide, which features bite-sized guides on each aspect of the start-up process, from choosing your business name to setting up your first website.
Starting up a business on your own must be one of life’s steepest learning curves – and certainly one of the most challenging. The start-up process will not only test your knowledge of your industry and your key skills, it will also teach you about yourself. By the end of year one, you will be […]
Most small businesses set up as either sole traders, or limited companies. In this section of ByteStart’s Start-Up Guide, we look at the most commonly used business structures in the UK.
Whatever business you want to set up, the name you choose to represent your enterprise will be the first thing potential customers will notice about you. Therefore, your name should be memorable from the outset.
If ever there was a key skill you’ll need in your business – it’s planning. You can still be your own boss if you’re not the most organised of people, but you’ll find it a very tough slog.
One of the most annoying parts of running a business is having to hand over a large chunk of your profits to HMRC. Of course, this is a fact of life, and taxation is one area of running a business you really must understand.
Value Added Tax (VAT) is a charge on most goods and services sold in the UK. Ultimately, the person who consumes the goods pays the tax. But to administer it, VAT is charged and reclaimed by every supplier down the chain.
If you become self-employed or a director of a limited company, you will need to complete a self assessment tax return every year. The first step is to register with HMRC. It’s best to do this as soon as you start your business, but at the very latest, you must register by 5 October of […]
When you start up your own business, one thing’s for sure – money isn’t going to be in abundance to begin with. It goes without saying that it will go a lot further the more self-sufficient you are in the early days. But if there is one area where it’s worth shelling out for professional […]
When Lloyd George’s Liberal government first introduced National Insurance (NI) payments in 1911, the aim was to provide a safety net for workers who fell on hard times. The scheme took money out of workers’ wages, and in return, they could get money from the government to pay for medical treatment, or if they lost […]
Selecting the right business bank account for the needs of your new business is one of the more enjoyable tasks of starting up!
When you set up a business, chances are you will take out some kind of business insurance – some types are mandatory, whereas others will provide you with peace of mind while you concentrate on building up your enterprise.
There are many different ways to raise money for your new business venture – certainly a lot more choice than just asking your bank for a loan.
If you’ve always been employed by someone else, managing your own business finances will be an interesting new experience for you!
In an ideal world, everyone who runs a small business would spend at least one day a week actively marketing or selling. Perhaps that’s why this is one of the areas you’re most likely to delegate to someone else.
Once your marketing efforts have generated you a list of prospects, it’s time to see them and get them to buy. The first thing to remember is that you’re not selling a product or service – you’re selling the benefits it brings to the buyer.
In the information age we live in, it’s business suicide to ignore the endless possibilities of the internet. In other words: Get yourself a website. It should be the first marketing task you carry out with your new business.
If your new business is a success, at some point you may find yourself wanting to take on some assistance.
One thing that often puts people off starting their own business is knowing they will need employees to deliver a good service, but are afraid of being an employer.
This is one of the key decisions you’ll have to make right at the start: where is the best place for you to locate your business? There are a number of things to consider before you get carried away with excitement and sign your first lease.
Alongside freedom, the potential financial benefit associated with contracting is a prime motivator for many people thinking of working for clients as an independent worker. One of the first things people ask is: “what hourly / daily rate should I charge as a contractor?”