The possibility to be your own business is a pleasure that every employee thinks about when in full-time employment. The 9-5 work isn’t for everyone, which means they’re thinking about the long-term future of starting their own business and being in control of their work life. However, it’s not as simple as it sounds. Starting your own business also comes with many considerations, including legal expectations.
If you’re thinking of starting a business in the UK, you need to be aware of the legal implications that come with it. Here are legal aspects that you’ll need to consider if you’re looking to start your own business.
Before you even consider putting in the foundations of starting your own business, you first of all need to let HMRC know about your business. As you’ll be working for yourself, you’ll become responsible for paying taxes that you owe to the government. This needs to be registered through the HMRC and all managed by yourself.
The options you have available for registration is whether you’ll register as a sole trader or a business. Either options still means that you have to pay your own taxes but the difference being that if you’re registered as a business, you also need to manage the business taxes.
Considering the workload, accountants can be a useful resource for business owners to hire. This helps to make the process easier of managing your accounts as a business.
Register the name of your business
Although it would be great to name your business whatever you like, that’s not a possibility as a business owner. Everything from your business name to your products will be under scrutiny and dispute to make sure it doesn’t interfere with other business’.
Firstly, check Companies House to check that the name you want is available to use. Once you’ve decided, the next step is registering the name which you can do directly through the website. At the same time, this also registers your business for corporation tax which is an added benefit. If you need any assistance with this as you’re unsure, commercial litigation solicitors Manchester based can guide you through the process.
Starting up your own business is a large commitment, which means having a safety net when things go wrong is extremely important. Protecting you and your business for certain business operations can prevent it from declining or running the risk of your business going bust.
For example, if someone was looking to sue you then it’s rather unlikely you’ll be able to cover costs and yourself in legal proceedings. This is where business insurance can come in to protect you in such cases. Other factors that are protected include accidents in the workplace, among other scenarios.
Check for compliance needs
A final check is whether your business requires a specific compliance niche in your industry. If you find there is then these requirements will also need to be followed. Several legal companies including corporate solicitors Manchester based can assist in making sure you’re completely compliant with the legal requirements for your business.