The United Kingdom encourages and promotes entrepreneurship. According to the Best Countries for Entrepreneurs report done by the US News & World Report, the UK is the fourth-best country in the world for entrepreneurs.
Starting a business in the United Kingdom can be difficult, especially if you are not a European Union citizen. In this article, we’ll cover all you need to know about starting a business in the United Kingdom, including the various forms of company structures, tax, administration, and more.
After you’ve worked out what you need to do for tax, it’s important to stay organised so you can meet your tax obligations at various points throughout the tax year.
If you don’t have a record-keeping system, you’ll spend a lot of time sorting paperwork when you have to do your Self Assessment – valuable time that could be spent running your business, or on relaxing and recharging.
Firstly, it’s a good idea to keep your business and personal finances separate. That’s because allowances like tax-deductible expenses can only be for business purposes – it’s much harder to separate money coming in and out when you’re using one account.
What’s more, there’s lots of software available that can make record-keeping much easier. Software can do tasks like create and send invoices automatically, and monitor your income and outgoings.
Finally, you’re required to keep business records for a number of years. If HMRC asks for them, accurate and organised records can help keep you out of trouble in the event of a tax investigation