UK Residents.

So you’re thinking of starting a business? We’ve got some tips for getting started – from writing a business plan to understanding tax, benefits, and legal structures as a new business owner. While it may seem overwhelming, with passion and dedication you could join one of the six million small and medium sized businesses in the UK!

Basic Package

UK Company Formation

Registered Address – Renewed Yearly
Scanning/Emailing Post – Renewed Yearly
Companies House Formation
HMRC Tax Registration
Bank Account Opening

from £300.00

Get Started

Prices subject to VAT. Pay monthly options are also available.

Standard Package

UK Company Formation + 1 Year Accounting

Corporation Tax
Confirmation Statement
Monthly Transaction (QuickBooks)
End of Year Accounts
Self-Assessment Registration
Self-Assessment Yearly Filing

£1,500.00

Get Started

Prices subject to VAT. Pay monthly options are also available.

Register Business Name.

Coming up with a name for your business is an important step as it shows the personality of your brand and helps you stand out. Your name should be unique and appeal to your target audience – and it’s your chance to be creative. It's also worth understanding:

• How to define your brand so you can stand out from your competitors.

• What you need to do to protect your intellectual property, including any patents and trademarks.

You can see if the name you would like to register is available, by searching companies house In terms of forward planning, it is also worth searching to see if the corresponding domain name is available for the name which you would like to use. The last thing you want is to choose a name and then realise the website domain name is not available!

Choose a Legal Structure.

Next, you’ll need to choose a legal structure for your business:

• Sole trader – the simplest business structure, but with no legal distinction between you and your business

• Partnership – if you’re starting a business with a business partner or partners
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• Limited company – a complex structure with plenty of admin, but your business is legally distinct from you as an individual

If you’re not sure, please contact us and we can help talk it through with you!

Write a Business Plan?

A good business planguides you through each stage of starting and managing your business. You’lluse your business plan as a roadmap for how to structure, run, and grow yournew business. It’s a way to think through the key elements of your business.

• The plan sets out your strategy and action plan for the next one to three years, or sometimes longer.
• As part of the process, you set concrete objectives and plan how you will achieve them.
• Writing a business plan helps you focus and develop your ideas. Priorities are identified. Non-priorities are dropped, saving precious time.
• Putting the plan in writing makes it easier to spot any gaps where you have more to do.
• Once written, the plan is a benchmark for the performance of the business.

You may need to explain your business to other people

• A business plan is helpful if you are raising finance from a bank or outside investors.
• A good plan can help you attract new senior management, or business partners such as distributors and agents.
• You should tailor your plan to the target audience. For example, you may want the plan to 'sell' the business to your bank manager or investors.

Our consultants are able to support you with writing and reviewing your business planThe plan sets out your strategy and action plan for the next one to three years, or sometimes longer.

Work out what you need to do for tax

Sole traders need to:

• Register with HMRC
• Submit an annual Self Assessment tax return

Limited companies need to:

• Register with Companies House
• Pay corporation tax on the profits you make from your business
• File a company tax return
• Pay VAT – mandatory if your turnover is over £85k
• As a self-employed person, you'll also need to send a Self Assessment

One of the benefits of registering as self-employed is you can claim back some of your expenses and reduce your tax bill.

And a good way to test your business venture without as much financial risk is to start a business alongside full-time employment – but make sure you understand everything about paying tax when you have a side hustle first.

You may also be able to recoup some of the tax you pay with new business tax relief, such as business rates relief and VAT relief.

Finally, be sure to keep up with all the self-employed tax changes that are introduced in April each year.

Create A System For Keeping Business Records

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.

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.
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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 business records can help keep you out of trouble in the event of a tax investigation.

Can't find what you need?

If you are interested in any of the services above please do not hesitate to contact us. Alternatively, if there is a service not listed that you require, RDS Consultants may still be able to help. We look forward to working with you and improving your business.