How and when should I register my business?

10 Aug

When you have done your market research and decided on what your business is going to do, and chosen a business name, you need to think about registering your business.  This is a simple process where you complete an online form so that you are set up for Self Assessment.  It is free to do so and can give you the boost to really go for it with your new business!

Once your business is registered you will need to complete an annual tax return for the financial year from April-April, so you need to set up a record keeping system and keep hold of all your receipts.  Your tax return can be completed online and you have until the following January to complete it.  When you are starting a small business this is a fairly easy process that you should be able to do yourself, but as your business grows you may want to think about hiring an accountant.

As a registered business you should start paying Class 2 National Insurance contributions, at £2.65 per week.  If you expect to have low earnings (£5595 for April 12-13) at first then you can get a small earnings exemption.  However, this could affect your entitlement to Employment and Support Allowance, Maternity Allowance, and your State Pension so you should consider this first.

Before registering as self employed you should check with your Job Centre Plus advisor what affect this could have on your benefits.

Opportunity Plus South West hold regular workshops run by Inland Revenue which gives further information on the above.  Call us on 0800 043 2440 to book your place.

One Response to “How and when should I register my business?”

Trackbacks/Pingbacks

  1. Have you completed your tax return? | Opportunity Plus South West - January 28, 2013

    […] For more information, see our earlier blog post about how and when to register your business. […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: