1. REGISTERING YOUR BUSINESS
There are 3 ways to register your business in the UK: as a limited company, a sole trader or a partnership.
With over 3.6 million limited companies in the UK, setting up is easy, quick and efficient. Most entrepreneurs opt to register as a ‘limited by shares’, giving you the option to keep any profits made after paying tax. If you set up as a sole trader, you run your own business as an individual and are self-employed. It is your responsibility to keep records of your company’s expenses and to send a Self Assessment tax return each year. Setting up as a partnership will mean you and your partner(s) share responsibility for any losses and will pay tax on their share of the business.