New Year, New Start?

New interactive online tool for those thinking of starting a business

• Running a small business or thinking of starting one, or perhaps working for yourself?
• HM Revenue and Customs (HMRC) has launched new free online guidance and interactive tools to help you easily understand some of the essential  need to know practical steps and responsibilities

The clear guidance explains the records you may need to keep as a  new or existing 'sole trader', taxes that may apply, and includes other useful information, for example how to pay your tax bill.

Whether preparing a first business plan, finding your feet as a fledgling firm, or already an established enterprise - small businesses across the UK can access the support and information easily and free of charge. And just like UK businesses, the support comes in all shapes and sizes.

People working for themselves may need to set up as a sole trader, even if they have another job with an employer. Sole traders are classed as self-employed for tax purposes, have responsibility for any debts to their business and have some accounting responsibility.

7 Simple Steps

HMRC's new  Set up as a sole trader: step by step guide supports people working for themselves to understand when they may need to register as a sole trader and how to do so.  

This is presented in 7 simple steps.

1. Is being a sole trader right for you?
2. Check the rules for naming your business
3. Check what records you need to keep
4. Register as a sole trader
5. Check what taxes may apply to you
6. Plan for your tax bill
7. Get help and support

There are several HMRC interactive tools available, including one newly launched to help businesses estimate what VAT registration may mean for them.

The VAT Registration Estimator was developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT and its effect on profits.

Whether you want to know how to register your business with HMRC, what to do if you are employing staff or looking for information about VAT, visit GOV.UK - to check what taxes may apply to you as a sole trader.

The guidance and interactive tools are free to use and available directly from GOV.UK. They have been launched for information purposes only, users will not be registered for any taxes as a result of using them. HMRC will not collect or store any information about the user.

Local Start Up Support

Starting a business? Find expert advice for kick starting it successfully from start up loans to support with finding office space, recruitment and training at Business start up support - Invest Preston.

We have put together start up support services across Preston and Lancashire for your new or early stage business to help you become established in the marketplace. You'll also find information on financial support options, plus business networking and events that will help you make strong local contacts and provide opportunities to promote your business.

Plus check out the fully funded Flying Start programme and team of experts who will  help you navigate the ups and downs of starting a new business, through support, mentoring and activities, tailored to suit your business needs.