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Read Time: 3 minutes            Date: 25 May 2023

How to Start a Business?

5 Key Points to Remember, Read below:

Harkia Personal Income Tax

What is your Business Plan.

Starting a business can be a daunting task, but with the right guidance, it can be a rewarding experience. Whether you’re a first-time entrepreneur or a seasoned business owner, there are several steps you need to take to start a business in the UK. Here’s a guide on how to get started.

Step 1 - Decide on your business idea

Step 2 - Write a business plan

Step 2b - Conduct a Feasibility Study

Step 3a - Decide Your Business Structure

Step 3 - Register your business

Step 4 - Obtain necessary licenses and permits

Step 5 - Arrange your business finances

Step 6 - Create a Marketing plan


HMRC VAT Investigations

Business & Tax Investigations


Un Reported Income

Property income Investigation

The tax payers with international income or residency status is very complex and can have taxable consequences.

Step 1

Decide on your business idea

Before you start your business, you need to decide on the product or service you want to offer. Consider your skills, interests, and experience when deciding on your business idea. You should also research your market to determine if there are any gaps that you can fill. It’s important to have a clear understanding of your target audience and their needs.

Step 2

Write a business plan

Once you’ve decided on your business idea, you need to write a business plan. Your business plan should outline your business goals, target market, financial projections, and marketing strategy. It should also include details on how you plan to fund your business and how you will manage your finances.

How to Write a Business Plan
Step 3

Deciding Your Business Structure

Deciding Your Business Structure:

It’s very important to decide whether you open a business as a sole trader or a limited company. The complexities and the way taxes are paid differ, so consider this before moving on.

Register your business

To start a business in the UK, you need to register your business with Companies House. This involves choosing a business name, deciding on the structure of your business, and completing the registration process. You can register your business online or by postal application.

Limited Company vs Self Employed
Step 4

Obtain necessary licenses and permits

Depending on the nature of your business, you may need to obtain licenses and permits to operate legally. For example, if you’re starting a restaurant, you’ll need to obtain a food hygiene certificate. It’s important to research the licenses and permits you need to avoid any legal issues.

Step 5

Set up your business finances

Setting up your business finances involves opening a business bank account and registering for taxes. You’ll need to keep accurate records of your income and expenses, and file your taxes on time to avoid penalties.

Step 6

Marking Plan & Business Promotion

Once you’ve set up your business, you need to promote it to attract customers. This involves creating a website, social media accounts, and other marketing materials. You should also network with other businesses and attend industry events to build your brand.

In conclusion, starting a business in the UK requires careful planning and research. By following these steps, you can start your business on the right foot and increase your chances of success. Remember to stay focused, motivated, and flexible as you navigate the challenges of entrepreneurship.

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