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Starting business in UK

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Anton Krasheninnikov

on 27 April 2010

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Transcript of Starting business in UK

Types of Business Entities Sole proprietorship/ Sole trader
Community interest company
Industrial and provident society
Limited Partnership
Limited liability partnership
Partnerships Private company limited by shares (Ltd) 
Public limited company (p.l.c.)
Companies Sole trader To register as a self-employment
Register for Income Tax and National Insurance (NI) purposes with HM Revenue & Customs
Online registration
Registration by phone
Registration by post
Pay  Class 2 National Insurance contributions (NICs) – £2,4 per week

Information needed to registration as self-employment Name
NI number (National Insurance)
Date of birth
Contact telephone number
Contact email address
The date your self-employment commenced
The nature of your business
Your business address
Your business telephone number
Your Unique Tax Reference (UTR) - if you were previously within Self Assessment
The business's UTR - if you are joining an existing partnership
Where relevant, the full name(s) and date(s) of birth of your business partner(s)
Limited Liability Partnership Setting-up procedure
Each member needs to register as self-employed.
There must be a minimum of two designated members (members with extra responsibilities)
To draw up a written agreement between the members (optional)
LLPs must register at Companies House
To fill the “Application to register a limited liability partnership”
To pay registration fee £20 (£50 for same-day registration)
Private limited companies Must be registered at Companies House.
Must have at least 1 director. Director must be at least 16 of age.
Must tell to HM Revenue & Customs (HMRC) that it exists and is liable to corporation tax
Shareholders are not personally responsible for the company's debts, but directors may be asked to give personal guarantees of loans to the company.
Solutions for business program Solutions for Business is a package of publicly funded business support products and services designed to help businesses start, grow and succeed
Train to gain
Grants for business investments
Small loans for business (up to £50000)
Enterprise Finance Guarantee
Grants for Research and Development
Coaching for high growth
Business Collaboration Networks
Improving Your Resource Efficiency
Thank you for your attention! Starting business in the United Kingdom by Anton Krasheninnikov
Full transcript