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What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
Most businesses register as a sole trader, limited company or partnership.
Its simpler to set up as a sole trader, but youre personally responsible for your businesss debts. You also have some accounting responsibilities.
Find out more aboutbeing a sole trader and how to register.
If you form a limited company, its finances are separate from your personal finances, but there are morereporting and management responsibilities.
Some people get help from a professional, for example an accountant, but you canset up a companyyourself.
A partnership is the simplest way for 2 or more people to run a business together.
You share responsibility for your businesss debts. You also have accounting responsibilities. Find out more aboutbeing in a partnership and how to register.
You may have other responsibilities depending on what your business does.
If you rent or buy a property, you may have to paybusiness rates. Small businesses canapply for a discount on business ratesand some may pay nothing.
Check if you can claim office, property and equipment as expenses.
If you take onagency workersorfreelancersyou have some responsibilities, for example their health and safety.
There arethings youll need to do if you take on your own employees. Youll have more responsibilities, including:
You canget help with setting up your business.
Dont include personal or financial information like your National Insurance number or credit card details.
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