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Where to start

As we’ve mentioned in our posts this week, now is the perfect time to set up a new business. But as scary as it sounds there is so much support and help for you, the team at Select Factoring thought we would be kind and point you in the right direction for as much help and support as possible.

Where do I start?

Firstly you will need to register your business with HMRC. This means legally your business exists and you will be given options of how much National Insurance to pay, based on the type of company you are starting. If you are a sole trader, a company o ra VAT registered company, you will be paying different amounts.

If you are registering a company, non or VAT limited, you have to contact Companies, House. You can do this directly and to register a company will cost you £18, otherwise there are plenty of third-party companies that will do all the hard work for you, but you will probably end up paying more.

One of the  biggest supports to new businesses is Business Link, a site which gives you step by step information of how to register and will tell you exactly everything you need to set up. It will also explain taxes and grant you access to your own personal account on the HMRC site this will enable you to complete your tax return online.

The Business Link site also offers information about any grants and funding and show a range of services that can offer you financial support.

The FSB or Federation of Small businesses, will offer a huge range of support for an annual fee of around £150. This will give you access to legal advice, business banking and many other perks.

So, the support is there, all you need to do now is think of a catchy business name.

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