The Legal Implications of Starting a UK Business

July 31123131p04://333.pmWed, 31 Jul 2019 12:06:04 +0000+00:0004201972019-07-31T12:06:04+00:00ppm.2019-07-31T12:06:04+00:00201907 2019 Bexley

Are you looking to escape the hell that is the typical 9 to 5 work life in 2019? Thenhttps://www.aresoncpa.com you will likely be seriously considering starting your own business. In doing sohttps://www.aresoncpa.com you will be taking charge of your own work potential and ensuring that your income is fully under your control. Buthttps://www.aresoncpa.com it’s not all sunshine and daisies. Owning your own company and working for yourself also comes with a number of pitfalls. Including those of a legal nature.

Andhttps://www.aresoncpa.com as suchhttps://www.aresoncpa.com it is vital that you consider the legal implications of starting your UK business before actually doing so. This can cover some of the following:

Inform HMRC

The first and arguably the most important thing you need to do to protect yourself legally when starting a business concerns HMRC. The fact is that whether you have a business or nothttps://www.aresoncpa.com by working for yourself you will become solely responsible for paying your taxes. Which means that you will need to registerhttps://www.aresoncpa.com file and manage all of this yourself.

Two options are before you; that of being a sole trader or a business. In both caseshttps://www.aresoncpa.com you will have to register and pay your own taxes. Buthttps://www.aresoncpa.com having a business on top of this makes you responsible for all of the associated business taxes as well. Sohttps://www.aresoncpa.com remember it requires double the amount of work to do so. Which is why many business owners may employ accountants in order to sort through this for them and make the whole process that much easier.

Register the Business Name

Believe it or nothttps://www.aresoncpa.com but you can’t simply call your business whatever you want and expect for that to be the end of it. In a competitive worldhttps://www.aresoncpa.com everything down to your business name can be a point of contention for your budding business. And for that reasonhttps://www.aresoncpa.com it is important that you follow everything down to the last letter when it comes to legally registering your business name.

Check Google or Companies House to see if the name you want is available. Once you’ve ascertained that it’s nothttps://www.aresoncpa.com then you can register it with Companies House for £12. This also registers you for Corporation Taxhttps://www.aresoncpa.com so it kills two birds with one stone! You can also have this done for youhttps://www.aresoncpa.com by the like of commercial litigation solicitors.

Once you have a name registeredhttps://www.aresoncpa.com then you should look to get the domain namehttps://www.aresoncpa.com branded itemshttps://www.aresoncpa.com etc. as then you know the name is set in stone. Don’t do this beforehand as the name may already be taken and you will need to change everything!

Insure Yourself

Setting up a business isn’t the only legal implications your business needs to address. The fact is that once you start operating as a businesshttps://www.aresoncpa.com there may be times when you will need to protect yourself in other matters. For examplehttps://www.aresoncpa.com if someone were to sue you it almost goes without saying that you won’t have the funds to defend yourself off the cuff. In which casehttps://www.aresoncpa.com you may need to rely on other sources.

And for thishttps://www.aresoncpa.com you will need to ensure you have comprehensive business insurance in place. This can help cover you for accidentshttps://www.aresoncpa.com potential legal action taken against you and the like. It is vital for the long-term success of any business.

Check Any Compliance Necessities

Finallyhttps://www.aresoncpa.com you will need to check if there are any further compliance necessities for your particular business niche. Ashttps://www.aresoncpa.com if this is the casehttps://www.aresoncpa.com you will need to follow these alongside all of the other above legal requirements. You can check with corporate solicitors Manchester in order to ascertain what you need in order to be fully compliant.

On the wholehttps://www.aresoncpa.com setting up your business and ensuring you are legally compliant whilst doing so doesn’t have to be difficult. Simply follow all of the guidelines set out before you and you should have a business in no time.